Bitcoin has been facing a tough time from almost a week due to some bad news such as china first banning ICOs and then banning even chinese exchanges. Although the ban on exchange might be temporary but even if it's real it won't affect much as the trading volumes of btc on chinese exchanges at present consist of about 1% of the total volume of btc being traded on all exchanges.
Price Expectations:
In current scenario on the downside support is at 4100$ - 4050$. If there is no more strong bad news then there are less chances of btc falling below that level. And on the upside resistance is close to 4300$. If btc croses that mark then there are strong chances of bullish movement of btc. And then another resistance might occur at around 4650$ level. (I am not your financial advisor) . If btc rises then other crytos wil also slowly and gradually pick up the pace.
Facts:
- A lot of analysts have already predicted bullish sign for btc after crosing 4100$
- All chinese exchanges will stop trading by september 30th as they said and then all the chinese market fears will be conquered and we might see some crazy volume of btc on all exchanges.
- There is a lot of good news for different cryptos including ethereum. As ethereum is getting zk- snarks update in october which is an update for increasing privacy of coin.
//What do you think are you bullish or bearish, feel free to comment down below...