The South Korean government wants to regulate Crypto. All's fine and dandy until the journalist show up and willfully mistranslate to create FUD.
The Pennant may look like its going into a downward trend, but that's coincidental because of the news. (Alot of other cryptos are also affected at this point in time 16/01/18) Once fundamental news is factored in, it makes sense.
I bought at 1.75 and I'm holding until the next breakout.
If you buy now at its current support (1.5) then you are a lucky monkey. It might drop further, but at its current price it feels a bit oversold. Given that most crypto investors are new and are not used to seeing big scary red candles they'll jump ship and push it further down.
It may even hit 1.0 but I'm not budging until it goes to 4. This is where the real trading comes in. Managing fear and following dumb bravado.
In my humble opinion, Korea won't ban crypto trading altogether. They support it and will make it less shady and more mainstream. Once they've figured out a sustainable business model, the world will follow.
The Pennant may look like its going into a downward trend, but that's coincidental because of the news. (Alot of other cryptos are also affected at this point in time 16/01/18) Once fundamental news is factored in, it makes sense.
I bought at 1.75 and I'm holding until the next breakout.
If you buy now at its current support (1.5) then you are a lucky monkey. It might drop further, but at its current price it feels a bit oversold. Given that most crypto investors are new and are not used to seeing big scary red candles they'll jump ship and push it further down.
It may even hit 1.0 but I'm not budging until it goes to 4. This is where the real trading comes in. Managing fear and following dumb bravado.
In my humble opinion, Korea won't ban crypto trading altogether. They support it and will make it less shady and more mainstream. Once they've figured out a sustainable business model, the world will follow.
Note
support is 1.6-ish give or take
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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.