BTC/USD Searches for Direction: Sally Ho’s Technical Analysis – 22 September 2022
Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair continued to orbit the psychologically-important 20000 figure following elevated volatility over the past several trading sessions. Traders recently knocked BTC/USD as low as the 18255 level, its weakest print since June, after Stops were elected below the 18603 area during the depreciation. This selling pressure has resulted in a greater risk of a test of the 17567.45 low from earlier in June. Following the recent sharp decline, the 20433 area has emerged as an area of consistent technical resistance and is technically related to selling pressure that commenced around the all-time high of 69000. Below current price activity. traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Following the recent selling pressure, additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.
Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 20135.93 and the 50-bar MA (Hourly) at 19217.73.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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Robinhood has announced that it has listed the market’s second-largest stablecoin, USDC, on its trading platform.
Robinhood’s First Stablecoin
Earlier today, Robinhood announced that it had adopted the first stablecoin into its trading platform - USD Coin (USDC). As a result, Robinhood users will be able to trade the stablecoin or hold on to it on the aforementioned trading platform.
Robinhood is quite popular as a brokerage app, allowing investors to dabble in both stocks and crypto. The trading platform started operating in 2018 and has since amassed 17 other cryptocurrencies. However, USDC will be the first stablecoin to be added to the Robinhood roster.
Refocusing The Business Model
The move to include a stablecoin in their listings indicates that the company is refocusing its business model toward crypto trading. Indeed, during a recent earnings meeting, the company’s head of investor relations, Chris Koegel, spoke about the business’s three main focuses: crypto trading, brokerage, and money services.
Koegel had said,
“Our vision with crypto is to be the most trusted platform for customers to invest in crypto as well as the most trusted on-ramp to the decentralized web. Customers tell us that they want us to introduce more coins onto the platform.”
The company’s leadership and management are yet to address the decision of listing USDC into its folds; however, a spokesperson claimed that the company’s CTO and GM, Johann Kerbrat, will speak on the matter at the upcoming Circle’s Converge22 conference being held in San Fransisco.
Other Exchanges Have Been Delisting USDC
The move to include the USDC stablecoin is interesting, especially if viewed in the context of the recent decisions taken by exchanges like Binance and WazirX regarding the same stablecoin. Binance, which is the world’s largest crypto exchange by volume, recently delisted USDC along with two other stablecoins, USDP and TUSD, from the platform’s spot trading pairs. The exchange explained that the move was informed by the desire to enhance liquidity and capital efficiency for the users. As per the announcement from Binance, all three stablecoins would be converted to the Binance USD coin (BUSD) on September 29 at a 1:1 ratio.
Soon after, another crypto exchange, WazirX announced its plans to take similar steps and delist USDC from its own platform. The exchange, which is the largest crypto platform in India, also cited similar reasons of liquidity and capital efficiency behind the decision, in which a BUSD auto-conversion would be implemented following the same 1:1 ratio.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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