Correction and Panic in China Fundamentals Technicals Kicking In
The current and reasonable correction could be going beyond a simple technical correction.
The technical correction beginning at $5000 for Bitcoin was reasonable.
But the speed at which it is going now may be faster than the technicals should expect.
The Chinese government made a decree that may be more sweeping than it appears at face value.
You can read about how troubling it could be here:
businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9
Having a combination of both fundamental and technical conditions kicking-in simultaneously could amplify this correction.
Many people in China may be in a panic for buyers of their cryptocurrency while this correction happens.
Note too that these kinds of corrections tend to be much more severe for altcoins than Bitcoin.
Be careful how you handle it.
The technical correction beginning at $5000 for Bitcoin was reasonable.
But the speed at which it is going now may be faster than the technicals should expect.
The Chinese government made a decree that may be more sweeping than it appears at face value.
You can read about how troubling it could be here:
businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9
Having a combination of both fundamental and technical conditions kicking-in simultaneously could amplify this correction.
Many people in China may be in a panic for buyers of their cryptocurrency while this correction happens.
Note too that these kinds of corrections tend to be much more severe for altcoins than Bitcoin.
Be careful how you handle it.
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