FX.co ★ Trading Signal for Bitcoin BTC/USD, for April 16, 2021: Sell below 62,250

The Bitcoin in the morning of the American Session in 4-hour charts we see a bearish movement of the leading cryptocurrency, it is located below the SMA of 21, and could find support at the EMA of 200.

Apparently some countries are against cryptocurrencies such as Turkey, which will prohibit cryptocurrency holders from using their digital assets for payments.

According to a Friday announcement from the Central Bank of the Republic of Turkey, the ban will go into effect on April 30, making any crypto payment solutions and partnerships illegal.

The bank stated that any direct or indirect use of crypto assets in payment services and electronic money issuance will be prohibited.

This could play against BTC, although we believe that it will not affect the global Cryptocurrency market, but it could be the beginning of other countries adopting this same regulation.

On the technical level, we note that the BTC / USD, is making a correction after having made a new maximum in the 64,000 zone, the immediate support is located in the area of 57,587.

Our recommendation is to sell below 62,200, given that the SMA of 21 is located there, and while the BTC trades below that level, the correction is expected to continue until it finds support at the EMA of 200 (57,587).