BITCOIN (BTCUSD) – Week 37 – “Trapped” between 2 zones?
According to a new survey reported by local daily Globo, 48 percent of Brazilians want to follow El Salvador's lead and declare Bitcoin an official currency. The share of Brazilians who say that they would not invest in crypto has dramatically dropped from 33% in 2020 to just 12% in 2021. Security concerns, high volatility and a lack of money are cited as the top reasons.
By establishing a law that legalizes and regulates bitcoin, Ukraine has taken a step that few other nations have contemplated. Ukraine's parliament has enacted a measure aimed at making cryptocurrencies safer for users, with the goal of assisting companies and individuals to grow. Ukrainians will officially be able to own, trade, and exchange cryptocurrencies using local or foreign exchanges that are registered in Ukraine. Hryvnia, the national currency, will remain the sole means of payment regarding the exchange of goods and services, but crypto will be officially recognized as an asset.
Because everything is larger in Texas, it's no wonder that the Lone Star state is preparing to become America's next Bitcoin (BTC) hotspot. Texas has passed two bills that ensure bitcoins are recognized under state business law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June.
Technically, Bitcoin made one more high since last week’s report and then broke the blue trendline marked on the chart with a sharp retracement. Now it finds itself in a consolidation phase. We think it will retest the support area once again (higher probability) before going to the upside. If the price breaks the support area and it stays there in consolidation, a continuation to the downside becomes probable. If the price goes higher from here we have to study the price action at the resistance area to see where it will go next.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
By establishing a law that legalizes and regulates bitcoin, Ukraine has taken a step that few other nations have contemplated. Ukraine's parliament has enacted a measure aimed at making cryptocurrencies safer for users, with the goal of assisting companies and individuals to grow. Ukrainians will officially be able to own, trade, and exchange cryptocurrencies using local or foreign exchanges that are registered in Ukraine. Hryvnia, the national currency, will remain the sole means of payment regarding the exchange of goods and services, but crypto will be officially recognized as an asset.
Because everything is larger in Texas, it's no wonder that the Lone Star state is preparing to become America's next Bitcoin (BTC) hotspot. Texas has passed two bills that ensure bitcoins are recognized under state business law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June.
Technically, Bitcoin made one more high since last week’s report and then broke the blue trendline marked on the chart with a sharp retracement. Now it finds itself in a consolidation phase. We think it will retest the support area once again (higher probability) before going to the upside. If the price breaks the support area and it stays there in consolidation, a continuation to the downside becomes probable. If the price goes higher from here we have to study the price action at the resistance area to see where it will go next.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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