We need rainy days in crypto, otherwise how else would your Lambo get a free car wash?
Current Market Cap: $456.85B (-$63.19B in one day!) Bitcoin Dominance 33.9% (+0.6%)
Well I don't think it could get much worse so the only way to go from here is UP! I'm just kidding, it could get a lot worse.
Where do we begin... Facebook banned all crypto related ads in an attempt to prevent fraud, scams and malicious programs from being offered to it's users. Statements coming from the Indian finance minister essentially condemned cryptocurrency, in financing illegitimate activities, being misinterpreted as an attempt to outright ban them. This follows a very slow week for crypto after South Korean regulators and lawmakers pushed for tighter restrictions on identity verifications basically eliminating anonymous trading. Binance banned all Chinese users and don't even get me STARTED with the whole USD Tether problem... that deserves its own article.
Will this game of whack-a-mole ever end?
Today I am using FOUR different indicators and trading tools: Bollinger Bands, Stochastics, MACD and (BONUS) Fibonacci Retracement.
Bollinger Bands show that we are below the moving average which is around $9,400
Stochastics indicate we are in slightly oversold territory but holding onto somewhat normal ranges.
MACD is looking rather weak since we are way below the zero line but the fast moving average is about to cross over our slow moving average which indicates a trend reversal.
Likely Scenarios:
- We see another wave of panic selling which could break down the support at the $9K mark, sending us back to the $8.5K support zone again.
- BTC rallies back towards the $9,700 zone before settling in the low $9K range.
- The FUD clears up as the day moves forward and the price recovers above the $9.5K-10K support levels by tomorrow.
TLDR Version:
The already fragile Bitcoin market was shaken up today with the news coming out of India. This just shows how quickly rumors and misinformation can hurt such new and developing markets. Prices will have a hard time rebounding above that $10K zone so expect support in the low $8K-$8.5K range and resistance around $9.5K.
Price Target:
$ 9,400
Alt-Coins To Watch:
I would stay out of alt-coin markets today and wait for confirmation of the market bottoming out. Could be a very risky venture since we have more room to fall if need be.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-31-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't Worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Why STEEM Is Going To Be A Powerhouse In 2018
https://steemit.com/steemit/@hotsauceislethal/steem-is-the-most-used-blockchain-in-the-world-still-highly-undervalued-and-underrated
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)
