BTC/USD

South Korea's top cryptocurrency exchanges, including Bithumb, are under money laundering investigation by the local financial watchdog FSC. The Financial Services Commission will check bank accounts belonging to South Korean crypto exchanges.

When it broke through the wedge pattern, the chances BTC would break the 9600 level were pretty strong, and this is indeed what happened. Currently, Bitcoin is consolidating on the same area, and it looks to me like traders are preparing for their next target of 10,000.

Last week, I basically identified the Bitcoin range between the 8800 and 9600 levels by suggesting a double top formation. The second top was formed with prices reaching 9565. We still need to see whether the bears are strong enough to push the prices lower, but the current price action is pointing south.

In the last few days, the Altcoins have been very strong, pushing the Bitcoin prices north. The bulls kept buying at higher lows, and the BTCUSD almost touched 10,000 before it retraced some of the gains. Currently, we can see a significant market correction, and it will be interesting to follow the buyers’ reaction.

Last week, I ignored the bearish flag on the 4-hour chart, waiting for a rally up to 8000 that didn’t happen. Currently, the crypto market looks seriously damaged with more regulations coming and some US tax issues.

My idea is mostly based on price action. A bearish flag pattern has appeared on the 4-hour charts, but in my opinion, this pattern will not complete and price is likely to move north. Currently, BTCUSD is trading around 7000, which I believe is ideal for an entry with stops at 6800.

A complete ban on crypto-related ads, especially initial coin offerings (ICOs), is what the internet giants Google and Facebook decided. Later, Twitter also joined the group, which meant putting the crypto world in the dark. The reason behind such strict measures is the rising power of shady ICOs promising investors quick returns in no time.

According to Blockchain.info, on the 26th of February, Bitcoin transaction volume hit a new low of confirmed transactions per day: only 180,000 completed transactions, which is the lowest number since March 2016. Despite the recently improved transaction cost and speed, people seem to be less interested in using the cryptocurrency.