$BTCUSD - Symmetrical triangle again 🤦‍♂️
Updated
Hi guys! 👋🏻
Regulators heat up the pressure on crypto after the two Iranian flagships reached the Venezuelan cost. It is assumed that the Venezuelan government paid the Iranian for the delivered gasoline in crypto. CFTC fined BitMex for operating an unregistered platform in the US and violating the Anti-Money Laundering regulations. The regulator also charged the top-management of the derivatives trading platform, including the CEO Arthur Heyes, as a consequence almost $337 million worth of Bitcoin were moved from BitMex and the open interest rate dropped by 16%, hence Bitcoin dropped sharply once again by -2.21% last week and is retracing since Friday October 2. Though BTC has gained significantly yesterday +1.50%, it was not able to break the dynamic resistance.
🔔 BTC/USD once again has formed a symmetrical triangle and either scenario is possible in this case, meaning Bitcoin price will either drop or rise. I bet for the ⬆️
🔔 Whenever the breakout is confirmed, the first resistance which might scare the holders and force them to sell their BTCs would be an area at $10900 – 11000
đź”” If buyers are able to push the price above these levels, BTC might as well continue the uptrend towards $11170 and even $11400.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Regulators heat up the pressure on crypto after the two Iranian flagships reached the Venezuelan cost. It is assumed that the Venezuelan government paid the Iranian for the delivered gasoline in crypto. CFTC fined BitMex for operating an unregistered platform in the US and violating the Anti-Money Laundering regulations. The regulator also charged the top-management of the derivatives trading platform, including the CEO Arthur Heyes, as a consequence almost $337 million worth of Bitcoin were moved from BitMex and the open interest rate dropped by 16%, hence Bitcoin dropped sharply once again by -2.21% last week and is retracing since Friday October 2. Though BTC has gained significantly yesterday +1.50%, it was not able to break the dynamic resistance.
🔔 BTC/USD once again has formed a symmetrical triangle and either scenario is possible in this case, meaning Bitcoin price will either drop or rise. I bet for the ⬆️
🔔 Whenever the breakout is confirmed, the first resistance which might scare the holders and force them to sell their BTCs would be an area at $10900 – 11000
đź”” If buyers are able to push the price above these levels, BTC might as well continue the uptrend towards $11170 and even $11400.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Note
Waiting for the MACD cross. We might lose some liquidity as FCA released new regulations for crypto CFD brokers. Calling digital currency as an unvalued asset, whereas CFD's have to be bound to a valued asset such as commodities. My opinion: Government wants the money to be in the governemts controlled loop and needs money to recover the economy though this is a 'desparate call'. UK-based brokers might as well report poor revenues after this ban.
Trade closed: target reached
Congrats everyone! triangle worked well.Note
Nothing is true, everything is permitted.
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