Given the current situation where the SEC has deemed crypto exchanges "exchanges" exchanges. I don't see this as a bad development. That won't prevent the current sell-off where patrons are worried about taxation and other issues. This is a good picking up point for Bitcoin and I see I puncturing the 14K point reAL soon. Outlook is old for LONG.
How can you say that after seeing this Double Top form? This is a direct sign that the price is going straight back down to 6k. Your analysis isn't making much sense to me. The SEC is supposed to protect investors, not scare them into thinking they're going to take all our money away. Any news they give us is good news. They are always working in the investors best interest. Since they released good news and not FUD, this should have bolstered the market. Instead, the market is continuing its crash pattern despite good news.
In addition to the good SEC news, we also just learned that this Mt Gox guy is selling BTC and refunding the accounts of people who were effected. People are getting a sudden influx of unexpected money and the market is _still crashing_.
baronbloe
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@VanBenno, thanks for your constructive comment ( I love those), and I understand your point of view. Analyzing the markets is new to me and appreciate the feedback. Although the crypto markets DO respond to external events like stocks or currencies, it is not written in stone. In the price region you mention 6k is considered mandatory “buy” territory relative to when it shot up months ago.
The SEC contacting exchanges should be viewed as a positive step. But it is seen as going against anonymity for some. BTC price wise, it already hit the 7k region. So I see that as unlikely to happen in the short term. Add to that the number of customers they will be on-boarding and eventually offering co-branded products. Due note that there are holders of a large amount of BTC. Their movement also dictates the market.
In addition to the good SEC news, we also just learned that this Mt Gox guy is selling BTC and refunding the accounts of people who were effected. People are getting a sudden influx of unexpected money and the market is _still crashing_.