BTCUSD has taken a serious hit after the recent news coming out of China. However, we will certainly recover from this. We are following a nice support line and will likely see significant bullish activity over the next 24-48 hours as bitcoin returns to a level closer to its true market value. In fact, now is a good time to go long on bitcoin, since it's very oversold now. The market tends to overreact to events, and when that happens there exists a low-risk trade opportunity, and that is to trade the security back to a level near where it was at prior to the news.
