Hello crypto traders. Bad news came one after another. After Sichuan government in China cracked down crypto mining business. Payment channels, such as banks or third-party firms(Alipay) has been summoned by the central bank. They are requested to investigate suspicious transactions related to crypto trading.
Technically, Bitcoin has retreated to previous low level which I mentioned in my last published idea. I would pay close attention as some buyers may jump in.
However, the uncertainties are still high and more bad news may come from China in the next few days. The below strong support level is around 20000, which is 30%+ lower than the current price.
I mentioned four influencers before as below:
1. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down.
2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production.
3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.
4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.
Obviously, the confirmed supporters are US financial institutions. I am wondering if there are any 'big names' jumping out, expressing willingness to hold bitcoin. Then, the price is likely to bounce back. Elon Musk made the price up and sometimes down. I doubt the mining couldn't reach his 'clean' standard soon.
In the end, it's been a really wild week. So, please be careful and trade safe with your hard earned money.
Technically, Bitcoin has retreated to previous low level which I mentioned in my last published idea. I would pay close attention as some buyers may jump in.
However, the uncertainties are still high and more bad news may come from China in the next few days. The below strong support level is around 20000, which is 30%+ lower than the current price.
I mentioned four influencers before as below:
1. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down.
2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production.
3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.
4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.
Obviously, the confirmed supporters are US financial institutions. I am wondering if there are any 'big names' jumping out, expressing willingness to hold bitcoin. Then, the price is likely to bounce back. Elon Musk made the price up and sometimes down. I doubt the mining couldn't reach his 'clean' standard soon.
In the end, it's been a really wild week. So, please be careful and trade safe with your hard earned money.
הערה:
Interestingly, I didn't find any news regarding the big financial institutions. Obviously, from the 5 mins chart, some buyers jumped in to push up the price.
הערה:
As I have mentioned in my post, big institutions finally showed up. I got this on the internet titled 'Visa, Paypal Invest in Crypto-Focused Blockchain Capital's New $300 Million Fund'. No wonder it's bottoming up from the bottom of the sideway zone.
plan your trade and trade your plan
