Bitcoin Starts a Correction to 3000 USD

3 thg 9, 2017

BTCUSD started dropping yesterday. Using Elliot Wave + Channel, the price target is $3010.

I am bullish on BTCUSD long term. This drop could be a great opportunity to get onboard crypto, if you are not in already.

HAPPY TRADING !!!

4 thg 9, 2017

Ghi chú

The immediate cause is Chinese government's ban on ICO's. It is not clear whether they will issue a more thorough ban on crytocurrency trading on Chinese platforms.

However, I do know that some big players in China are anxiously probing information from government insiders.

news.8btc.com/caixin-reports-that-icos-are-suspected-of-illegal-fundraising-and-the-pboc-bans-all-ico-tokens-services

Try to get a Chinese news source in events like this

8 thg 9, 2017

Ghi chú

Latest news just came out from China that they are BANNING ALL Crypto/CNY exchanges.

Meaning there won't be any easy way for Chinese to convert RMB into BTC/ETH. They have to rely on OTC / off-exchange methods, which is prohibitively risky (imagine you have to trust strangers to exchange big sum of money).

This is not some short-time move. The impact is long-term. I am still looking at a $3000 target for BTC.

13 thg 9, 2017

Ghi chú

After the initial plunge and pullback last week, now BTC finally drops below $4000.

Do not attempt to "buy the bottom". It's gonna get more bearish.

15 thg 9, 2017

Ghi chú

$3000 was reached. What a week !

17 thg 9, 2017

Ghi chú

Although $3000 was reached in the past a few days, I don't think we are in a new bull market just right now. The rebound 3000~3700 was too sharp too soon.
I find 45 min to be the best horizon to look at BTCUSD. Now we are below it, so bears still take control.