Bitcoin(BTC/USD) Update: Is Korea Announcement Of Exchange Closure Is A Reason For Current Fall.......
Bitcoin is trading with deep negative bias currently. It is down close to 16% at one point of time and currently it is down 8% or $14058. Bitcoin's low of today session is $14524 and high was yesterday's close of $15489.
Reason for this update is one of news which flashed in Bloomberg Tv that South Korea is palnning to shut down some of crypto exchanges in its country. Link for that news is as follows.....
As i m not a fundamental guy, I want to check the link of that news with current fall, but before doing that lets check out chart of Bitcoin First....
Markets Factor In Future Price
By looking at chart above its clear that Bitcoin price is already facing correction as it has dropped from all time high of $19800. Recent correction has really cemented that view again which is'Market has tendency to factor in future price or news'. One can clearly see on chart above that flashing news on leading television network has little effect as compare to negativity of such news. Previously, China has also done such moves but as Bitcoin is leading part of decentralized network that had impacted little and Bitcoin kept on rising.
Is Current Fall a Buying Opportunity
Market favors those who has heart to take calculated risks. Bitcoin is currently trading at support of $13609 level and this level is important supporting level as Bitcoin bounce back many time after touching this level. As per this reason Bitcoin is surely a 'Buy' at current levels with stop loss below $13000. But this buying recommendation is rather a trading call then an investing call as 'Resistance Zone Is Laying above $15000 level'.
Conclusion
At last, it is clear that current news has some effect but technically Bitcoin was already in corrective phase. This fall can be taken as trading opportunity and investment should be done only when Bitcoin crosses Resistance Zone marked in above chart.
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Interesting @ jimmyrai28 ! Now here’s a question for your comment.
Why does the technical analysis (TA) theory and practice that weree formed around stock price behavior apply well to cryptocurrency price behavior? I studied that theory in some books on TA many years ago, and have repeatedly used it in my stock market trading.
Given the multiplicity of exchanges around the world, and none with really deep order books, as shown in the ease with which big %changes can be produced in bitcoin, why does that theory not need major revision when being applied to cryptos? This is what I keep asking myself.
Cheers!
Basic of technical will never be changed. One should buy above the support or when resistance is crossed or sell near the resistance or break of support. That support resistance can be of trendline, channels, horizontal lines, moving averages.
One just need to fine tune oneself accordingly and this fine tunning takes time according to individual. Technical analysis is nothing but reading the charts for getting an idea of one edge happening over other. One just need to apply that without second thought, rest is to the market and in ur contol is exit whether in loss or profit thats another matter.
Chart is a chart whether its of crypto or stocks or forex. Whether it is monthly weekly daily or minutes chart, pattern of reading is same one just have a knowledge to read and collect that info correctly and put that in to practice.
I hear you; but do we have enough years of crypto statistics to be sure that basic technicals will never be changed?
Longer the data greater the chance of correct analysis but after three months of data one can get the idea where the script can go.
Interesting. I have many years of trading stock options and stocks, plus studying and acting on chart patterns, and would find a few months to provide a rather thin dataset; but, as they say, "you live and learn".
Please tell me if you know of major crypto-oriented web sites where articles are published in Hindi or Panjabi.
Thanks in advance.
Sorry, i don't know any.......
Okay, thanks.
One day bitcoin will buy me a Lamborghini
May god bless u
nice post
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thanks for sharing, good acount, upvote and follow you
i appreciate if you follow me
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