This is a segment we will attempt to post daily.
Bitcoin took a hit after news from Korea saying they are about to ban exchanges.
It appears however that Korea has no plans on shutting down exchanges complying with the current regulations.
Bitcoin hit lows at below $13000 but bounced back off previous trend line and fib (Fibonacci) support.
Bitcoins bear markets tends to last about 6-8 weeks. Looking at the previous corrections this year implies a bullish scenario.
As always it is important to keep any possible scenarios in mind and if Bitcoin were to break the support line in chart #1, it’s very possible we see a drop further all the way down to the high $8000s.
Efforts like these are usually followed by a big BCash pump which possibly could push Bitcoin below the $13k support.
Bitcoin currently appears oversold looking at the RSI (Relative strength Index). Both strong trend support and fibonacci support at around $13k.
However, BCash propaganda increasing and a large drop if support is broken. Currently not holding any Bitcoin positions other than cold storage hodl.
This is not investment advice.
Want to trade Bitcoin and other Cryptocurrencies?
We at Coinworld.io trade using Bitmex.
They offer leveraged margin trading up to 100x on Bitcoin and many other Cryptocurrencies.