Expected trading for weekend is between 10700.00 support
and 12800.00 resistance
What Behind The Drop ?
Three main factors:
China floating ban on centralised crypto trading. Not too scared of this one, as long term we will be fine without China, if that is the stupid way they choose.
South Korea news floating around again. Nothing really new. I am sure that SK will regulate crypto, NOT ban it. If they enact regulations in line with what they have announced, I am positive on it. As SK ban would be very bad for crypto, but I do not think it will happen.
People who are new to crypto and bought in at all time highs in December are panicking, causing massive price drops. As they made the decision to buy in at all time highs, and now they decide to sell at the dip.
If you look at history!
You will see that Bitcoin has corrected
every year between 4th and 18 th of January.
History tends to repeat itself!
Have a look below:
Bitcoin in 2015
Low: $150 on January 14, 2015
Year close: $431
Bitcoin in 2016
Low: $360 on January 16, 2016
Year close: $966
Bitcoin in 2017
Low: $750 on January 12, 2017
Year close: $13880
Bitcoin in 2018
Low: $9370 on January 17, 2018
Year close: Let us wait and see!
So What Next!
The price in the fear zone but bullish momentum still valid
if the price hold above 10700.00 level
Bitcoin price now is around 12100.00 / in the fear zone /.
Holding above 10700.00 keep the bullish wave valid towards 12800.00 level.
Breaching 12800.00 level and hold above it, might push the price towards 14400.00 level
Note, Breaking 10700.00 level and hold below it, will cancel the bullish wave and will push the price to resume the decline in the crash zone.
Expected trading for weekend:
is between 10700.00 support and 12800.00 resistance.
Expected trend for weekend:
Bullish / Until clear break below 10700.00.
YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
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