How will Bitcoin & the Cryptocurrency market react?
Binance CEO Changpeng Zhao (CZ) steps down to plead guilty to one count of matters relating to his failure to prevent money laundering within the Binance platform.
The settlement for such a violation carries a penalty of approximately $4 billion USD, and it serves as a means for the SEC (The Securities and Exchange Commission) to intensify its investigations across multiple crypto assets.
Here is CZ's response on Twitter: https://twitter.com/cz_binance/status/1727063503125766367
Despite the market being only down by 1.3% following the news, the charts' psychology also indicates bearish distribution.
Fibonacci retracements are a tool that enables a trader to plot points on a range, aiming to identify mathematical ratios that often either halt or impede price advancement (resistance) or provide support for potential upside movements.
Two MAJOR levels in the Fibonacci sequence are the 50% and the 61.8% Fibonacci. Let me explain how these are calculated:
Calculation to find support:
In reverse to find resistance:
When the 50% and 61.8% Fibonacci retracement levels coincide, derived from both the all-time high range and the last major range, it often represents a highly significant area for predicting a potential shift in market trends.
While not definitive, these levels serve as indicators that restrain us from acquiring new Bitcoin. Instead, we patiently await price signals that might suggest either further accumulation for a continued advancement of the trend or distribution. In the latter scenario, we would utilize information to identify the next support level for purchasing.
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