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30.03.2023 08:28 AM
Technical Analysis of BTC/USD for March 30, 2023

Crypto Industry News:

The head of the US Securities and Exchange Commission (SEC) Gary Gensler will address the House of Representatives Financial Services Committee for the first time.

In an interview, Representative Patrick McHenry, chairman of the Financial Services Committee, confirmed that the head of the SEC will be questioned on April 18 about his approach to the cryptocurrency ecosystem.

The House of Representatives Financial Services Committee has jurisdiction over all aspects of the U.S. financial services industry, including banking, securities, and digital assets.

McHenry noted that this will be the first SEC surveillance hearing. The hearing will focus on regulation making and Gensler's approach to crypto assets. He also added that the committee will conduct thorough oversight of the SEC and will be serious about "setting the regulatory realm for digital assets."

The SEC chief's approach to cryptocurrencies has caught the attention of many people over the years, with many members of the Democratic Party voicing their concerns about his approach. Some in the crypto industry believe the party's anti-crypto stance could be disastrous for its 2024 election campaign.

Technical Market Outlook:

The BTC/USD broke out from a Triangle Pattern structure on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible. Another swing high was made at the Bitcoin market ($29,184) and the next target for bulls is seen at $32,417. The momentum on the H4 time-frame chart is strong and positive, so the resumption of the up trend is still on the table as along as the level of $26,500 is not clearly violated (no daily candle close below this level). The line in the sand for bulls is seen at the technical support located at $23,926.

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Weekly Pivot Points:

WR3 - $28,346

WR2 - $28,110

WR1 - $27,977

Weekly Pivot - $27,874

WS1 - $27,741

WS2 - $27,638

WS3 - $27,402

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

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