The past week has been rough for Bitcoin. I've seen a lot of misconceptions of what is actually happening. First of all Bitcoin has not been banned yet but last week China outlawed initial coin offerings. The ben will be for domestic exchanges meaning only transactions from citizens to citizens will not be allowed. China can't tax these transactions and are taking action to get their sales tax revenue. The charts below show what happened to September 4th-11th.
This does not mean previous investors will sell but it has sparked a lot of concern, we had a huge selloff last weekend and Monday September 11th Bitcoin rose approximately 7%. I think there might be resistance at $4,500 but if it breaks that I think we will see 5k+ again, possibly $6,000 this leg.
No company goes straight up in price, there are always going to be dips along the way up. Google, Apple, all of them. Even though they aren't cryptos we can sort of compare how the general public and private institution's behaviors towards the speculation of future Bitcoin prices. The market is volatile for cryptos and it's exciting! I'm looking for the next ICO and try and catch a 10 bagger. Any suggestions would much appreciated and please follow me or this post to get the most recent ICO's and crypto news! Thank you so much :)
good post!