Follow-through & Trend-Following #BTCUSD after China Crackdown

#BTCUSD full price recovery have been made with current prices well above previous high @1220.00 The 'BASIN / CUP' formation has been defined with prices trading well closest to the guiding range.

As of March 01, 2017 Asian Session

Meanwhile the corrective move below its previous high serves as the pause with the directional trend remains. On the tech angle, expect the 'Handle' to be made at the full completion of the formation. Pullbacks from highs are expected as prices will drift gradually lower to form such handle before resumption of its higher prices moving forward. Technical trading surpasses China intervention on Bitcoin exchanges.

Reference Info: China Hammers BITCOIN Exchanges

Insight: US DXY EUR GBP

Global equities have fallen with the DOW Jones ( the US Mt. Olympus of equity trading..so to speak) dragging the rest of the pack lower with the spillover effects have gone towards Asia with the Nikkei below the 14000 levels.

Continued risk aversion and investors market shift to unload have gained momentum. Even with some commodity currencies like the Aussie Dollar vs. the Japanese Yen and Candian Loonie have felt the volatility in the market place. The best performing currency pairs were still converging with the Euro and Cable pairs gaining from the decline of the US dollar (Index: DXY) running below the 79.50 basis point contrary to the jobless claims report that have slightly provided some positive support for the USD. However, the negative impact of this decline have continued to weigh oni investors minds with the continued uncertainty of the US sanctions to be imposed on Russia. these are the two main hightlights that would be addressed by traders as to which on these fundamentals would weigh more on the market.

Insight: US DXY EUR GBP