From early January till now when bitcoin saw its all time high price at $19700, there has been so much FUDs(Fear Uncertainty and Doubts) from different governments of the world. It started with Korean FUD of wanting to ban all cryptocurrencies trading exchanges in their country. This FUD drove the price of bitcoin to $9500 from $19500. Then price rallied up again to $17500. From that price came other FUDs from India , Bitfinex, facebook(banning cryptocurrency ads) and many more others
Just few days ago, my country Nigeria, in the upper chamber house also added to the FUD. Some of the senators have set up some committees to begin probing bitcoin trading activities in the country. I am not against the government regulating the activities of cryptocurrencies trading in any country. What I am against is them trying to centralise bitcoin and alternative coins trading which are very decentralized because of the decentralization of the blockchain technology. Every government will always want to benefit from any legitimate economic activity of her citizenry through taxation to generate revenue. There are other ways this could be done withthe blockchain technology too without centralization.
Well, this is not the first time Bitcoin has been through government criticism and FUD. As a trader with experience in both Fundamental and technically analysis, I want to let you know that this is not the end of bitcoin. The fall can't go on forever. Bitcoin has been in bear market for quite some time now and the bears will soon fizzle out.
Looking at the technical analysis above, bitcoin is most likely to find support at the the pink horizontal line($7000) if price closes below the black horizontal line ($8500). If the bears are also able to push further bitcoin may go lower in price to $6000(key support level) where the red arrow is pointing to.
I really don't see price of bitcoin falling too much below the pink horizontal line. So we should expect the next bull run of bitcoin to start at $7000 certaris paribus. #Team Cryptokarta #
Just few days ago, my country Nigeria, in the upper chamber house also added to the FUD. Some of the senators have set up some committees to begin probing bitcoin trading activities in the country. I am not against the government regulating the activities of cryptocurrencies trading in any country. What I am against is them trying to centralise bitcoin and alternative coins trading which are very decentralized because of the decentralization of the blockchain technology. Every government will always want to benefit from any legitimate economic activity of her citizenry through taxation to generate revenue. There are other ways this could be done withthe blockchain technology too without centralization.
Well, this is not the first time Bitcoin has been through government criticism and FUD. As a trader with experience in both Fundamental and technically analysis, I want to let you know that this is not the end of bitcoin. The fall can't go on forever. Bitcoin has been in bear market for quite some time now and the bears will soon fizzle out.
Looking at the technical analysis above, bitcoin is most likely to find support at the the pink horizontal line($7000) if price closes below the black horizontal line ($8500). If the bears are also able to push further bitcoin may go lower in price to $6000(key support level) where the red arrow is pointing to.
I really don't see price of bitcoin falling too much below the pink horizontal line. So we should expect the next bull run of bitcoin to start at $7000 certaris paribus. #Team Cryptokarta #