Here are the top 5 reasons Cryptos are crashing into the new month.
- Charts are Bearish
BTCUSD is way overbought in weekly and put in a Bearish Engulfing pattern on the Daily chart. Same applies for other crypto charts too.
- China Bans ICOs
China just banned initial coin offerings, calling them illegal fundraising.
Read more here: http://www.businessinsider.com/r-china-bans-initial-coin-offerings-as-illegal-fundraising-2017-9
- Citron Research
Andrew Edward Left the author and editor of the online investment newsletter Citron Research, formerly StockLemon.com called a short on the ETF GBTC and it tanked 20% last week.
Read more here : http://www.barrons.com/articles/citron-research-takes-aim-at-bitcoin-fund-1504284291
- Too many Noobs
Bitcoin and Crypto are the most googled items in google trends. So there are too many noobs trying to get rich quick and fast.
Here is an example of the trend. Bitcoin on its own is giving a close competition to The TRUMP.
Here is an interesting article on the bitcoin trend:
https://www.coindesk.com/using-google-trends-detect-bitcoin-price-bubbles/
As always buy when the Noobs exit and not when its at an all time high.
Don't listen to all the BS on Youtube and other platforms.
Do your own research before investing money in any commodity.