Technical perspective
======================
Let's quickly review our Wave count on a Bitcoin Weekly Chart.
Firstly, we note in Wave 3 we previously had successive weekly green bars. so this is the first red bar for several weeks. Unsurprising there's a red bar
- so let's not get panicky and say there is a Crash.
Secondly, this red bar is significant - taking out the red bar low will indicate further downside.
Taking out the high indicates we are resuming the Wave 3 upside.
Note: Do not take Wave 3, 4 and 5 as forecast price point, they are not - they are simply just a Road Map.
This is a higher level view and I will update you as we progress.
Fundamental perspective
======================
Earlier, The People’s Bank of China issued a statement that all new tokens or coins that are beginning their fund-raising activities (Initial Coin Offerings, or ICO’s) are to halt.
In short, some ICO’s generate capital by receiving Bitcoin from investors in exchange for the new coin on offer. At the moment, most companies that were fundraising in China are unable to continue issuing coins – so they have begun to sell the Bitcoins given by clients, flooding the market and driving the sharp decline in Bitcoin value.
Note China investors can still invest in Bitcoin ICOs they will just have to do through overseas sources, not in China.
Source: Financial Times www.ft.com/content/3...e7-a9e6-11d2f0ebb7f0 (my interpretation)
Sean Vengan
Professional Cryptocurrency Trader and Trading Educator
======================
Let's quickly review our Wave count on a Bitcoin Weekly Chart.
Firstly, we note in Wave 3 we previously had successive weekly green bars. so this is the first red bar for several weeks. Unsurprising there's a red bar
- so let's not get panicky and say there is a Crash.
Secondly, this red bar is significant - taking out the red bar low will indicate further downside.
Taking out the high indicates we are resuming the Wave 3 upside.
Note: Do not take Wave 3, 4 and 5 as forecast price point, they are not - they are simply just a Road Map.
This is a higher level view and I will update you as we progress.
Fundamental perspective
======================
Earlier, The People’s Bank of China issued a statement that all new tokens or coins that are beginning their fund-raising activities (Initial Coin Offerings, or ICO’s) are to halt.
In short, some ICO’s generate capital by receiving Bitcoin from investors in exchange for the new coin on offer. At the moment, most companies that were fundraising in China are unable to continue issuing coins – so they have begun to sell the Bitcoins given by clients, flooding the market and driving the sharp decline in Bitcoin value.
Note China investors can still invest in Bitcoin ICOs they will just have to do through overseas sources, not in China.
Source: Financial Times www.ft.com/content/3...e7-a9e6-11d2f0ebb7f0 (my interpretation)
Sean Vengan
Professional Cryptocurrency Trader and Trading Educator