Today on March 7th the White House will host a Crypto summit for the first time. This summit is expected to host
many prominent figures in the space, here are some of the main ones:
Michael Saylor Founder of Strategy.
● David Bailey CEO of Bitcoin Magazine.
● Matt Huang Co-founder of Paradigm.
● Zack Witkoff Co-founder of world liberty financial
● SEC Chairman Paul Atkins
● Changpeng Zhao (CZ) Co-founder of Binance.
● Kyle Samani Managing partner at Multicoin Capital.
● Anatoly Yakovenko Co-founder of Solana.
● Charles Hoskinson Co-founder of Cardano.
● Sergey Nazarov Co-founder of Chainlink.
● Brian Armstrong CEO of Coinbase.
● Vlad Tenev CEO of Robinhood.
● Arjun Sethi CEO of Kraken.
● Kris Marszalek CEO of Crypto(.)com.
● Brad Garlinghouse CEO of Ripple.
Trump is expected to sign executive orders at 3PM EST during the summit but what these orders are is not confirmed as of yet. I would speculate the "Strategic Reserve" including BTC,ETH,SOL,XRP & ADA would be an EO in some capacity as all of the founders/CEOs of those projects are in attendance. Perhaps regulatory framework, a tariff based system to reward US based crypto projects? In truth the specifics are unpredictable.
What we do know is that each of the major announcements have been sell the news events, as the saying goes "Buy the rumor, sell the news" and that has been true so far. Will this be a repeat? This summit so far has not had a rally going into this event, the charts show that BTC and the broader market have pulled back and retested last years chop range high after a liquidity sweep of previous ATH. Altcoins fairing worse than Bitcoin but structurally very similar. I do think the bearish structure of the HTF chart has many worried, sentiment is very low and many see the sell off continue. Either this is a genius way to acquire cheaper coins for the upcoming reserve or many will be caught offside or sidelined.
For now I am not taking sides, there is no clear read on this event for me but I can guarantee huge volatility on the low time frames, whether this leads to a meaningful move on the high time frames is yet to be seen.
many prominent figures in the space, here are some of the main ones:
Michael Saylor Founder of Strategy.
● David Bailey CEO of Bitcoin Magazine.
● Matt Huang Co-founder of Paradigm.
● Zack Witkoff Co-founder of world liberty financial
● SEC Chairman Paul Atkins
● Changpeng Zhao (CZ) Co-founder of Binance.
● Kyle Samani Managing partner at Multicoin Capital.
● Anatoly Yakovenko Co-founder of Solana.
● Charles Hoskinson Co-founder of Cardano.
● Sergey Nazarov Co-founder of Chainlink.
● Brian Armstrong CEO of Coinbase.
● Vlad Tenev CEO of Robinhood.
● Arjun Sethi CEO of Kraken.
● Kris Marszalek CEO of Crypto(.)com.
● Brad Garlinghouse CEO of Ripple.
Trump is expected to sign executive orders at 3PM EST during the summit but what these orders are is not confirmed as of yet. I would speculate the "Strategic Reserve" including BTC,ETH,SOL,XRP & ADA would be an EO in some capacity as all of the founders/CEOs of those projects are in attendance. Perhaps regulatory framework, a tariff based system to reward US based crypto projects? In truth the specifics are unpredictable.
What we do know is that each of the major announcements have been sell the news events, as the saying goes "Buy the rumor, sell the news" and that has been true so far. Will this be a repeat? This summit so far has not had a rally going into this event, the charts show that BTC and the broader market have pulled back and retested last years chop range high after a liquidity sweep of previous ATH. Altcoins fairing worse than Bitcoin but structurally very similar. I do think the bearish structure of the HTF chart has many worried, sentiment is very low and many see the sell off continue. Either this is a genius way to acquire cheaper coins for the upcoming reserve or many will be caught offside or sidelined.
For now I am not taking sides, there is no clear read on this event for me but I can guarantee huge volatility on the low time frames, whether this leads to a meaningful move on the high time frames is yet to be seen.
Note
As the wicks get backfilled we're starting to see a bounce out of the breakout retest area. The bulls need this short term momentum to turn into high time frame momentum as posting any significant lower high would be a huge red flag. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.