The U.S. House of Representatives has taken a historic step towards regulating the crypto industry with the passage of the FIT21 bill. This legislation provides much-needed clarity on the classification, registration, and custody of crypto assets, with the support of two-thirds of the House. The bill aims to protect consumers and their rights to use crypto, while also imposing strict regulations to prevent incidents like the FTX collapse.
Trade Idea: $COIN, the ticker for Coinbase, presents an attractive long opportunity following a technical breakout and supportive fundamental backdrop. The daily chart exhibits a classic falling wedge pattern, a bullish reversal pattern, with a decisive upward breakout above $219. The breakout level of $219, coinciding with a significant Fibonacci retracement level (38.2%), was retested during the previous session, indicating a strategic long entry opportunity. This price action, combined with a bullish MACD crossover, signals a shift in momentum, favoring the bulls. Technical Analysis: Fundamental Tailwinds: Conclusion:The long setup on…
Quiet conditions in the market may prompt traders to short EUR/USD as the pair has been trading within a narrow range of 1.05-1.10 since the start of 2023. The interest rate gap is expected to widen, encouraging sellers who can benefit from the carry trade.