Well it's certainly a bearish day in the crypto-market with Bitcoin down approximately 9% and the some of the alt-coins have dropped even further. There is a bearish sentiment with the recent ICO ban in China and now regarding the potential shut down of exchanges, which account for a huge portion of the global trading volume.
Bitcoin is trending in the following direction:
The upper resistance point is around $4400 and the lower resistance point is around $3750. Bitcoin is currently priced close to its lower resistance point, which may be a good buying opportunity.
Looking at the 7-day trends of the alt-coins, these may be buying opportunities, but it's too early to tell without more clarity from China and their exchanges.
Always do your own due diligence before investing!
Cheers!
We are in the early stages of cryptocurrency era. Every downtrend should be considered as an investment opportunity for the long run. Even though we are seeing resistance in China, but at the same time we are seeing acceptance in Switzerland where as a trial run they have decided to use cryptocurrency to pay taxes. It is just matter of time, when more countries move forward with crypto currency, the countries showing resistance will have no option but accept. It is just like the time when Internet came into existence.
I agree. It's an asset class that is very much in the early stages of global acceptance and countries certainly have different approaches with regulations. In a 3 to 5 year time horizon, these are investment opportunities, depending on which cryptocurrency.
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