China cracked down on ICOs and exchanges. Jamie Dimon called bitcoin a fraud. It was quite a week for the cryptocurrency space.
We briefly dipped below $3,000 on September 15. But as you can see from the chart below it didn’t last long.
With bitcoin right now at $3,600, I’m waiting a little bit, I think we’ll have better prices soon.
As you can see on the chart above we’ve been moving up on declining volume. That means we could be in for a price drop if new buyers don’t come in. I think $3,000 would be a good target again if that happens.
You still want to watch out for bad news in the market. I think there is still risk from regulatory news.
Check out this article from the Tokens & Exchange Self-Regulating Body (TXSRB). It speculates that action from the SEC could come at any time based on the outcome of SEC v. Traffic Monsoon, which could have an outcome any day.
That could take bitcoin below $3,000 again.
It looks like $3,000 and $5,000 are the lines in the sand right now. You might want to adopt a strategy like Tuur. I bet he’s using the same lines now.
I’m looking to buy below $3,300.
I should really just get my bids ready on the Gemini Exchange.
What about you, where are you buying bitcoin?
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