BTC/USD Forex Signal: On The Cusp Of A Bearish Breakout
Date
3/29/2023 2:18:13 PM
(MENAFN- Daily Forex) Advertisement test out this trade suggestion with a top-rated btc/usd broker get started Bearish view Sell the btc/usd pair and set a take-profit at 25,260. Add a stop-loss at 28,000. Timeline: 1-2 days.
Bullish view Set a buy-stop at 27,800 and a take-profit at 28,800. Add a stop-loss at 26,000.
The BTC/USD pair was little changed during the Asian session as traders continued reflecting on the ongoing crackdown in the Cryptocurrency industry. It was trading at 27,000, which was lower than last week's high of 28,885.Regulatory concernsThe biggest concern among traders is the ongoing regulatory crackdown in the cryptocurrency industry. Last week, the Securities and Exchange Commission (SEC) sent a notice to Coinbase, warning it of an impending lawsuit.The lawsuit will be about staking products, which the company offers to its global clients. Earlier this year, the SEC settled with Kraken, which agreed to stop offering the services to its American customers. Such a move will hurt Coinbase, a company that makes a substantial amount of money offering staking products. The SEC is also investigating whether the company offers securities on its platform. Analysts believe that the SEC will file a separate case depending on the outcome of the ongoing SEC vs Ripple case in an American court.The other key lawsuit came in on Monday when the Commodity Futures Trading Commission (CFTC), which accused Binance of offering derivatives to American customers. The lawsuit also targeted Changpeng Zhao, the company's founder and CEO. Binance rejected the claims and vowed to defend itself.The BTC/USD pair also retreated in line with the American stocsk. Key American indices like the Dow Jones, Nasdaq 100, and S&P 500 dropped by about 0.20% on Tuesday after the US published strong consumer confidence data.The report showed that consumer confidence rose in March even as inflation remained at an elevated level. Therefore, there is a likelihood that the Federal Reserve will maintain a hawkish tone in the coming months. Besides, it seems like investors are moving past the banking crisis.BTC/USD technical analysisThe BTC/USD pair has been in a tight range in the past few days. It has moved slightly below the 25-period moving average . The pair has also moved below the key resistance level at 28,885. Further, the MACD and the Relative Strength Index (RSI) has formed a bearish divergence pattern. The pair has also formed a small bearish flag pattern. Therefore, the BTC/USD pair will likely have a bearish breakout as sellers target the key support level at 25,262. A move above the key resistance level at 28,000 will invalidate the bearish view.Ready to trade our
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