. But for now, given the strong reaction out of the ideal correction target zone, and the positive divergence on the technical indicators (green and red arrows), I find the bearish option less likely. Conversely, BTC will have to drop below the recent $18.5K low, with a severe warning to the Bulls below $20.5K, to tell us it still wants to revisit $12K.
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We are hiring a large team of seasoned compliance, ideally ex-regulators, so they come into our organization, they understand what’s going on internally, and then they can speak the same language to their ex-colleagues.
Thus, there are technically enough waves in place to consider the (green) wave-2/b complete and wave-3/c to ideally $37000+/-1000K underway. Last week I told my premium crypto trading members that a break above $19535 would target $20,5K+ (see here).
With immediate effect, South African users will be restricted from opening new accounts for these products. Users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.
Bukele ascribed this to three factors: the ongoing war against gangs in the nation, the growth of the surf industry, and the cryptocurrency Bitcoin. A recent report confirmed that El Salvador was one of the countries on the list of nations that had already returned their profits from tourism to the levels they had been at before the pandemic.
The scrutiny intensifies, and the uphill battle with regulatory authorities and financial watchdogs is likely to continue as the exchange tackles its challenges with newly hired executives with experience in compliance.
Two-and-a-half weeks ago, see here, and before, I shared with you that per the Elliott Wave Principle (EWP), Bitcoin (BTC) had most likely completed a leading diagonal (LD) in August and had been correcting since then. Unfortunately, the bounce fell short at $21879, but as said back the. I was looking for a "dead-cat-bounce," a wave-b, targeting around $22465-23495 before the next leg is lower to $20000+/-1000 with an ideal target of $19386.
However, the downside target zone for this correction, the more critical price level to watch, was correct as the cryptocurrency bottomed on September 7 at $18559, which is well within the accepted 5% margin of error. Since that low, BTC has rallied to >$22K and is back above its (blue) 50-day simple moving average (SMA).
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