04.09.23 - 10.09.23
Last week results
Instruments:
For the first half of the week, Bitcoin remained confined within a narrow trading channel rendering effective trading elusive. However, a notable surge occurred on Thursday, only to be followed by a swift return to its previous channel on Friday.
▶️Bitcoin's exceptional pump and subsequent liquidity downturn have sparked discussions about its potential role as a leading indicator for a severe economic reset. Historically, recessions have been associated with declining risk assets and central bank interventions.
▶️A court ruling clearing Ripple's XRP token from being categorised as a security offering may signal a shift in the regulatory landscape for cryptocurrencies in the United States. This development has implications for ongoing lawsuits involving entities like Coinbase and Binance.US, as well as pending exchange-traded fund (ETF) applications.
Ripple's CTO, David Schwartz, exclusively speaking to Cointelegraph at the annual Apex Developer Conference in Amsterdam pointed out there is a potential precedent in the federal judge's ruling that XRP (XRP) was not a security when sold programmatically on cryptocurrency exchanges.
▶️A former executive at FTX is set to plead guilty to multiple criminal charges. The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly published policy recommendations at the request of the Indian G20 presidency. Furthermore, the race for the United States' inaugural spot Ether (ETH) exchange-traded fund (ETF) has officially commenced following new 19b-4 filings by the Chicago Board Options Exchange (CBOE).
These week’s key events
For the first half of the week, Bitcoin remained confined within a narrow trading channel rendering effective trading elusive. However, a notable surge occurred on Thursday, only to be followed by a swift return to its previous channel on Friday.
▶️Bitcoin's exceptional pump and subsequent liquidity downturn have sparked discussions about its potential role as a leading indicator for a severe economic reset. Historically, recessions have been associated with declining risk assets and central bank interventions.
▶️A court ruling clearing Ripple's XRP token from being categorised as a security offering may signal a shift in the regulatory landscape for cryptocurrencies in the United States. This development has implications for ongoing lawsuits involving entities like Coinbase and Binance.US, as well as pending exchange-traded fund (ETF) applications.
Ripple's CTO, David Schwartz, exclusively speaking to Cointelegraph at the annual Apex Developer Conference in Amsterdam pointed out there is a potential precedent in the federal judge's ruling that XRP (XRP) was not a security when sold programmatically on cryptocurrency exchanges.
▶️A former executive at FTX is set to plead guilty to multiple criminal charges. The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly published policy recommendations at the request of the Indian G20 presidency. Furthermore, the race for the United States' inaugural spot Ether (ETH) exchange-traded fund (ETF) has officially commenced following new 19b-4 filings by the Chicago Board Options Exchange (CBOE).
📈 BTC: how long to wait
💡 3 reasons to trade BTC now:
🔹Variable volatility
🔹 Breakout trades only
🔹 Orders trading approach only
💡 Technical analysis: Currently, the price is in a channel that is too narrow for trading inside it. Breaking free from this channel in either direction is the primary objective. Additionally, trading opportunities may arise during price reversals following false breakouts.
Long Strategy: Open a buy trade if the price rises to $26,000. Set a Stop Loss at $25,540 and a Take Profit at $26,600.
Short Strategy: Open a trade if the price declines to $25,240 and forms a reversal pattern. Establish a Stop Loss at $26,180 and a Take Profit at $22,400.
❗️ Seize this opportunity to make informed decisions in the market.
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