Quite the story today. South Korean prosecutors raided the offices of Upbit today - one of the largest crypto currency exchanges in the World.
Upbit is currently under investigaiton by prosecutors and is cooperating
The exchange said in a notice to clients -adding that transactions and withdrawals were unaffected and that client assets were safe.
Let's take a look at how this has affected the markets. Is this a good buying opportunity? Or has it triggered yet another bear market?
Bitcoin
As you can see we predicted this drop to be pretty likely. We are now at support level with an RSI of 48 and volumes normal. We are below 50 and 100 day moving averages. I think the most likely outcome here is that we bounce off support and then start working with a broader more sustainable bullish trendchannel. Or this can trigger a more widespread bearish market and we will fall all the way to the long ascending trend channel - falling perhaps down as far as $7000
STEEM
Steem fell not only out of the ascending bullish trend channel, but also broke through support. I suspect we will fall all the way down towards $2 or even below, before climbing again.
ETH is also hitting support and we will see if it holds or if we fall through. Holding resistance is very bullish both for BTC as well as ETH.
EOS
EOS finally fell through both ascending bullish trend channel and support. So now we are in uncharted waters, with a potential lowest support where the green ascending long trendline is around 6-7$ depending on which day.
This is of course just technical charts and should never be used alone. Today we had some FUD because of Upbit which affects the market negatively. But if these technical levels hold it could help strengthening technical aspects going further.
And that's it!
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