Bitcoin Technical Analysis - 9/5/2017 - China Bans ICOs, Bitcoin says 'So What!'
What a week it has been. Bitcoin hit an high of $4965 on Kraken on September, 1, 2017. China bans cryptocurrency ICOs on Sunday, September 3, 2017 and as a result Bitcoin drops to a low $4145. Bitcoin bounce off of this level 3 separate times, with the first two accompanied by heavy volume. See the hourly chart above.
In some of my earlier posts, I spoke about the $4000 - $4400 range as being a reference point. We didn't reach the lower bottom of the range, but I was watching to see if the $4000 level would be touched. It didn't hit this lower level. Also, I'll have to widen the range from $4000 - $4965 to account for the recent highs.
Bitcoin and altcoins in general seem to have digested the China news after a brief selloff and returned to normal levels. Had you been watching, you can have made at least a 10% return on Bitcoin in less than 48 hours. That would have been a very good trade.
Thanks @pairmike
Yes @pairmike, looks like it will settle in this range for sometime and then break the next ceiling... I am waiting on the sidelines for the next jump :-)
Hey aarcee! I'm watching this range to see how long it lasts. The longer we trade in the range the more powerful it becomes. Once it breaks it should be significant. The question is will it go lower before going higher?
The longer it stays the better for me too, since I get to enter more lots at a time :-)
Thankyou for information @pairmike. . I like your post👏👏👏
Thank you for reading.