🚨BItcoin Cracks 9,000: South Korea Publically Steps Away From Exchange Ban🚨
With the announcement that South Korea plans to adopt a cryptocurrency exchange license similar to Bitlicense, Bitcoin emphatically broke through its 9,000 resistance. 📈
We were beginning to see an ascending triangle forming, with the culmination of price action leading to a very important movement in price last night. The break upwards showed bear exhaustion and leads us to believe that the price will reach the next resistance level around 9,400-9,500 USD.
Hong Nam-ki, minister of the Office for Government Policy Coordination for South Korea, posted a video on the presidential website, stating that policy will focus more on making the trading platforms transparent rather than banning them entirely. This suggests that the South Korean government is respecting the petition from over 200,000 South Koreans on the Blue House website of President Moon Jae-in denouncing the justice ministry’s proposal. We believe this is another great step for the crypto-community as it shows the power of the masses being respected.
It is clear to us that this movement has sparked passionate responses from people all across the world. Regulators and Governments everywhere will have to weigh into consideration their approach to these emerging markets because of the potential retribution that may occur if they inhibit access to this budding financial ecosystem.
A few traders in our inner circle are still proceeding with caution as they plan for all variants of BTC’s price movement from here. That being said, a combination of technical and fundamental analysis has strengthened our faith in the state of the cryptocurrency market.
