AnalysisBTC

Riots and Bloodbath on Crypto Street

Analysis: BTCUSD
Position: Long

Right now there is riot and complete bloodbath on the Crypto Street. All cryptocurrencies are in RED and almost every one of them has lost more than 50% of their worth, since the beginning of March. First there was bad news that one of Mt. Gox exchange (now defunct) trustee has sold Bitcoin (BTC) worth $400 million. This is really bad news in the sense that a lot of ordinary people got burnt due to Mt. Gox hack and they still want their lost Bitcoins back.

Lately, we have even worse news for Bitcoin and other cryptocurrencies, as there are strong fears of tightening regulations. After Facebook and Google, even Twitter is planning to ban ICO and crypto related advertisements. Although, there are plenty of ICO scams which need to be banned, just a blanket ban is more like a knee-jerk reaction to a genuine problem. All these negative news are creating fear among investors as they are minimizing losses and exiting the falling crypto market.

There might be FUD feelings all around, but there is always a silver lining to any bad situation. As great stock Guru Warren Buffet famously said

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”.

A smart investor is always looking for the right entry point in a perturbed market. If you look at BTCUSD chart you will see an interesting possible turn around. In the below chart, we can see a falling wedge, they tend to break upwards, and looks like the technical target is around $10,800.

bitcoin analysis
Bitcoin US Dollar Analysis (BTCUSD)

However, don’t be mistaken this pattern is only valid upon breaking out. So, I wouldn’t recommend buying in right away. Instead, slowly and steadily wait for the price breakout and candle closure above the resistance line for confirmation. $10.8k is exactly the point where the price would reach the log downtrend line without breaking through it, just coincidence or means something?

Bitcoin US Dollar Analysis
Bitcoin US Dollar Analysis (BTCUSD)

If you like above article then Bloqtimes recommends below articles which might be of interest to our readers.

Bitcoin Price at Moment of Truth
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This article is published with analysis contributed by DCFreak

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Disclaimer: Cryptocurrencies investments are full of speculative and market risks. This article is only for information purposes and not an investment advice. Please conduct your own thorough research before investing.

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Bryan

Bryan is an avid news reader and a crypto investor. You will often find him busy researching about cryptocurrencies on a beach side.

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