Hong Kong Seeks to Make Bitcoin Trading Legal

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The government of Hong Kong has intended to grant licenses for retail Bitcoin and altcoin trading as part of its effort to establish itself as a significant financial hub. According to a recent Bloomberg story, the city of Hong Kong is presently preparing to lift China’s prohibition on cryptocurrency retail trading within its province.

In March 2023, the required crypto licensing management would start. However, the criteria for enlisting Bitcoin and other altcoins will likely be determined by the market’s liquidity and inclusion in independent crypto indexes.

Key Bitcoin Coin Levels to Watch — October 28

The Bitcoin market remains bearish with several weeks of major sideways movements. However, the last market swing has seen the price rise by about 15% from the last dip at $18,2567.

Hong Kong Seeks to Make Bitcoin Trading Legal

The Super-Trend, however, indicates that the BTC price continues to dip. Just as the Parallel Shift highlights, the market has mainly moved within a bearish channel since June. During this time, the BTCUSD price only crossed the Parallel Shift center line three times. The last of which happened in October, seeing the price rise above $21,000.

This last uptrend motion has been captured by the True Strength Index to signal that the market is about to go bullish, significantly. The indicator lines have crossed over the direction signal line. However, it is mostly expected that the market will remain largely bearish, although buy-traders can still put in some entries as the market shows tendencies of a slight bullish reversal.

Bitcoin Key Levels

Resistance Levels: $21117. 20, $25202.80, $31625.80
Support Levels: $18267. 50, $23311.40, $28631.00

Total Market Capitalization: $977.06B
Bitcoin Coin Market Capitalization: $386.4B
Bitcoin Volume: $49.10B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.