Panic drives us to range low
Consecutive news pieces seems to have driven the massive sell-off yesterday across the crypto space.
None of these news pieces warranted a reaction like this, but fear is what drives every market.
Binance was not hacked as first feared and have since reversed every trade. Most users were simply phished at an earlier date preparing for this huge pump n dump in VIAcoin.
The SEC is not cracking down on exchanges, it is simply asking the exchanges to register with them. There is no downside here. Regulation in financial markets are absolutely necessary to keep the users safe from manipulation and scams.
The Mtgox selling has been happening for 2 months. A single player will not cause a massive crash. They can simply amplify the losses when negative news pieces are released.
As for TA we've hit the range low, median line pitchfork & 38.2% retrace off 6th feb low -> 20th feb high. Targets for way up:
Current trading price around pivot level, 50DMA and 100% extension.
38.2% retrace & 50% pitchfork line.
50% retrace & 161.8% extension
- The binance confusion
- SEC exchange concern
- Mtgox dumping bitcoin still
None of these news pieces warranted a reaction like this, but fear is what drives every market.
Binance was not hacked as first feared and have since reversed every trade. Most users were simply phished at an earlier date preparing for this huge pump n dump in VIAcoin.
The SEC is not cracking down on exchanges, it is simply asking the exchanges to register with them. There is no downside here. Regulation in financial markets are absolutely necessary to keep the users safe from manipulation and scams.
The Mtgox selling has been happening for 2 months. A single player will not cause a massive crash. They can simply amplify the losses when negative news pieces are released.
As for TA we've hit the range low, median line pitchfork & 38.2% retrace off 6th feb low -> 20th feb high. Targets for way up:
Current trading price around pivot level, 50DMA and 100% extension.
38.2% retrace & 50% pitchfork line.
50% retrace & 161.8% extension
Note
Too much panic in this market atm: potential support here, better sup at 200dma 50% retraceNote
Given the similarities in the decline, lets see if the similarities of the sideways movement happenNote
So we've come all the way down to the 200DMA, 50% retrace off 6th feb climb & the median pitchfork line. Big levelNote
4pm again 
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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.