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.
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.
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.
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.
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.
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.
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 […]
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 […]
As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound. EdgeFinder Analysis GBPJPY still maintains […]
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