Bitcoin Starts a Correction to 3000 USD

3. Sept. 2017

BTCUSD started dropping yesterday. Using Elliot Wave + Channel, the price target is $3010.

I am bullish on BTCUSD long term. This drop could be a great opportunity to get onboard crypto, if you are not in already.

HAPPY TRADING !!!

4. Sept. 2017

Anmerkung

The immediate cause is Chinese government's ban on ICO's. It is not clear whether they will issue a more thorough ban on crytocurrency trading on Chinese platforms.

However, I do know that some big players in China are anxiously probing information from government insiders.

news.8btc.com/caixin-reports-that-icos-are-suspected-of-illegal-fundraising-and-the-pboc-bans-all-ico-tokens-services

Try to get a Chinese news source in events like this

8. Sept. 2017

Anmerkung

Latest news just came out from China that they are BANNING ALL Crypto/CNY exchanges.

Meaning there won't be any easy way for Chinese to convert RMB into BTC/ETH. They have to rely on OTC / off-exchange methods, which is prohibitively risky (imagine you have to trust strangers to exchange big sum of money).

This is not some short-time move. The impact is long-term. I am still looking at a $3000 target for BTC.

13. Sept. 2017

Anmerkung

After the initial plunge and pullback last week, now BTC finally drops below $4000.

Do not attempt to "buy the bottom". It's gonna get more bearish.

15. Sept. 2017

Anmerkung

$3000 was reached. What a week !

17. Sept. 2017

Anmerkung

Although $3000 was reached in the past a few days, I don't think we are in a new bull market just right now. The rebound 3000~3700 was too sharp too soon.
I find 45 min to be the best horizon to look at BTCUSD. Now we are below it, so bears still take control.