Bitcoin Short Target $2.5k
Looking at Fib levels retracing to the sub-$200 lows in August of 2015, we broke through the 23.6% level ($3834) and have landed just below the 38.2% level ($3135), major support. We're also riding the fib levels down to the mid-July lows of $1800, and are currently landing on the 61.8% support line, a major level at $3014. The daily stoch RSI is hammered down, over sold! It's like a flat line. The bounce is incoming.
Fundamentally, I'm sure many people are upset about chinese exchanges going offline and are trying to do the practical thing: convert to fiat. This great rally of 2017 across the crypto space helped bring in new money, and honestly now we're watching the shake out. I can't imagine the fud across bag holders in China. Personally, I'm looking to buy cheap coin and welcome this dump. There are many investments to consider in crypto, so diversify! It'll honestly help you hold longer when you have multiple coins. Good luck!
Fundamentally, I'm sure many people are upset about chinese exchanges going offline and are trying to do the practical thing: convert to fiat. This great rally of 2017 across the crypto space helped bring in new money, and honestly now we're watching the shake out. I can't imagine the fud across bag holders in China. Personally, I'm looking to buy cheap coin and welcome this dump. There are many investments to consider in crypto, so diversify! It'll honestly help you hold longer when you have multiple coins. Good luck!
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.