Bitcoin has had a ruff 24 hours. Japan is threatening heavy regulation on the worlds biggest cryptocurrency exchange, Binance. The Japanese government says Binance has been operating in their country without a proper license. I say, REALLY?
Binance has been operating its exchange for nearly 8 months now. You've got to ask, why is Japan all of the sudden cracking down? From an outsiders perspective, it looks like Japan is jealous of Binance's success. It's now flexing its muscles in order to get a piece of the billion dollar company. Binance seems to be answering Japan's ransom demand by moving their offices out of Japan and other less friendly countries. Binance announced today it would be closing offices in Japan, Hong Kong and China. It's moving to areas of Europe that are "more friendly to crypto". Its first stop may be Malta.
Read more about Binance's latest move here:
https://thenextweb.com/hardfork/2018/03/23/binance-europe-japan-hong-kong-china/
In other Bitcoin News...
Some are speculating part of the reason Bitcoin's price has dropped over the last few days was finding child pornography hidden within the blockchain. Obviously this is morally disgusting. Anyone responsible should be brought to justice. That said...it's not that simple. Many believe this may cause legal trouble for innocent Bitcoin miners. Those miners who run full nodes technically would be in possession of child porn and therefore committing an illegal act.
Read more about this here:
https://cointelegraph.com/news/child-abuse-content-on-bitcoin-blockchain-can-node-operators-be-prosecuted
Looking at some quick technical analysis, we see bitcoin has completed a WXY pattern. This pattern follows the failure of an impulse wave up (labeled as "X"), and connects 2 ABC corrective patterns together. The logical next move would be another attempt at an impulse wave up...which we see in progress. Bitcoin will need to break the strong resistance zone of $8,750 if the 12345 pattern is to succeed. If it gets rejected at that resistance point, we'll most likely retest the support zone charted.
We see bullish divergence on the RSI and a bullish looking MACD. I would wait for wave 1 and 2 to complete. Once wave 3 begins, entering a long position would be logical. That's my plan. Clearly I can't tell you what to do. Everyone must make their own decisions.
Short Term Bias: Neutral to Bullish
Long Term Bias: Very Bullish
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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.