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Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

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Bitcoin price recently plunged from over $12,000 at the 2020 high to back under $10,000. But after seven straight days of retesting resistance turned support, the crypto asset is already back at $11,000 and climbing.

The bounce on weekly timeframes, just so happened to take place at a specific reading on the Relative Strength Index that throughout Bitcoin’s history has acted as bull market support. If the key level continues to hold, 2021 will be the year of the return of crypto.

Bitcoin Bear Market Could Be Over With This One Line Holding On Weekly Timeframes

Crypto analyst are torn on if Bitcoin’s bull market is here or not. Believers in the stock-to-flow model are certain that now that the halving is in the past, its off to the races and its only a matter of time before prices increase.

Others subscribe to a lengthening cycle theory, that says Bitcoin has a lot more consolidating to do, and could potentially even set new lows from here. Such a scenario would crush any renaming hope in the stock-to-flow model and could prompt an extreme selloff.

Related Reading | These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model

But more and more signals are supporting the idea that a new bull market is beginning. This theory is also being backed up by weekly RSI support on BTCUSD price charts holding up over a reading of 55, just like the asset did during past bull runs.

bitcoin btcusd weekly rsi

BTCUSD Weekly Relative Strength Index 55 Support Holding | Source: TradingView

Relative Strength Index Measures Trend Strength, Momentum, Overbought and Oversold Conditions

The Relative Strength Index is a trend-strength and momentum measuring tool. When the tool reaches over 70 or under 30, it signals that an asset is overbought or oversold respectively.

But those aren’t the only meaningful numbers on the RSI. On weekly timeframes in BTCUSD price charts, a reading of 55 on the RSI has had significance throughout all of Bitcoin’s lifecycle.

The line acts as the differentiator between bear and bull markets, and when the top crypto asset holds above that line, it usually means a bull run is on.

Related Reading | Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters

Bitcoin price just rebounded hard, directly from that important level on the RSI, and it could mean that the crypto asset has officially confirmed a new bull market.

If history repeats, that line should hold from here on out, no matter how nasty the correction gets. If the line gets lost, however, it could be back to the troughs of the bear market for Bitcoin and the rest of crypto.

Source: https://www.newsbtc.com/2020/09/19/bitcoin-bouncing-from-bull-market-support-points-to-2021-as-the-year-of-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-bouncing-from-bull-market-support-points-to-2021-as-the-year-of-crypto

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Bitcoin SV short-term Price Analysis: 27 November

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

As the value of Bitcoin faces hurdles in the market, many altcoins have also been falling on the charts. Bitcoin SV has been noting a strong devaluation and at press time, after a brief recovery effort, it was being traded at $166.16. Although the overall sentiment in the market appeared bearish, there could be a benefit in taking a long position in the short-term.

Bitcoin SV 1-hour chart

Source: BSV/USD on TradingView

The above one-hour chart of Bitcoin SV highlighted a downtrend within a descending channel. The asset was valued at $207 before it started trending lower and it sunk as low as $150. However, the price has managed to bounce back up, and currently looks like there could be a bigger recovery in the market and long positions could be realized.

Reasoning

The Relative Strength Index indicated that the sudden price drop had pushed the asset into the oversold zone. After dropping further in the oversold zone, there was finally a recovery set in motion and the coin has come out of the oversold zone.

As BSVmoves towards equilibrium, the price of the digital asset may also increase in the short-term. Since the resistance is marked at $169.89, and the support remained at $163, there could be a marginal increase in its value.

Positions

Entry for a Long position: $167.30
Take Profit: $172.513
Stop Loss: $163.41
Risk/Reward Ratio: 1.34

Conclusion

Even though bearishness prevails in the BSV market, there could be minimal recoveries noted to balance out the selling pressure in the market. The price of the asset may further consolidate in the short term given the immediate resistances and supports marked close at this level.

Source: https://eng.ambcrypto.com/bitcoin-sv-short-term-price-analysis-27-november

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ASIC Cancels AFS License of Jels Financial Group, Selectinvest

Both the companies failed to submit audited financials for several years.

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The Australian Securities and Investments Commission (ASIC) announced on Friday the cancellation of the Australian financial services (AFS) license of two companies: Jels Financial Group Pty Ltd and Selectinvest Pty Ltd.

Jels was granted the AFS license in September 2014, while Selectinvest was holding it since December 2003.

According to the regulator, Jels failed to demonstrate that it had the competence or resources for providing financial services. Primarily, the company failed to appoint a “key person” required for the licensing, and its sole corporate authorized representative was also insolvent.

Furthermore, the Victorian financial services provider did not file its audited accounts for the financial year 2017-2019, which is mandatory according to the licensing rules.

In the case of Selectinvest, the regulator pointed out that the financial service provider failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). 

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Additionally, Selectinvest did not report its annual financial and audit report since 2019.

Despite the cancellation, the companies can now move to the Administrative Appeals Tribunal (AAT) with an appeal to review the ASIC’s decision.

A Vigilant Regulator

The Australian regulator is vigilant towards the companies offering financial services under its purview. Finance Magnates earlier reported that the ASIC suspended 40 licenses in a year, ending in June. However, it also granted 394 new AFS licenses in the same period.

In September, the ASIC cancelled the AFS license of forex brokerage Union Standard International Group Pty Ltd (USGFX) as it entered into liquidation.

“We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant,” ASIC Commissioner, Danielle Press said earlier.

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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