Prices dip to 30-day low

Bitcoin has fallen to it's lowest average this month, to the point of $3426, amid the recent storm brewing in China. At the moment the price is struggling to stay above $3500 as traders are waiting for the new floor and to open new positions.

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Chinese FUD has yet again dropped the market into a significant dip.

Cryptocurrency charts are red on Thursday, many speculators think the recent China ban has affected the price.

Authorities in China have shown to have some issues with the latest ICO craze, and have ordered exchange platforms in the region to cease operations.

Bitcoin’s price dropped from $4,200 to a low of $3,800. After bitcoin’s drop in value, pretty much every other cryptocurrency is in the red with losses averaging between 10 and 30 percent, this means it's a great time to start buying!

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Tech. Analysis

Let's take a look at the charts. Bitcoin's market value has dropped six legs down over the past 12 hours. Emotions have caused a lot of weak hands to panic sell. This moment the Simple Moving Average (SMA) is above 200, this means a rebound is likely. Both the Relative Strength Index (RSI) and Stochastic indicators show that the correction will probably continue heading south!

Trade volume strays strong for BTC. Markets are trading $2.3B over the past 48-hours.

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Conclusion

The verdict is fairly simple here folks, HODL and buy more!