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BTC/USD is having a good day and seems to take well the news that US President Biden will be signing Executive Order on digital assets
Both bitcoin and ethereum have charted a lower peak and a lower trough . This pattern implies that they are in a defined downtrend, as per the classical technical analysis.
Bitcoin is up close to 18%, and Ethereum has appreciated more than 14% for the week. In today's webinar, we look at the current trend and discuss the potential effects of sanctions on cryptocurrencies.
The charts below show the weekly time frames of both BTCUSD and ETHUSD. Each has charted a higher trough, but a higher peak is needed to fulfill an uptrend's requirements. To this end, we do note that each stochastic has turned up from below 20 (black ellipses). The bullish momentum may be mounting if they continue upwards and cross over their respective 50 levels.
Major cryptocurrencies drop as Russia undertakes military operation in Ukraine, amidst broader risk aversion
BTC/USD is cautious today and extends this week’s losses, amidst broader risk-aversion in financial markets
Weekly Below is the weekly bitcoin chart. We have added a triple moving average to gauge the longer-term trend. In this regard, the first crack has appeared. The fast green moving average has crossed below the slow red moving average (aqua ellipse). If the medium-paced orange moving average follows suit and crosses below the red moving average, the weekly chart's moving averages would be lined up in a bearish formation.…
Weekly Using a triple moving average (SMA) system helps to determine trends on charts. If the quick SMA is above the intermediate SMA, and the intermediate SMA is above the slow SMA, it is considered bullish. The more angle and separation between the SMAs, the more bullish the trend. Likewise, if the quick SMA is below the intermediate SMA, and the intermediate SMA is below the slow SMA, the MAs…
The left chart below shows BTCUSD's daily time frame. Its heiken ashi candle is red and inside of the weak area, between the lower blue and red bands. The daily stochastic is below 20 and indicative of bearish momentum. The right chart is BTCUSD's hourly time frame. The stochastic has turned down and the EMAs are threatening to cross bearishly (aqua ellipses). If they succeed, it will be negative for…
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