Best Crypto to Buy Today 4 January – FGHT, SOL, D2T, ATOM, CCHG
The big news of the day today potentially impacting crypto prices in the near term is that US regulatory agencies issued their first ever warning to banks about cryptocurrencies, releasing a joint statement on the risks that cryptocurrencies pose to financial institutions.
"The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," reads the statement from the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
The statement mentions risks such as fraud, volatility, contagion, and problems related to consumer protection, noting that these risks must be managed or controlled to prevent them from impacting the financial system as a whole.
While they indicated that banks are not forbidden from offering services to any particular group of customers, the agencies cautioned that issuing or holding crypto assets is probably not in line with safe banking practices.
Despite the news, entering the new year, Bitcoin is off to a steady start and is up by 1.13% for the day and 1.42% for the week, trading at $16,844 as of writing. Bitcoin's price is once again retesting the range high of $16,900 in confluence with its FIB 0.5 level resistance.
Checking the leading indicators RSI and MACD, we can observe that MACD has a recently formed bullish crossover caused by four consecutive days of green candle closes. While RSI is looking to break the significant level of RSI 50, trading above the crucial level as of writing, it's critical for BTC to close above this level to indicate a change of trend for the leading cryptocurrency.
If successful, the next potential resistance is the FIB 0.382 area at
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