Bitcoin Double Bottom at $6,000 a possibility before a Bull Run
What a day, let's summarize the events for
BTCUSD
SEC released a statement regarding potentially unlawful online digital currency trading platforms more on ICO exchanges, smaller, second tier making a market or trading the non-foundational assets ICOs
Bittrex uses a robust digital token review process to ensure the tokens listed on the exchange are compliant with U.S. law and are not considered securities online trading platforms, digital wallet services registration requirements under the federal securities laws. The SEC is doing their job, more regulationss, more credibility, which is good for us and it gets out bad actors and more money for our solid picks
FinCEN
The FinCEN (Financial Crimes Enforcement Network) published a letter on Tuesday that indicates it will apply its regulations to ICOs (Initial Coin Offerings).
Again, more regulations, getting bad actors out
Binance Hacked
Binance reported issues with users’ funds. Binance wasn’t hacked, but some users were — most likely through integrations with third-party apps for trading bots and a phishing scam.
This caused a lot of needless panic. We believe that things will be fine.
Good reminder to store hardware wallets like the Ledger Nano S.
BTCUSD
could bounce off the 200 day moving average as well as the confluence of the 50% Fibonacci retracement level.
If this line does not hold, then it is most likely going to form a double bottom or a larger patterned inverse head and shoulders.
It has broken multiple critical supports today with all of the news stories. It is expected that if Bitcoin makes this move, alts will follow.
I am on the sidelines in cash and holding a few small positions in strong fundamental coins.
I hope this helps and good luck to all of you.
BTCUSD
SEC released a statement regarding potentially unlawful online digital currency trading platforms more on ICO exchanges, smaller, second tier making a market or trading the non-foundational assets ICOs
Bittrex uses a robust digital token review process to ensure the tokens listed on the exchange are compliant with U.S. law and are not considered securities online trading platforms, digital wallet services registration requirements under the federal securities laws. The SEC is doing their job, more regulationss, more credibility, which is good for us and it gets out bad actors and more money for our solid picks
FinCEN
The FinCEN (Financial Crimes Enforcement Network) published a letter on Tuesday that indicates it will apply its regulations to ICOs (Initial Coin Offerings).
Again, more regulations, getting bad actors out
Binance Hacked
Binance reported issues with users’ funds. Binance wasn’t hacked, but some users were — most likely through integrations with third-party apps for trading bots and a phishing scam.
This caused a lot of needless panic. We believe that things will be fine.
Good reminder to store hardware wallets like the Ledger Nano S.
BTCUSD
could bounce off the 200 day moving average as well as the confluence of the 50% Fibonacci retracement level. If this line does not hold, then it is most likely going to form a double bottom or a larger patterned inverse head and shoulders.
It has broken multiple critical supports today with all of the news stories. It is expected that if Bitcoin makes this move, alts will follow.
I am on the sidelines in cash and holding a few small positions in strong fundamental coins.
I hope this helps and good luck to all of you.
There is a tweezer bottoms pattern on the 4 hour. This is usually a strong reversal sign. We will have to wait and see what the daily candle and the next few closing candles look like.
As posted in a previous graph, this level is being supported by the 200 smooth moving average as well as the .5 Fibonacci level from the previous low.
Let's hope this is the trend change for the new bull run, but if it breaks, watch for that double bottom low at $6k.