After China's restriction on crypto mining and transacting, The United Kingdom has decided to start their own policies toward the market. The Financial Conduct Authority has banned the largest trading platform in crypto known as Binance. There were conditions that the platform could not meet in its anti-money laundering requirements which caused the FCA to ban the service. However, the ban only accounts for regulated brokers which means that unregulated services can still provide Binance, and crypto traders in England can still access Binance's website.
Our outlook
Most of the crypto market seemed to have shrugged off these worries of countries tightening regulation as it does serve as the market becomes more recognized. This ban seems very mild in comparison to other news as this doesn't really take away crypto trading in the UK, it only limits it to unregulated entities. I don't think this will cause big implications in the short term for the crypto market.
Trade Setups
BTCUSD
Bitcoin's price is down today but is still above moderate support around $33,582. On the 4H chart, price is still testing its consolidation zone and looks to have formed a double top in the $35,100s.
ETHUSD
Ethereum is one of the few coins that is up on the day as it crosses over its 50 SMA and a falling trend line on the 4H. Price is nearing resistance around $2,176 which looks like a key level for price to break. It also looks like Ethereum was able to bottom out in the $1,690s judging by price action in late May.
ADAUSD
Cardano is at an interesting level on the 4H chart. Price is testing a falling trend line and is trying to break above it, but continues to sit stagnant for the past five trading periods. If price can move above, big resistance lies around 1.601698 and at 1.822068.
A1 Edgefinder
AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
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
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.