JICPT|BTC indecisive movement after China's crackdown
It's been bad days for bitcoin buyers after China's crackdown on the crypto from late June.
The shutdown of the mining operations across the country, especially in Sichuan province, has created a lot fear among investors as China accounts for 50%-60% of the global bitcoin mining power.
From the chart, I observed choppy and relative small candles with wicks. That's a pretty clear sign of lacking volume. Buyers and sellers are both leaving the market. So, what's next?
Likely, price moves between the red downtrend line and horizontal line around $29500.
I recalled that I mentioned 4 bitcoin influencers in my previous published idea as below:
1. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down. His influence seems to drop drastically recently.
2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production. China acts as a super killer.
3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.
4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.
For bitcoin to go up, we need supports to show up, especially big institutions come forward to build investors' confidence in the crypto again.
What's your view? Feel free to share your opinion.
The shutdown of the mining operations across the country, especially in Sichuan province, has created a lot fear among investors as China accounts for 50%-60% of the global bitcoin mining power.
From the chart, I observed choppy and relative small candles with wicks. That's a pretty clear sign of lacking volume. Buyers and sellers are both leaving the market. So, what's next?
Likely, price moves between the red downtrend line and horizontal line around $29500.
I recalled that I mentioned 4 bitcoin influencers in my previous published idea as below:
1. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down. His influence seems to drop drastically recently.
2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production. China acts as a super killer.
3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.
4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.
For bitcoin to go up, we need supports to show up, especially big institutions come forward to build investors' confidence in the crypto again.
What's your view? Feel free to share your opinion.
تعليق:
With low volume, price tends to go lower just like this. I hate the staircase formation.
تعليق:
Keep going down...It's about to retest the previous low level soon!
تعليق:
Another 3% drop to touch the previous low level
plan your trade and trade your plan
