We bounced off trendline back down and broke the rising wedge. This should lead to a drop back to 3200, potentially revisiting bottom below 3000
Note
Ideal entry would be 3985Note
I adjusted the lines of the wedge a bit, check itTarget would be 3250
Note
trustnodes.com/2017/09/19/china-bans-bitcoin-executives-leaving-country-miners-preparing-worstThings are getting ugly, china ban might be total.
Wsj also suggests all bitcoin transactions are no illegal and that the gov. will block blockchain sync
Note
4055 is a key level in the next hoursNote
I like this fractal. Could play out.
As the wedge points down to 3250, closing at 3475 could be a good idea.
By the way, more doom rumours
twitter.com/bitcom21/status/910579544897200128
China could potentially "kill" mining by either completely banning any form of crypto-fiat trading or even by seizure of mines
Note
We are breaking the support, if we finally break it, 3475-3500 should happen real fast.Note
Potential bear flag pointing to 3475 support Note
We are on our way to target 1, should happen in the next hours
Note
3814 level held and we are heading down againNote
Potential and most likely scenario
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.