September 7, 2021

El Salvador Adopts BTC As Their Main Currency- How To Trade Bitcoin This Week

Frank Cabibi

9/7/2021

El Salvador is now the first country in the world to be accepting Bitcoin as its national currency. The country just bought 400 BTC as it plans to go full adoption today. On top of this, crypto mining is starting to come back after it was banned in China- where the majority of global mining was located.

Our outlook

For countries that are struggling with their current monetary system in Latin and South America, the crypto adoption seems like the best option from their point of view. And this only means more usage, mining and transactions for Bitcoin while mining is now not centralized in a single place like China. More and more companies will probably come out of this emerging industry and will find ways to make the transaction process easier. And it all starts with adoption, from there more and more doors will open for this market.

Trade Setups

BTCUSD

BTCUSD on the 4H chart dipped hard today as price comes to support around the $50,500s. This level served as a previous high and a double top on this timeframe, so it could serve as a strong level of support. If not, price can find more support around the $48,800s.

ETHUSD

Ethereum looks like it's getting ready to rebound on the 4H timeframe as it rejects the lows from the 50 SMA and is currently riding it. Additional support sits under around $3380.

ADAUSD

ADAUSD Cardano came down near a bottom on the 4H chart and is rejecting the lows. If price can bounce from the $2.50s level and stay above, this could be a potential area to look for long setups.

A1 Edgefinder

Watchlist
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Trading Gold & USD Before NFP

Gold is up nearly half a percent today while USD down a third of one as of 10:18 am EST. As we wait for the upcoming and looming NFP numbers this Friday, we can assess the economic data we already have. EdgeFinder Analysis The stock market sighed in relief after the debt ceiling bill finally […]

Read More
Can The Dollar Break This Pivotal Level?

The dollar flew higher last week as a result of resilient economic news along with a higher PCE than expected. Now the DXY has reached a decision point in price action. This week's NFP will help determine the sentiment around the potential June rate hike. Here is what we are looking at: EdgeFinder Analysis USDCAD […]

Read More
Dovish Banks Could Crash These Currencies

Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD? EdgeFinder Analysis GBPNZD is a pair that should […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram