Bitcoin flirts with bearish channel as Kraken settles charges

  • BTCUSD
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Bitcoin is trading in its neutral area between its blue bands. It's flirting with the bearish channel between the lower blue and red bands. The Bollingers are squeezing (green rectangle), suggesting a low volatility period. Bollinger theory suggests that this cannot be maintained for long and that volatility will expand following squeeze periods. A potential catalyst may be the CPI data due for release on Tuesday.

Crypto exchange, Kraken halted its staking program and will pay $30 million to settle charges. The SEC charged the exchange with "failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 per cent." (www.marketwatch.com)

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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