Welcome back to the slaughter house as a chain of bad news pours cold water on our Club Moon rocket fuel. Let's jump directly into the 4H chart. (Last publication failed to notice the chart wasn't on log-scale. Sorry.) From March 1st, the bulls were slowly marching the price towards our downtrend channel top, the volume remained low and mostly sideways trading.
Then BAMN! Binance phishing/hack, Japan FSA punishments, and US SEC new regulations chilled enthusiasm for BTC. Thankfully Binance was able to rectify the situation fairly quickly and establish a temporary support around $9800.
At this point, I'm happy to keep the pop-corn out and sit on the sidelines to see if we can start to climb back towards 618 fib. The 2017Q2 support line has been officially violated and I can no longer consider it a valid support.
Looking forward, I can see more sideways action as the market tries to stabilize its bearings.
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
Then BAMN! Binance phishing/hack, Japan FSA punishments, and US SEC new regulations chilled enthusiasm for BTC. Thankfully Binance was able to rectify the situation fairly quickly and establish a temporary support around $9800.
At this point, I'm happy to keep the pop-corn out and sit on the sidelines to see if we can start to climb back towards 618 fib. The 2017Q2 support line has been officially violated and I can no longer consider it a valid support.
Looking forward, I can see more sideways action as the market tries to stabilize its bearings.
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
