BTC tumbled on the news from China! Watch out!
Hello everyone. Yesterday, I mentioned be careful of the news in my published idea linked below. It never occurs to me Bitcoin tumbled on the news that China bans financial, payment institutions from cryptocurrency business.
I also observed the fall of Tesla which also has been hit due to the holdings of BTC.
So what's next after the tumble?
On the weekly chart, BTC has come to a key zone which combines demand zone, mid-term MA and key number of 30000. Theoretically, sellers need to take a breathe after 30%+ drop!
On the daily, I don't see any firmed sign of rebound. Buyers got hurt so much and reluctant to get in.
In a nut shell, price need to consolidate for while before making decisions. As I mentioned in my idea, bit coin is news-driven. If you couldn't stand the volatility, don't trade it.
There are so many tradable stuff out there, e.g. Forex and futures.
I also observed the fall of Tesla which also has been hit due to the holdings of BTC.
So what's next after the tumble?
On the weekly chart, BTC has come to a key zone which combines demand zone, mid-term MA and key number of 30000. Theoretically, sellers need to take a breathe after 30%+ drop!
On the daily, I don't see any firmed sign of rebound. Buyers got hurt so much and reluctant to get in.
In a nut shell, price need to consolidate for while before making decisions. As I mentioned in my idea, bit coin is news-driven. If you couldn't stand the volatility, don't trade it.
There are so many tradable stuff out there, e.g. Forex and futures.
Komen:
BTC has quickly rebounded to key level of 40000 on hourly chart. It has to be conquered to establish the bullish pattern. Let's see
Komen:
The key level has been conquered and formed a nice uptrend line. Look good for buyers.
plan your trade and trade your plan
