This week started with some negative news that negatively impacted the cryptocurrency market. According to alternate sources, the Security Exchange Commission (SEC) filed a million-dollar lawsuit against Binance alleging that it was trading tokes on the United States market classified by the same SEC as securities.
In simple terms for the SEC, an asset considered as securities is one for which the investor always expects to be able to obtain returns in the short, medium and long term.
The problem occurs when Binance lists the cryptocurrencies BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland ( MANA), Algorand (ALGO), Axie Infinity (AXS,) and Coti (COTI), and as reported by Diario Bitcoin, these were not legally registered to be traded on the US platform.
The above event caused a small meltdown in the market that caused many traders who had their long positions to be hugged by bears in a matter of hours.
Another News And Bitcoin Could Touch This Support
Bitcoin triggered the alarms by breaking the weekly support of $26436.81 (MA200W1), together with the value of the EMA50 at exactly $25874.66, thus closing the last candle above the EMA100W1 that now and at the time of writing this technical analysis the exact price of that support prevails at $25295.
We recognize that we are in a possible ABCDE accumulation on a weekly basis and that for wave A the price is expected to correct to an approximate price of $23,725 if another negative news triggers the alarms and Bitcoin breaks the support drawn by the weekly EMA100.
Extreme case, we know that the price could touch the accumulation range between $21060.25 and $22245.24 and from there bounce up to our wave B towards $32860.52 more or less.
It is notable that in this price movement from November 2022 to the present date, Bitcoin is moving in an ascending channel and with a bulge to create a parabolic movement in the medium term.
Confirmation of break and correction is given by the break of the daily channel between $27031.60 and $26517.04. But we know that for the next few days there will be a real break of the support of $25302 in conjunction with the EMA200D1.
This fact can confirm our weekly theory and take the price to the next support and exactly at $23294, towards the weekly A correction, but with a tendency to create a 1,2,3,4,5 wave of daily continuation towards the weekly B wave.
Disclaimer: This is an informative article. Rubikkav is a media outlet and financial publisher, it does not promote, endorse or recommend any investment in particular without first making prior inquiries or carrying out the respective technical and fundamental analysis. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.
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