BITCOIN (BTCUSD) – Week 33 – No signs of stopping

In a recent interview, Argentina's President, Alberto Fernandez, stated that he sees no reason to oppose Bitcoin and cryptocurrency in general, but the country's Central Bank, Miguel Pesce, is preparing for a crackdown on the business. Already in April, the Central Bank of Argentina instructed local banks to scrutinize clients that hold cryptocurrencies and engage in business or trading activities involving crypto, but just last month, a member of the National Congress José Luis Ramón submitted a bill that would allow salaries in Bitcoin and muscle the country’s adoption process.

Despite the fact that the United States government is slamming the crypto industry, Wyoming stands out for its acceptance of the new technology. This state, dubbed the "Wild West of Crypto," just enacted 24 blockchain-friendly legislation. According to a report by CNBC, the state's most recent measure will enable for "rapid approval for new crypto banks."

Technically, in our last report we were right when we expected a sideways correction before the continuation to the upside. However, the correction took place above the zone that we expected it to happen. For this week, we have no indication that the price will reverse. The higher probability move is to the upside, either going right now, or with small consolidations along the way. We could see a bigger correction in this area before the price continue its path to the upside.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.