Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

5yrs ago Crypto newsbtc Views: 260

  • Bitcoin Price likely to bounce above $3,800
  • Pennsylvania DoBS clarifies that crypto exchanges don’t need MTA licenses to operate
  • Average transactional volumes expected to rise in the short-term

After yesterday’s higher highs, Bitcoin is poised to extend their gains today. Gains are low but up from yesterday’s lows meaning our previous BTC/USD trade plan is valid. If our projections are accurate, then we expect BTC prices to retest $4,500 and $5,000.

Bitcoin Price Analysis

Fundamentals

There is a changing wave across the US. First, it was Texas, then Wyoming and now The Pennsylvania Department of Banking and Securities (“DoBS”) is responding to inquiries on whether the Money Transmitter Act (MTA) and more specifically, if the Money Transmission Business Licensing Law, applies for entities keen on delving into the crypto exchange business.

While answering “multiple inquiries,” the DoBS started by defining what money is while remaining categorical that under the MTA, Bitcoin is not money. They further expounded that businesses must comply with MTA requirements whenever fiat currency is involved.

Virtual exchanges, they note, are unique because they are facilitators and are don’t in any way handle fiat currency—classified as money under the MTA. This is so because exchanges only permit buying and selling of assets. As a result, they are not money transmitters and need not apply for Money Transmitter Business license to operate.

Candlestick Arrangements

-

The current trajectory is upwards. After yesterday’s bull pin bar and a spike in participation levels, traders expect prices to surge. Nonetheless, today’s price action could trend in limited ranges after yesterday’s bounce off $3,500.

All these are projections based on hard figures. Moreover, from the chart, the rejection of lower lows from off a critical Fibonacci level mean there is underlying demand. Therefore, prices could snap back to trend and rally towards $4,500.

At the moment though, traders should exercise patience and note that even in the midst of this optimism, BTC is trending in a broader bear market and this short-term uptrend prints within a bear breakout pattern where ideal resistance or retest lies at $5,800–$6,000 level.

Technical Indicators

Transaction volumes are tight and even with yesterday’s improvement—18k versus 13k, the path ahead is tough for bulls. To repeat our stand, and lift off above $3,800 should be via high transaction volumes preferably above those behind Jan 10 losses at 35k. Such high-volume break and close above would shift momentum from bearish to bullish as price action aligns with Dec 17 gains.

Bitcoin Price Analysis: BTC Liquidity, Pennsylvania, Texas Clarity on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.