Monthly Archives: März 2023

• Litecoin (LTC) is showing positive signs above $85 against the US Dollar, similar to bitcoin.
• There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $88 and $90 resistance levels.

Litecoin Price Analysis

Litecoin started a steady increase against the US Dollar, forming a base above the $75 level and starting a fresh increase. There was a break above a major bearish trend line with resistance at $85 on the 4-hour chart of the LTC/USD pair. The price even climbed above the 55 simple moving average (4-hours).

Resistance Levels

On the upside,the price is facing resistance near the $88 level. A clear move above this level could push the price towards the $95 level, which is near 1.618 Fib Extension Level of downward move from swing high to low. The next major resistance sits near the $95 level and any further gains might send Litecoin towards its psychological mark of 100 USD.

Support Levels

On downside, an initial support is near at 85 USD followed by 82 USD support area in case of any further downswing movement in litecoins value . If there is a downside break below 82 USD then Litecoin could accelerate lower towards 75 USD in short term .

Technical Indicators

The MACD for LTC/USD has shifted into bullish zone whereas RSI for LTC/USD is now above 50 level indicating buyers are taking control over bears in current market scenario.

Conclusion

Overall, Litecoin price is clearly trading above its 55 simple moving average (4-hours) indicating bullish sign in near term while it needs to clear 88$ & 90$ resistance levels to gain more upside momentum towards 95$ & psychologically important mark 100$.

• Bitcoin price started a fresh increase above the $24,000 zone against the US Dollar.
• There was a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.
• The bulls gained pace for a move above the $25,000 zone and formed a high near $26,533.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $20,000 support zone. The price gained and cleared many hurdles near the $22,500 and $23,500 levels. There was a clear move above the $24,000 level and the 55 simple moving average (4-hours). Besides, there was also break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.

Upside Move

The bulls gained pace for an upside move above the $25,000 zone and formed a high near $26,533. Recently there was downside correction below the$25,500 level where it declined below 23.6% Fib retracement level of upward move from swing low to high. The price is now trading back above 23k while immediate resistance can be seen at 25250 level.

Support Levels

If there is no upside break then Bitcoin might start downside correction below 24400 mark which could further push prices down towards 23k area which is close to 50% Fib retracement level of upward move from swing low to high. Any more losses could take prices towards 22k support zone as well.

Resistance Levels

The first major resistance can be seen at 26k where if it breaks out then bitcoin will rise towards 27800 zone followed by 28000 mark as well in short term future.

Conclusion

Bitcoin is currently showing positive signs above 24k against US Dollar however if it fails to breakout 25250 mark then downside correction can be expected in short term future .

Summary

• Union Finance Minister Nirmala Sitharaman of India has stated that crypto regulation needs to be a group effort.
• Her comments come in response to the recent collapse of FTX, which highlighted weaknesses in accounting procedures.
• However, many are concerned that global regulation will take a long time and disrupt the freedom of the cryptocurrency space.

Nirmala Sitharaman: Crypto Regulation Must Be a Group Effort

Union Finance Minister Nirmala Sitharaman of India commented that crypto regulation has become a major priority for several finance ministers and central bank governors of G20 countries. She commented that during this year’s summit, crypto regulation is likely to be a hot topic that many of them will discuss. Nirmala Sitharaman also noted that crypto regulation will likely have to be a group effort; there are many countries out there (such as the United States and the United Kingdom) that are working to implement their own plans. However, she believes for it to really work, every developed nation needs to step in and take part in a global regulatory initiative.

FTX Collapse Highlights Need For Crypto Regulation

Crypto regulation has become an even more pressing topic ever since the collapse of FTX – now defunct crypto exchange. Many people are worried about what happened and claim that if such a fall could occur with FTX, then virtually no crypto company is safe. One of the big issues with FTX was its weak accounting procedures which allowed former head executive and founder Sam Bankman-Fried to use customer funds to pay off loans for his other company Alameda Research as well as invest in luxury Bahamian real estate. He is currently awaiting trial at his parents‘ home after being charged with fraud.

Concerns Over Global Crypto Regulation

The problem with global crypto regulation is twofold – it goes against all cryptos stand for by allowing middlemen into the mix and would also take an incredibly long time before it’s implemented on an international scale. Edul Patel – co-founder & CEO at Mudrex – thinks it would take quite some time before laws foster responsible growth & innovation while Rajagopal Menon – VP at Wazir X – adds “With India as president [of G20], we hope they push towards setting up global standards” when referring to potential global regulations coming into effect soonish.

Conclusion

Both sides make valid points – while we need regulations in place so similar mishaps don’t happen again & investors are protected from frauds like Bankman-Fried’s, we need those regulations without compromising on decentralization & freedom of cryptocurrencies overall, something only possible through collective action from all participating nations worldwide!