In this report I look at the early market action from London on Tuesday, September 5th, 2017. I also take a close look at the long term technical outlook for the crypto currencies.
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Enjoy your chats and recaps.
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@fractalfreedom Thanks!
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Isn't the clamp down in ICO more a move against capital fleeing China? It is easier to buy Bitcoin and draw other currency outside China than to deal with all the capital move regulations imposed.
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@maneco64, just to say the charts you were talking about didn't show in the video. Anyway, Bitcoin is a rollercoaster so I know all about the ups and downs.
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I wholeheartedly agree! Any investment that goes straight up without any kind of retracement is not healthy and probably a mania. Bitcoin is on fire, for sure, but I'm afraid many of its investors are expecting 100% gains every day and that is not healthy either. I'd like to see BTC hover in the 4000's for a couple of weeks before it's next leg up. It needs to build a solid base, otherwise the swings will be lethal.
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We'd been tracking a strong trendline since the July 16th low in Bitcoin. It isn't too surprising that we have some retracement.
The ICO problem is exclusively Ethereum's, Bitcoin was only affected due to pair trading that bled over into redemptions for newbie traders trying to exit.
Regaining ~4,300 would be a good start, but my short-term stuff is still Bearish. I wouldn't expect any shift in that sentiment for at least 12 hours if not longer. We're still consolidating off of the low near ~4,000.
ETH is going to have some difficulties with a large participant pulling support. They focused a lot of their roadshows on gaining chinese investors, and it seems this has backfired.
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Agree that @boxmining is doing a good job on his videos. You and him are 2 of the 10 I have on steemvoter. I use this so I can pay attention to your latest posts and read and comment when I have something to add.
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