Market Overview & Short-Term Bitcoin Price Analysis (4/1)
BTC Technical Analysis
In the H1 frame, the price has touched the 16800 - 16900 zone, as planned last week. The price is expected to correct to the 16600 - 16700 zone. However, there is a high probability that 80% will continue to increase strongly from this zone to the 17050 - 17320 zone.
Long
Entry: 16670
Stoploss: 16550
Target: 17050 - 17320
📉Short
Entry: 16800 - 16900
Stoploss: 16950
Target: 16600
Market Overview
Morocco completes draft cryptocurrency law
The Central Bank of Morocco has published a draft cryptocurrency law for public input. Morocco is likely to introduce cryptocurrency legislation “in the next few days,” according to Cointelegraph.
Ukraine Pharmaceutical Industry Accepts Cryptocurrency Payments Through Binance Pay
Ukraine's pharmaceutical industry is backing digital currency payments amid the war with Russia, as a major drugstore chain in the country has accepted digital currency payments like bitcoin.
The DXY Index recorded a 0.63% gain on Jan. 3, rebounding above 104. Hence, volatility in the crypto markets could be seen this week, which will determine the direction of the crypto market. Bitcoin price in the coming weeks.
According to on-chain analysis, the Taker Buy/Sell Ratio (30DMA) data on Jan. 2 again generates a signal to buy Bitcoin. This is the fourth time the indicator's buy signal is showing.
The Taker Buy/Sell Ratio (30DMA) is one of the best metrics for determining a buying cycle. However, this only applies in a bull market. In times of uncertainty or bear markets, this indicator almost perfectly generates sell signals.
The Taker Buy/Sell ratio (30DMA) generated a 4x Bitcoin buy signal during the bear market. Moscow's war in Ukraine, the Terra-LUNA crisis and the recent crash of FTX only negatively impacted Bitcoin price action in 2022.
However, the 4th buy signal could be a bullish call as Bitcoin SOPR MA30 data shows a high probability of Bitcoin price rally in 2023. Investors can use the DCA strategy to accumulate Bitcoin at lower levels, as experts believe institutional investors and whales will start to recover at any moment.
In the H1 frame, the price has touched the 16800 - 16900 zone, as planned last week. The price is expected to correct to the 16600 - 16700 zone. However, there is a high probability that 80% will continue to increase strongly from this zone to the 17050 - 17320 zone.
Long
Entry: 16670
Stoploss: 16550
Target: 17050 - 17320
📉Short
Entry: 16800 - 16900
Stoploss: 16950
Target: 16600
Market Overview
Morocco completes draft cryptocurrency law
The Central Bank of Morocco has published a draft cryptocurrency law for public input. Morocco is likely to introduce cryptocurrency legislation “in the next few days,” according to Cointelegraph.
Ukraine Pharmaceutical Industry Accepts Cryptocurrency Payments Through Binance Pay
Ukraine's pharmaceutical industry is backing digital currency payments amid the war with Russia, as a major drugstore chain in the country has accepted digital currency payments like bitcoin.
The DXY Index recorded a 0.63% gain on Jan. 3, rebounding above 104. Hence, volatility in the crypto markets could be seen this week, which will determine the direction of the crypto market. Bitcoin price in the coming weeks.
According to on-chain analysis, the Taker Buy/Sell Ratio (30DMA) data on Jan. 2 again generates a signal to buy Bitcoin. This is the fourth time the indicator's buy signal is showing.
The Taker Buy/Sell Ratio (30DMA) is one of the best metrics for determining a buying cycle. However, this only applies in a bull market. In times of uncertainty or bear markets, this indicator almost perfectly generates sell signals.
The Taker Buy/Sell ratio (30DMA) generated a 4x Bitcoin buy signal during the bear market. Moscow's war in Ukraine, the Terra-LUNA crisis and the recent crash of FTX only negatively impacted Bitcoin price action in 2022.
However, the 4th buy signal could be a bullish call as Bitcoin SOPR MA30 data shows a high probability of Bitcoin price rally in 2023. Investors can use the DCA strategy to accumulate Bitcoin at lower levels, as experts believe institutional investors and whales will start to recover at any moment.