Wow, what a reaction to the China news. It's as if bitcoin is over. Shanghai SEZ releases a notice demanding BTCC close and now okc and huobi are rumoured to close too.
Whatever fud is next, whichever doom candle is next - that is the last.
Why? First of all, the TA supports it. We are on the C leg for a correction from 5k after wave V completed of larger wave (III) Of this C wave: wave 1 was the initial drop which was pretty severe, wave 3 seemed absolutely hopeless, we just had what looked like a bottom, a very choppy wave 4 (possibly) and are now going to possibly begin wave 5, in which the bear sentiment gives it all its got to make a new low, which I believe will end somewhere between 2.8-3.1k (I think 3,150 is a very good target based on classical charting.)
Fundamental analysis:
China has probably closed its doors to 80%+ of the Chinese population. Only the "smart kids" will be able to buy bitcoin now. People think this is the end, miners will close, blah blah blah.
But the forget some important things:
(1) Bitcoin itself is not illegal in China
(2) Chinese interests with more than 1m$ worth of Bitcoin could easily open up a bank account in any juristiction where bitcoin is legal and regulated
(3) The massive dumps in China have retraced about 100% to the previous breakdown each time, within a matter of hours.
(4) Larger chinese interests have big reasons to buy up all this cheap coin and then withdraw it in the juristiction of their choice.
You should be thankful Bitcoin itself is still okay in China, as now Chinese interests with more than 200 BTC will be able to keep the China game alive.
I don't think the game in China is dead at all, Pboc have made their own blockchain, there is still exciting research being done - they will find a way around it, and just stick to OTC. Besides, I'm sure legislation will come soon allowing some kind of access to BTC through an exchange with proper licensing.
Technical analysis:
We just finished V of (III.) I expect on this C leg of the correction, we are about to see wave 5 after some little china fud, and then game over for bears. We should at least retrace 50% of this leg down from 5k - up to around 3.9-4k. This is when the market decides if we are in a bear market or a bull market. If we continue the bull market, we should be making our wave up beyond 5k towards 10k. If not, then I guess the bears will get their 2k. But it's going to be a long wait.
The end.
Whatever fud is next, whichever doom candle is next - that is the last.
Why? First of all, the TA supports it. We are on the C leg for a correction from 5k after wave V completed of larger wave (III) Of this C wave: wave 1 was the initial drop which was pretty severe, wave 3 seemed absolutely hopeless, we just had what looked like a bottom, a very choppy wave 4 (possibly) and are now going to possibly begin wave 5, in which the bear sentiment gives it all its got to make a new low, which I believe will end somewhere between 2.8-3.1k (I think 3,150 is a very good target based on classical charting.)
Fundamental analysis:
China has probably closed its doors to 80%+ of the Chinese population. Only the "smart kids" will be able to buy bitcoin now. People think this is the end, miners will close, blah blah blah.
But the forget some important things:
(1) Bitcoin itself is not illegal in China
(2) Chinese interests with more than 1m$ worth of Bitcoin could easily open up a bank account in any juristiction where bitcoin is legal and regulated
(3) The massive dumps in China have retraced about 100% to the previous breakdown each time, within a matter of hours.
(4) Larger chinese interests have big reasons to buy up all this cheap coin and then withdraw it in the juristiction of their choice.
You should be thankful Bitcoin itself is still okay in China, as now Chinese interests with more than 200 BTC will be able to keep the China game alive.
I don't think the game in China is dead at all, Pboc have made their own blockchain, there is still exciting research being done - they will find a way around it, and just stick to OTC. Besides, I'm sure legislation will come soon allowing some kind of access to BTC through an exchange with proper licensing.
Technical analysis:
We just finished V of (III.) I expect on this C leg of the correction, we are about to see wave 5 after some little china fud, and then game over for bears. We should at least retrace 50% of this leg down from 5k - up to around 3.9-4k. This is when the market decides if we are in a bear market or a bull market. If we continue the bull market, we should be making our wave up beyond 5k towards 10k. If not, then I guess the bears will get their 2k. But it's going to be a long wait.
The end.