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China is important It hosts the major mining companies of Bitcoin and their citizens quickly adopt. Therefore, the court's recent ruling is bullish and could accelerate the process of reversing the loss of Bitcoin, bringing prices above $ 7,000 in the process of strengthening market confidence. So far, the BTC / USD pair has been stable and declining by 1% in the last week, as prices are moving into retail straits.
Latest Bitcoin news
As previously reported, the Shenzhen Court of International Arbitration has declared ownership of Bitcoin that allows traders and individuals to own and even transfer Bitcoins without conflict with the regulations in force. This is positive and the simple fact that Bitcoin has protection from the law continues to show how BTC is rapidly turning into a globally recognized asset and a store of value. From court translations, it seems that Bitcoin considers a property due to the decentralization and economic value that underlies it. This decentralization and economic advantage give users freedom. Furthermore, as a valuable store, companies and individuals are free to use Bitcoin as a form of payment without violating any law. Considering how Chinese is instrumental in the Bitcoin and Crypto ecosystem, we anticipate that adoption will increase in the coming weeks and months as the second largest economy continues to defrost the crypt.
While this news from China could do a lot to stabilize and even encourage market participation, we should note that Bitcoin is generally stable. Many are attributing this to the output of money-mongering speculators while some are linking this volatility decline to a booming market. Even if the speculation of a growing market continues to grow, we still have to see suggestions while the volumes continue to run out at all levels.
BTC / USD Bitcoin price analysis
Weekly chart
Talking about market stability is best exemplified in the weekly chart. Although we can see key events such as the recent court ruling from China that stimulates demand, the lack of activity in the last week is a cause for concern. In fact, as we can see from the chart, last week's prices have moved within a range of $ 350 per week ending October 21st high.
Technically this is positive because the bar itself has closed like a bull behind high volumes, pushing prices above the $ 7,200 major trigger line and the main resistance trend line. The fact is that, as long as the bulls are within the week ending on October 21st, we recommend purchasing small amounts of BTCs in shorter times with the first targets at $ 7,200.
Daily chart
Returning to the daily chart, October 15 is definitive as in the last 10 days or so. Going forward, our previous BTC / USD trading plan is valid and as long as the BTC / USD price is trending at the 15th low, then we can trade as above. This means that you are advised to make stops with stops just below the three month support trend line between $ 6,200 and $ 6,300.
According to our latest iterations, losses below $ 6,200 will cancel our bullish projections and in that case we could see falls below the 2018 low to $ 5,800 which inevitably strengthen the bear momentum.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
