Hi folks!
We had so much dram in the last week with the SEC and Binance, and it looks like they reach an agreement. In short, the SEC said Friday that Binance had agreed to move all assets belonging to US customers stateside. Additionally, the company’s US operation is prohibited from providing access or control of domestic assets or funds to Binance’s wordlwide operation or Zhao. Until the ligation is resolved, Binance.US is the only entity authorized to transfer asset. Furthermore, Binance is required to create new customer wallets which its international employees can’t access.
We still don't know what the SEC intend to do, but we can all say that it won't be the last time we ear about the commission, as it seems the organization seems determined to hurt the crypto industry.
Still, Bitcoin remained strong in the last week, staying around 25k$. Let's take a look at the charts to see where this is headed.
Daily
As you can see, we're a still in a low volume period. Circled in red, we see that there's no more steam after quick move up. The Money flow index is stuck around 50. Not much action here.
Weekly
I was expecting the price to go down, but most indicators are neutral right now, except for the moving averages. The PA signal seems to indicate that the correction is almost over as we see the ghost line curving and starting to going up. That could indicate an upward movement soon, but I'm still skeptical as we still don't have much volume to rise.
The 2 week charts show us the MFI going under 20 which can also indicate an incoming upward movement. Relative strength index (RSI) is right on the middle at 51, which could also indicate that Bitcoin will stay in this range for the time being.
Support: 23 800- 22 500
Resistance: 28 813
A move towards 29k$ would not surprise me, but I think it could take time before Bitcoin build the momentum required to go there... but again markets are random and we could a see a quick move before a correction. Nothing indicates that we'll see more liquidity coming, so don't expect a bull run this summer.
(source: cnbc)
We saw a lot of calls like that in the last few weeks/months, and all I can say, is how the fuck can those people reach that conclusion. There's is just no way of knowing that. Except if you believe that Blackrock and other crypto organization are manipulating the BTC prices... could be true... I even heard that some of those organizations conspired with the SEC to bring the price down, so that they could buy more dips before the next bull run;-) But if you're not a fan of conspiracy theories...
Just be patient, follow the price, not the influencers, and if you cant wait, make a plan, DCA the shit out of Bitcoin and only invest what you afford to loose. If you believe in crypto, you know that in the long term you'll win big.
Good luck and good Profits!
GGP
disclaimer : This is just my opinion. Not an expert. Not financial advice. Just for fun. DYOR.