The reason $2500 US Bitcoin should be the bottom is it traded for such in Yuan a few days ago based on Zero Hedge news and Webbot said 50% crash when it hits around $4800.
It seems the Webbot report will be right again. Amazing!
So, more downside to come towards the end of the month, given the massive selling pressure of Chinese crypto holders needing to sell given the closure of Chinese exchanges by Sept. 30.
Until recently, about 70% of all Bitcoins owned and traded were in Asia, so this Chinese news is huge in crashing down crypto prices in Sept.
Patience required to buy on lower dips. As people wake up, they see all cryptos being smashed down and many sell to cut their loss or take their dwindling profit. If they did such yesterday, they would have protected some of their profits today. If they sell today, they protect some of their profits tomorrow on additional sell-offs, etc.
Lastly, the large volume of Chinese buyers won't be able to resume trading with cryptos until they get set-up and confirmed with a new exchange outside China (if the Gov't allows it), so this may tamper how fast Bitcoin and other crypto prices bounce back up, and the world may not see the intensity in their prices sharply spiking up fast like before, because of it, due to the lower volume of crypto buyers if Chinese buyers are removed from the market.
Maybe Bitcoin was China's pump to the world before they dump it, leaving the world as the losing bag-holders, given the majority of Bitcoin owners/traders are in China.
Good luck if you gamble in cryptos.
endtimenews
spread the fear!!! All time new highs by the end of the year in my opinion. We should be buying!
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Maybe this morning was the bottom of the current sell-off or a dead cat bounce and resume downward trend later tonight over the weekend. Will know by Monday. Chinese need to sell their Bitcoins before the exchanges close by the end of Sept.
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We have seen a massive bounce from the lows today. Let the market take the news as it flows in. TA helps you to balance emotions since price action and money flows don't lie. Good luck with your investments and we will see if I get right. 15K 20K within 3 years for Bitcoin.
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