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Hello Steemians,
More rumors regarding crypto currency regulations in South Korea have been flooding the Internet lately.
Allegedly, local crypto exchanges are supposed to start accepting new registrations on January 31 and six Korean government controlled banks are planning to collaborate with them, providing financial services to customers.
If the news turn out to be true, the entire market will be impacted. Small investors will enter with more cash, pushing up prices, especially it relates to BTC.
However, as we can clearly see from the chart above, BTC remains within the triangle yet. In order to overcome the resistance, it needs some good news. The latest buzz coming from Asia can serve the purpose. It may cause a temporary spike up to $1400 around February 1, based on what we see from the technical analysis. It doesn't look though that it will go any further.
Coins like ADA,QTUM and ETH are very popular among Asian investors and will get a lot of attention. Keep an eye on those. It also seems that SLS might be worth considering. In trading crypto we sometimes base our predictions mostly on technical analysis and less on fundamental. It sounds weird but you don’t necessarily have to know all the details about a product or service behind a token to predict growth. Instead we look at charts, trends and shapes, like the figure below:
It indicates what we call a “bullish rectangle”. The general idea behind is that at some point we observe a sharp ascending trend, which then drops a bit, but not all the way to the original level. The market somehow feels the potential and consolidates in response. Then the next spurt happens, and so on. The longer such side movement continues, the higher the price will go.
As of the time of writing this post, the chart for SLS looked this way:
There is no way to tell for how long this pattern will continue. The most important thing to consider is that the first point the price will be heading to is 0.015 BTC. That follows from the rule that the first point is usually located at the level twice of the triangle height. A safe way to act in such situations is to work around this number first. And then move up further, monitoring the development of the trend.
We wish you profitable trading!
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A formal disclaimer
Some of the posts might contain our opinion on trading strategies based on our technical and fundamental knowledge. However, please, invest at your own risk. We can’t be held responsible for any losses.