States Want Bitcoin - Regulators Want to Regulate - I See Gold

BITFINEX:BTCUSD   Bitcoin / Dolar
Dilihat 16611 kali
16611 75

Another week and some interesting regulatory statements from both Japan and the United States. As the SEC continues to take a stance on security type coin assets, Japan Suspends two crypto currency exchanges and looks to sanction others while South Korea bans politicians from owning crypto currencies in an attempt to curb hidden agendas. We also see States racing to be at the forefront of this technology as they look to pass legislation to accept Bitcoin' as a means to pay State taxes. Yet the market sells off.

To be perfectly honest I see not one IOTA' of bad news here, I only see progress towards making Bitcoin' and other similar currencies not only adoptable but very much mainstream. So why the selloff? This could simply be market over reaction. It could also be withdraws of Bitcoin' from certain Japanese exchanges as one of the top three trading markets in the world clamps down on trading exchanges. OR it could simply be the typical market sentiment we see with another equity, GOLD'. So is this a buying opportunity?


The selloff has been quite drastic which should not concern a long term investor. We mentioned in our previous article that a pullback to the 9859 level “would be the first level to look for a reversal” as this was the 0.382 retrace of the overall bull move. This level did bring in buyers and it appeared we may get a reversal, but the bears were clearly in control and the selloff resumed. The 8221 level or the 0.618 retrace is the next level we are looking at for a bullish reversal signal and a critical level to hold. Interpreting the chart and subsequent patterns is always subjective to the interpreter, but looking at the long wicks to the downside it appears buyers are starting to buy into extreme dips and sellers are becoming exhausted.

We mentioned when patterns like the Inverse Head and Shoulders patterns are so obvious, it often leads to a crowded trade which results in a rush to the exit when resistance levels trigger stop losses magnifying a correction. In my opinion this is exactly what we are seeing. The 7666 and 7238 are two extreme levels that are now definitely in play and an area I will not hesitate to add especially with the recently closed position.

Similar equities have similar trend patterns and the correlation with gold' at this point is astounding to say the least. Bitcoin' Hodlers have a similar if not identical sentiment with gold' Stackers. There are those that trade, but then there are those that feel Gold' or Bitcoin' is the ONLY TRUE form of money. They stack, Hodl and never sell. If they are similar in sentiment we would expect a similar chart.


When the herd is calling for lower levels this creates buying opportunities for longer term investors. If you as I missed the opportunity to buy at lower levels and were kicking yourself for not buying it appears the market has provided us with another opportunity. However we want to exercise patience and look for a clear reversal prior to adding. At this time we are just in the wait and hold mode, looking for a good point to add. As governments not only move to implement regulations for the general public’s safety, they are moving to adopt the technology as a whole. States as well as countries want to be the leader in this technology attracting investors and new businesses. Clearly we are seeing this and those that have the fortitude to look at the bigger picture will profit nicely as we enter this “Brave New World”.
Goldman Sachs: Bitcoin has potential to drop below February low of 5922. Are you still a bull Goldi? Ah Goldi Goldi what to do with you?
tenzor7 venturetrade
@venturetrade, goldman sachs wants to buy the dip. Dont sell into their buys :)
+1 Balas
@tenzor7, are you sure they want to buy it? they might want you to buy lol
goldbug1 venturetrade
+1 Balas
@goldbug1, but it is going down goldi, lol
So is it fair to say that MtGox Trustee caused a lot of this sell off? and should we see a sharp rally now that he's done? ( not sure what "Civil Rehabilitation" means, but the Judge recommended the rest of the funds be used for that.)
Goldi send us a sign , say something!
Bitcoin belongs to the bulls this week ahead...
atricoz sumastardon
@sumastardon, a lot of spam for nothing :)
A great Sunday - and more to come
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