In the last few weeks, the sentiment around Bitcoin has turned around as bulls have pushed it past the $100,000 mark once again. Despite the recent drawdown, the BTC price is still bullish, with the market sentiment sitting in greed. However, a new development on the Bitcoin weekly chart could signal an end to the recent bullishness, just like it did back in 2022.

Sell Signal From 2022 Reappears

Back in 2022, large sell-offs triggered by the crash of the FTX crypto exchange brought an abrupt end to the Bitcoin bull market and plunged investors into months of despair as prices lagged. During this time, a sell signal on the Bitcoin Weekly SuperTrend went off and the result was the over 60% decline of the Bitcoin price. Since then, this sell signal has remained dormant, but now it has returned.

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Crypto and CMT-Certified analyst Tony Spilotro took to X (formerly Twitter) to share a disturbing formation on the Bitcoin chart. The analyst explained that the sell signal on the weekly supertrend which had been dormant had finally returned. This signal was triggered just below the current all-time high of $109,000 and it seems the market is playing out accordingly.

The analyst explained that while the BTCUSD pair continues to show strength, it could be a false strength. This is because the US dollar has weakened recently, which means that this could be the reason behind the strength shown by the BTC price. Additionally, Tony revealed that even the BTCEUR pair has not shown any crossover of the LMACD.

Now, given that this rare bearish signal is flashing right now, it could have some serious implications for the crypto market. The first of these would be that this is the top of the market. In such a case, investors could be looking at another drawn-out bear market.

When it comes to how low the price could go, going by the 2022 performance, a 60% crash would bring the Bitcoin price back below $50,000. If this happens, it would ravage the already struggling altcoin market, as well as pushing BTC below the cost price of Strategy’s 500,000 BTC stash, which opens another can of worms on its own.

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Bitcoin Needs To Maintain Range Breakout

In another post, Tony explained what needs to happen for the current uptrend to be sustained. He pointed out that range breakouts are only completed in a strong, large weekly candle. In addition, the breakout then needs to close out above the upper Bollinger Band for confirmation.

Presently, the BTC price is yet to close out above the upper Bollinger Band, which is sitting at $108,507. However, with two weeks still left to go in the month of May, bulls still have time to complete it before the month closes out. Otherwise, the current breakout could fail, and a reversal could push BTC further down. “Bulls want to see this within two weeks, leading to a strong May close,” Tony Spilotro said.

Featured image from Dall.E, chart from TradingView.com

• DXY peaked at +20% in early October 2022
• BTC/USD bottomed at -75% in late 2023
• Lead-lag analysis suggests BTC/USD might see another +4% to close the gap

For years, cryptocurrency investors have had one big wish – Bitcoin, and other cryptocurrencies, to gain institutional adoption. In time, adoption came, but it changed the game’s rules for Bitcoin and other cryptocurrencies. 

The more institutional investment into cryptocurrencies, the more the leading cryptocurrencies became correlated with the overall financial markets. Also, they started to react to economic data just as, say, the US dollar did, or the US stock market.

In other words, risk sentiment, on or off, dominates classic financial markets but also the cryptocurrency market. This is where we are today – so what happens next for cryptocurrencies? Where should Bitcoin go? 

If the game’s rules have changed, one should look at different ways to evaluate the cryptocurrency market. One way is to interpret the Dollar index’s movement over the past year and compare it with BTC/USD. If the dollar was responsible for the late Bitcoin movements, should the dollar answer where Bitcoin goes next? 

Lead-lag analysis suggests Bitcoin may rally some more

The US dollar rallied last year on the back of the Federal Reserve embarking on a tightening cycle. The interest rate on the main reserve currency has reached 4.5%, and still, investors are looking for at least another hike. 

Therefore, the dollar’s rally in 2022 should not have surprised anyone. It was a general move higher, with the greenback gaining against all its peers. 

Bitcoin could not have acted differently. Despite the general belief that Bitcoin should offer protection against inflation, it failed to do so, just like gold did. 

So the dollar’s strength meant Bitcoin’s weakness. As such, it means that the dollar leads, so a close look at the dollar index (DXY) might help. 

BTCUSD chart by TradingView

Focus on the chart above. It shows the DXY and the BTC/USD since the start of 2022. 

While the DXY peaked at about +20%, Bitcoin fell by about -75%. The interesting part is that Bitcoin kept falling after the dollar peaked. 

Therefore, the recent bounce from -75% to -50% puts Bitcoin just slightly above the level where the DXY peaked. Considering the recent weakness in the DXY, we might conclude that BTC/USD has more room to the upside (about 4%-5%) to catch up with the latest developments in the DXY. 

Bitcoin traded above $68k in November 2021 in what seemed to be a massive squeeze higher. But the enthusiasm quickly faded. 

In a little more than one year, hodlers saw their patience put to the test. The leading cryptocurrency fell back to earth, trading below $20k and triggering massive liquidations in many parts of the cryptocurrency industry. 

Plenty of factors have contributed to the “crypto winter” we’ve seen lately, such as the ongoing dollar’s strength as a result of the Fed’s tightening cycle. Yet, the Fed’s policy and the dollar’s strength might support Bitcoin’s recovery in the months ahead. 

BTC/USD weakness was too extreme

The Federal Reserve, like other major central banks in the world, raised the interest rates to fight inflation. So naturally, the US dollar strengthened as the tightening cycle was one (still is) of the steepest ever. 

The dollar gained across the FX dashboard – and against cryptocurrencies too. However, a simple comparison between the DXY gains and the BTC/USD weakness shows that Bitcoin’s weakness was too extreme. 

BTCUSD chart by TradingView

The daily chart above shows both the DXY and the BTC/USD exchange rate and how the two performed in a little more than 13 months. While the DXY gained about 20%, the BTC/USD exchange rate dropped more than 75% from its 2021 highs. 

Therefore,  the current bounce might be just the start of a stronger move higher for the BTC/USD exchange rate. In other words, the exchange rate has a lot of room to catch up with the dollar index. 

Deteriorating US outlook

While the Federal Reserve will still hike at its upcoming meeting, the US outlook is deteriorating fast. At this pace, one might expect a recession in the year’s second half and, thus a reverse in the Fed’s policy. 

A deteriorating outlook for the world’s largest economy would spell trouble for the US dollar. Given the BTC/USD reaction to a strong DXY, then the exchange rate might rally even more as the dollar index corrects. 

All in all, Bitcoin looks well-positioned to take advantage of the upcoming dollar weakness. The more the DXY falls from its highs, the stronger the BTC/USD rally will be. 

Major cryptocurrencies were trading higher on Wednesday evening as the global market cap rose 2.5% to $880 billion at 7:38 p.m. EST.
Price Performance Of Major Coins


Coin
24-hour
7-day
Price




Bitcoin BTC/USD
2.9%
6.35%
$17,943.06


Ethereum ETH/USD
4%
10.5%
$1,389.02


Dogecoin DOGE/USD
1.04%
6%
$0.08



Top 24-Hour Gainers (Data via CoinMarketCap)


Cryptocurrency
24-Hour % Change (+/-)
Price




Avalanche (AVAX)
+24.88%
$15.87


NEAR Protocol (NEAR)
+10.9%
$1.82


Fantom (FTM)
+9.2%
??$0.26


See Also: Best Cryptocurrencies To Hold Until 2030Why It Matters: Bitcoin and Ethereum traded higher in tandem with stocks on Wednesday as investors awaited the U.S. Labor Department’s consumer price index (CPI) numbers, which are due Thursday morning.Economists expect CPI to come in at 6.5% in December — lower than the 7.1% number reported in November. On Wednesday, the S&P 500 and Nasdaq closed 1.3% and 1.8% higher respectively. At the time of writing the U.S. stock futures were seen trading flat. “Right now might be the calm before the inflation storm as we are not seeing major positioning ahead of this CPI report. For some traders, they feel confident that either we get a soft landing or a not too bad recession,” said Edward Moya, a senior market analyst at OANDA. “It might not be smooth sailing with across the board pricing declines with the December inflation report as core prices from a month ago might edge higher,” said Moya.The analyst noted that institutional investors remain cautious and therefore cryptocurrencies are “slightly softer.”“If risk appetite remains intact post inflation report, Bitcoin could make another run at the $18,500 level.  If core prices prove to be troubling, Bitcoin could decline back towards the December lows,” said Moya, in a note seen by Benzinga. Michaël van de Poppe said that Bitcoin has held on to the $17,300 level. “we probably continue rallying and then it depends on CPI. Most likely, given the current outlook, we correct temporarily around CPI, before we continue,” said the cryptocurrency trader. He said if CPI is beaten, tomorrow Bitcoin could touch the $18,500 mark.Separately, Van de Poppe expressed optimism for Bitcoin this year. He said “most likely” in the coming 6 months the apex coin could make a run towards the $30,000-$40,000 levels but most people “aren’t ready for it.” Santiment said Tether (USDT) is “continuing to see growth from sharks and whales who are loading up for the next [bull run].” The market intelligence platform said there are now 21,459 addresses that hold $100,000 or more of USDT, which is just 1% shy of a new all-time high. Digital Currency Group (DCG) owned Grayscale moved 21,000 BTC, worth nearly $379.07 million at the time of writing, according to CryptoQuant CEO Ki Young Ju. The funds were moved with 60% on-chain realized loss. “It’s likely just switching to new cold wallets for security reasons. Over 1k BTC flowed into the Coinbase exchange, possibly for management fees,” said Ki on Twitter.Notably, on Tuesday, Gemini Exchange founder Cameron Winklevoss called for the ouster of DCG CEO Barry Silbert calling out alleged fraud.Read Next: Nearly Half Of All Bitcoin Hasn’t Moved An Inch In 2 Years: Ark Invest Pegs This Level As Strongest Support

Bitcoin BTC/USD was spiking up more than 2% higher during Friday’s 24-hour trading session, coming close to tagging the 200-day simple moving average (SMA) in tandem with the S&P 500, which was behaving similarly.

Ethereum ETH/USD regained the 200-day SMA on Thursday and Dogecoin popped above the area on Monday.

The 200-day SMA is an important bellwether. Technical traders and investors consider a stock trading above the level on the daily chart to be in a bull cycle, whereas a stock trading under the 200-day SMA is considered to be in a bear cycle.

The 50-day SMA also plays an important role in technical analysis, especially when paired with the 200-day. When the 50-day SMA crosses below the 200-day SMA, a death cross occurs whereas when the 50-day SMA crosses above the 200-day, a bullish golden cross takes place.

While a golden cross occurred on Dogecoin’s chart on Nov. 10, the 50-day SMA remains trending under the 200-day on Bitcoin and Ethereum’s charts.

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The Bitcoin Chart: Bitcoin started trading in an uptrend on Dec. 30 and had since printed a few higher highs and higher lows on the daily chart. The most recent higher low was formed on Jan. 6 at $16,670 and the most recent confirmed higher high was printed on that same day at $17.027.

Since then, Bitcoin has surged almost 15% higher, without retracing to print a higher low. This indicated a retracement to the downside was likely on the horizon.

The crypto was also likely to trade lower or consolidate over the next few days because Bitcoin’s relative strength index (RSI) was measuring in at about 84%. When a stock’s or crypto’s RSI reaches or exceeds the 70% level, it becomes overbought, which can be a sell signal for technical traders.

The consolidation or retracement was likely to come when Bitcoin reaches the 200-day SMA on the daily chart because it’s a strong area of support and resistance.

Bitcoin has resistance above at $19,915 and $20,545 and support below at $18,835 and $17,580.

The Ethereum Chart: Ethereum back tested the 200-day SMA as support during Friday’s session and bounced up slightly from the area. If Ethereum can remain above the 200-day for a series of days, the 50-day SMA will cross above the 200-day, which would give bullish traders more confidence going forward.

Like Bitcoin, Ethereum was trading in a strong uptrend, with the most recent higher low formed on Jan. 6 at $1,234.20 and the most recent confirmed higher high created at $1,276.60 on the same day. Also, like Bitcoin, Ethereum hadn’t printed a higher low in many trading sessions, which made a retracement likely.

Ethereum has resistance above at $1,421.80 and $1,564.17 and support below at $1,308.89 and $1,231.38.

The Dogecoin Chart: Dogecoin had been trading in an uptrend since Dec. 30 and printed its most recent higher low on Thursday at $0.0.73 and its most recent higher high the day prior at $0.079. On Friday, Dogecoin was trading higher but on lower-than-average volume, which suggested a retracement might be in the cards.

Dogecoin was also working to print a doji candlestick. When a doji candlestick is created in an uptrend it can signal the temporary top is in. Dogecoin may need to consolidate under the 50-day SMA before gaining enough power to break up above the level.

Unlike Bitcoin and Ethereum, Dogecoin’s RSI wasn’t in overbought territory, which suggested the crypto had room to surge further without becoming overbought.

Dogecoin has resistance above at $0.083 and $0.091 and support below at $0.075 and $0.07.

Read Next: Dogecoin Finally Gets Twitter ‘Cashtag’ Price Index Support

Photo: KarbonatErol via Shutterstock

Major coins rallied on Thursday evening as the global cryptocurrency market cap rose 2.85% to $906.4 billion at 7:23 p.m. EST.

See Also: Best Crypto Day Trading Strategies 

Why It Matters: Bitcoin and Ethereum were higher on Thursday after the consumer price index in the United States fell 0.1% month-over-month in December. Annual inflation is now at the lowest level since October.

Risk assets like stocks were buoyant after the release of the inflation data but struggled to find direction as the labor market remains tight. The U.S. economy added 223,000 jobs in December, exceeding economist expectations of 200,000, according to data from Labor Department earlier this month.

On Thursday, the S&P 500 and Nasdaq closed 0.3% and 0.6% higher, respectively. U.S. stock futures traded flat at the time of writing. 

“Bitcoin made a run towards the $18,500 level after inflation slowed for a sixth straight month. The nearing of the end of Fed tightening gave risky assets an initial boost, but that is quickly fading away,” said Edward Moya, a senior market analyst at OANDA.

“Bitcoin was unable to break the $18,500 barrier, which suggests price might remain trapped in the trading range that has been in place over the past couple of months,” said Moya, in a note seen by Benzinga.

On-chain analysis firm Glassnode said that over the course of an hour on Thursday, over $93 million in Bitcoin short future positions were liquidated.

Michaël van de Poppe said he had closed his shorts as he didn’t see the conviction he’d like to see on Bitcoin. “Maybe sweep towards $18.5-18.7K before cooling off. No longs for me at this stage,” said the trader.

Santiment said Bitcoin is on the verge of breaking down the $19,000 resistance level for the first time since November 8. “Whales are beginning to take interest and are likely perpetuating this climb, with $1M+ [BTC] transactions rebounding to November 2022 levels.”

Read Next: Bitcoin To Outperform Altcoins Soon, Says Analyst Who Nailed 2018 Bottom Prediction

Major cryptocurrencies were trading higher on Wednesday evening as the global market cap rose 2.5% to $880 billion at 7:38 p.m. EST.

See Also: Best Cryptocurrencies To Hold Until 2030

Why It Matters: Bitcoin and Ethereum traded higher in tandem with stocks on Wednesday as investors awaited the U.S. Labor Department’s consumer price index (CPI) numbers, which are due Thursday morning.

Economists expect CPI to come in at 6.5% in December — lower than the 7.1% number reported in November. 

On Wednesday, the S&P 500 and Nasdaq closed 1.3% and 1.8% higher respectively. At the time of writing the U.S. stock futures were seen trading flat. 

“Right now might be the calm before the inflation storm as we are not seeing major positioning ahead of this CPI report. For some traders, they feel confident that either we get a soft landing or a not too bad recession,” said Edward Moya, a senior market analyst at OANDA. 

“It might not be smooth sailing with across the board pricing declines with the December inflation report as core prices from a month ago might edge higher,” said Moya.

The analyst noted that institutional investors remain cautious and therefore cryptocurrencies are “slightly softer.”

“If risk appetite remains intact post inflation report, Bitcoin could make another run at the $18,500 level.  If core prices prove to be troubling, Bitcoin could decline back towards the December lows,” said Moya, in a note seen by Benzinga. 

Michaël van de Poppe said that Bitcoin has held on to the $17,300 level. “we probably continue rallying and then it depends on CPI. Most likely, given the current outlook, we correct temporarily around CPI, before we continue,” said the cryptocurrency trader. He said if CPI is beaten, tomorrow Bitcoin could touch the $18,500 mark.

Separately, Van de Poppe expressed optimism for Bitcoin this year. He said “most likely” in the coming 6 months the apex coin could make a run towards the $30,000-$40,000 levels but most people “aren’t ready for it.” 

Santiment said Tether (USDT) is “continuing to see growth from sharks and whales who are loading up for the next [bull run].” The market intelligence platform said there are now 21,459 addresses that hold $100,000 or more of USDT, which is just 1% shy of a new all-time high. 

Digital Currency Group (DCG) owned Grayscale moved 21,000 BTC, worth nearly $379.07 million at the time of writing, according to CryptoQuant CEO Ki Young Ju. The funds were moved with 60% on-chain realized loss.

“It’s likely just switching to new cold wallets for security reasons. Over 1k BTC flowed into the Coinbase exchange, possibly for management fees,” said Ki on Twitter.

Notably, on Tuesday, Gemini Exchange founder Cameron Winklevoss called for the ouster of DCG CEO Barry Silbert calling out alleged fraud.

Read Next: Nearly Half Of All Bitcoin Hasn’t Moved An Inch In 2 Years: Ark Invest Pegs This Level As Strongest Support

Bitcoin and other major cryptocurrencies were trading higher on Tuesday evening as the global cryptocurrency market cap rose nearly 1% to $857.5 billion at 7:33 p.m. EST.

See Also: Best Crypto Wallets Of 2023

Why It Matters: Major coins traded up as risk assets saw buoyancy on Tuesday. The tech-heavy Nasdaq rose for a third straight day. The index closed 1% higher, while the S&P 500 ended 0.7% up. U.S. stock futures were marginally higher at the time of writing.

On Tuesday, U.S. Federal Reserve Chair Jerome Powell did not specifically address policy outlook in a speech he made in Sweden. Investors will be on the lookout for the policy meeting of the central bank due between Jan. 31 – Feb. 1. 

In the near term, the market is awaiting consumer price index data, scheduled for release on Thursday. 

“Fed Chair Powell’s speech at the symposium on central bank independence did not give an update on the economy or monetary policy,” said Edward Moya, a senior market analyst at OANDA.

“Bitcoin and Ethereum got a boost after the dollar softened after a key appearance by Fed Chair Powell did not contain another round of hawkish Fed speak,” said the analyst, in a note seen by Benzinga.

Michaël van de Poppe said for Bitcoin to continue rallying, the dollar index shouldn’t reclaim the 103.50 level. “If it does, probably risk-on sells [off] again,” said the trader. At the time of writing, the dollar index — a measure of the greenback’s strength — traded at 103.29.

Separately, Van de Poppe said that Bitcoin has run into resistance and said he doubts it will break out in one go. Bitcoin “needs clear conviction in the coming 24 hours otherwise bearish divergence possible,” said the trader.

He said it needs to stay above $17,350 in order to continue rallying.

Tuesday saw high drama as Gemini exchange co-founder Cameron Winklevoss sent an open letter to the board of the Barry Silbert-led Digital Currency Group, calling for the ouster of Silbert as CEO as he’s “proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable.”

A DCG spokesperson responded by calling allegations made by Winklevoss “malicious, false and defamatory,” reported Reuters.

Silbert has refuted Winklevoss’ allegations that his company owes hundreds of millions to the cryptocurrency exchange. 

Meanwhile, Gemini suspended its Earn program which gave investors the opportunity to earn yield by lending digital assets to Genesis Capital through DCG, reported CoinDesk.

Read Next: Is Crypto The Smartest ‘Ponzi’ Or Stupidest ‘Bubble’ Ever? Financial Historian Weighs In

OpenAI‘s ChatGPT is revolutionizing the way people engage on social media with its unique ability to answer almost any question posed to it. 

Benzinga decided to put the chatbot to the test with questions on cryptocurrency. It should be noted that ChatGPT emphasized investor safety and education as every answer was accompanied by a disclaimer alerting users to the highly volatile nature of the asset. 

Here’s how it handled the queries:

Question: Which cryptocurrency should I invest in?

ChatGPT: It is not appropriate for me to provide personalized investment advice. It is important to thoroughly research and carefully consider any investment decision. It is also a good idea to consult with a financial adviser or professional before making any investment decisions. In addition, it is worth noting that investing in cryptocurrency carries a high level of risk and may not be suitable for all investors.

Question: Which crypto should I invest in, Bitcoin BTC/USD  or Ethereum ETH/USD?

ChatGPT: Bitcoin and Ethereum are two of the most popular and widely recognized cryptocurrencies, and they have both seen significant price fluctuations and price growth over the past several years. Ultimately, the decision to invest in Bitcoin or Ethereum, or in any other cryptocurrency, should be based on your own research and risk tolerance.

See More: Best Crypto Day Trading Strategies

Question: Is Dogecoin DOGE/USD a safe investment?

ChatGPT: Dogecoin, like other cryptocurrencies, has seen significant price fluctuations and has a high level of price volatility. This means that the value of Dogecoin can fluctuate significantly over short periods of time, and investing in it carries a high level of risk. It is important to carefully consider your own risk tolerance and investment goals before deciding to invest in Dogecoin or any other cryptocurrency. It is not appropriate for me to provide personalized investment advice. It is important to thoroughly research and carefully consider any investment decision. It is also a good idea to consult with a financial adviser or professional before making any investment decisions.

Question: Rate cryptocurrencies based on their level of risk

ChatGPT: It is difficult to accurately rate cryptocurrencies based on their level of risk, as the risk associated with any particular cryptocurrency can change over time. The level of risk associated with a cryptocurrency may depend on a variety of factors, including its market capitalization, level of adoption, regulatory environment, and the security of its network. Additionally, the risk of investing in cryptocurrency may be influenced by your own risk tolerance and investment goals.

Question: What are the top 10 cryptos according to you?

It is not appropriate for me to provide a ranking of cryptocurrencies or to recommend specific investments. The value and ranking of cryptocurrencies can change rapidly and is highly volatile, and it is important to thoroughly research and carefully consider any investment decision. It is also a good idea to consult with a financial adviser or professional before making any investment decisions.

Price Action: BTC was trading at $17,211, up 1.53%. ETH at $1,310, up 3.66% in the last 24 hours, according to Benzinga Pro Data.

Read Next: Bitcoin Pushes Past $17K, Ethereum, Dogecoin Extend Gains: Analyst Predicts Crypto Rally This Week But Don’t Get Carried Away

• Bloomberg report projects bullish Bitcoin in 2023

• Analysts bank on recession dynamics and central banks’ actions as bull triggers

• BTC trades on a short-term recovery, with $19,000 in sight

Investors may hold their breath, hoping that 2023 will turn out to be a good year for crypto and stocks alike. But even with these hoped-for expectations, market analysts have warned that 2023 could be the year of a global recession. With the economic depression, notable recoveries may be hard to come by. But Blomberg analysts think a recession would be a bullish trigger for Bitcoin price (BTC/USD). How?

In its cryptocurrency outlook, analysts say Bitcoin will come out ahead in a potential economic shutdown in 2023. Even so, the prediction is not outright. According to the report, Bitcoin could slide to $12,000 or even $10,000. From there, it will stage a strong comeback.

Additionally, the Bloomberg report highlights policy easing in 2023 as a key bullish trigger for Bitcoin and cryptocurrencies. The analysts say central banks could be forced to ease policy on the back of deflationary outcomes. If this happens, the use case of Bitcoin as a digital version of gold will strengthen. The analysts point out that Bitcoin will start performing like the US long-dated treasury bonds and metal. The scenario will be bullish for the digital asset.

Bitcoin price movement as moving averages join the support

BTC/USD Chart by TradingView

Technically, BTC is mildly bullish and trades along a short-term ascending trendline. The price has, for the first time since November, moved above the 50-day moving average. A potential 20-day MA crossover of the 50-day MA could heighten the recoveries. The RSI reading has safely surpassed the midpoint reading of 50, indicating that buyers are in control.

What is the likely target for BTC?

With the upside, Bitcoin now trades below an overhead and crucial resistance at $19,000. Should the current upside continue, the level is the target zone for buyers. Accelerated recoveries will depend on the prevailing crypto sentiment.

Where to buy BTC

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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