The Malaysian Ministry has called on regulators to adopt crypto as legal tender for the nation; BTC and ETH technical analysis
- Malaysian Government Proposes Crypto as Legal Tender
- Bitcoin/USD – Bulls Back In Control?
- Ethereum/USD – Ethereum Breakout Leads Altcoins
Malaysian Government Proposes Crypto as Legal Tender
The Malaysian Ministry of Communications and Multimedia has called regulators to adopt crypto as legal tender for the nation. At the moment, Malaysia does not recognize cryptos as a form of legal tender, however they are also not illegal. According to Datuk Zahidi Zainul Abidin, Deputy Minister of Communications, he stated millennials are active crypto users and that the ministry would look into ways to foster youth’s involvement in digital assets.
He also said “We hope the government will allow and legalize this so that we can increase the youth’s participation in cryptocurrencies.” Zahidi said Malaysia’s Finance Ministry and the Securities Commission would be responsible for regulating crypto but he did not say how his ministry would be involved in crypto. The central bank has not taken a formal stance on the issue, although it told Bloomberg in January that it is looking to introduce a central bank digital currency (CBDC).
Bitcoin/USD – Bulls Back In Control?
BTC Daily Chart
At the time of writing, Bitcoin is priced at almost $43k. Bitcoin has respected the diagonal trendline very well and has been in a slow but steady uptrend for the last few weekly candles since the low was put in during January. Resistance has been tapped at the $44k-$46k area equally as much as support has been tapped at the diagonal trendline so it is hard to say where price goes next. The safest way to trade the current price (or buy if looking from an investment standpoint) is to buy the support line for a better entry, or wait for a flip of the resistance area to enter in.
Bitcoin Bull Scenario
Bitcoin maintains above the diagonal trendline and breaks above the $44k – $46k resistance
Bitcoin Bear Scenario
Bitcoin loses the trendline and we look for $30k – $34k to act as support again
Ethereum/USD – Ethereum Breakout Leads Altcoins
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is just a little over $3k and has finally managed to break above the trendline that held price down for exactly 15 weeks. Trendlines show which direction an asset is trending in, and with the break of the trendline it signals that a new trend is taking place. This change in trend has also had a positive effect on the smaller altcoins and has given some life to most of them. I would still like to see the $3k level flipped on Ethereum, but if that level can be flipped into support, I would expect a better retracement out of the altcoins.
Ethereum Bull Scenario
Ethereum flips the $3k level into support and we aim for $3.6k
Ethereum Bear Scenario
Ethereum does not reclaim the $3k area and we look at $2.3k – $2.7k to act as support