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Bitcoin is struggling below the $45,000 resistance against the US Dollar. BTC must stay above $43,180 to avoid a sharp decline in the near term. Bitcoin is showing a few bearish signs below $45,000 and $44,500. The price is trading above $43,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bearish momentum if there is a clear move below $43,180. Bitcoin Price Stuck Below $45K Bitcoin price failed to test the $45,000 resistance and started a downside correction. BTC declined below the $44,000 support level to move into a short-term consolidation phase. There was a break below the 23.6% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. However, the price is still trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair. Recently, the price dipped below the $43,250 level, but it was supported above the $43,000 level. Bitcoin is now consolidating near the $44,000 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance for the bulls is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 high. The main resistance is still near $45,000. A clear move above the $45,000 resistance zone might start a decent increase. The next major resistance is near $45,500, above which the price might rise towards the $46,800 level. More Losses in BTC? If bitcoin fails to continue higher above the $44,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,800 zone and the trend line. The next major support is seen near the $43,180 level. It is near the 50% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. If there is a downside break below the $43,180 support zone, the price might gain bearish momentum for a move to $42,400. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Levels – $43,800, followed by $43,180. Major Resistance Levels – $44,400, $44,800 and $45,000.
Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support. Ethereum is showing positive signs above the $3,350 support zone. The price is now trading above $3,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,440 and $3,450 resistance levels. Ethereum Price Remains Supported Ethereum extended increase above the $3,400 resistance zone. ETH even climbed above the $3,450 resistance and formed a high near the $3,482 level. Recently, there was a downside correction below the $3,400 level. The price even declined below $3,350, but it remained stable above $3,320. It is also trading above $3,300 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD. A low is formed near $3,335 and ether price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. On the upside, an initial resistance is near the $3,410 level. It is near the 50% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. The next major resistance is near the $3,450 level. Ether price could start another surge if there is a clear move above the $3,450 resistance. Source: ETHUSD on TradingView.com A close above the $3,450 level might pump the price towards the $3,500 level. If the bulls remain in action, the price could even rise above the $3,550 level. Dips Limited in ETH? If ethereum fails to start a fresh increase above the $3,450 level, it could start another downside correction. An initial support on the downside is near the $3,350 zone. The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might push the price towards the $3,100 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,250 Major Resistance Level – $3,450
The crypto market is still reeling as a result of risk aversion triggered by Russia’s invasion of Ukraine. On Monday, Bitcoin (BTC) fell for the sixth time in six days. It has again failed to break beyond the $40,000 barrier. Bitcoin peaked at $39,536 before plummeting to a low of $37,192. It completed the day around $38,850, having found support at $37,000. The news that the White House is set to issue the long-awaited crypto executive order shook crypto proponents on Monday. Crypto EO Comin’ Up According to a source close to the matter, United States President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to examine the legal and economic consequences of creating a US central bank digital currency. The broader cryptocurrency market had a turbulent day. BNB outperformed the market, rising 1.51%, while ADA (-3.51%) and SOL (-3.41%) underperformed. AVAX (-0.96%), ETH (-2.31%), LUNA (-1.72%), and XRP (-0.56%) have all declined in tandem with Bitcoin. BTC total market cap at $740.16 billion on the daily chart | Source: TradingView.com Related Article | Bitcoin Prices Dragged Down By Geopolitical Tensions, Ukraine Nuke Plant Bombing EO To Ban Crypto? According to reports, Biden will sign an EO banning or limiting cryptocurrencies. The move comes in the face of growing concern about Russian elites’ use of cryptocurrencies to avoid Western sanctions that have cut Russia off from large parts of the global economy, and moves by China and other countries to develop their cryptocurrencies. There is a possibility that this will be the first step toward the formation of a CBDC. An administration official, according to a source, said that such a move would have broad support from within Biden’s inner circles. Related Article | Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine Following Biden’s directive, the Justice Department said it would look into whether new legislation is required to establish a new currency, with the Federal Trade Commission, the Consumer Financial Protection Bureau, and other agencies analyzing the effect on consumers. It is expected that further study will be conducted on the role that cryptocurrencies will have on the broader market and the environmental impact of bitcoin mining in the future, according to the source. Last year, US Treasury Secretary Janet Yellen warned of an “explosion of danger” from digital markets, particularly the abuse of cryptocurrencies, but she also said that new financial technology may be useful in the battle against crime and injustice in the country. Wozniak Supports Bitcoin Meanwhile, Apple co-founder Steve Wozniak refers to Bitcoin as “pure-gold mathematics,” and the rationale demonstrates why crypto may be here to stay. Wozniak said he supports bitcoin but is skeptical about alternative cryptocurrencies and non-fungible tokens. Although he did not explain why he is interested in Bitcoin’s mathematics, he most likely appreciates that the calculations appear to help provide a technical explanation for Bitcoin’s supposed stability compared to the yellow metal. In an interview with Bloomberg, he said that the crypto market had reached “roughly $2 trillion in round numbers.” “It’s simply pure mathematics,” he said. Featured image from Al Bawaba, chart from TradingvView.com