My Bitcoin Technical Analysis (Updated with latest malware attack news taken into consideration)
BTC/USD broke it's trend line support and tested it as new resistance.
This is just a simple technical analysis on the 1h chart, I'f bitcoin still has strength this is what I think could happen, there was old resistance at the 1660 zone, the 200EMA is about at that zone as well, old resistance and the 200EMA are great areas for support, If bitcoin is still strong in the medium term this is where I see it bouncing from.
News on Bitcoin is mixed
Japan has given the green light for bitcoin to be used as a payment method, this has led to a greater amount of bitcoin being bought with the jen.
There will be a reconsideration of the bitcoin ETF soon and if it is denied it could cause some short term bears.
Exchanges have had problems lately, this could cause people to reluctantly buy into crypto's.
But overall I think people are going to see it as the future of money, The fiat system we are in is out dated and not made for this digital age.
What is the best thing to do?
I think the best thing for any one to do is there own research and if you really believe in the crypto future diversify in a few tokens that have a good development team and plan to hold for the long term.
I would not suggest any one try to catch tops and bottoms, less you have a lot of experience. Just dollar cost average in, add a little each paycheck and don't plan to sale for at least 5 to 10 years.
Fallow me @Mikegg89
Links:
https://www.tradingview.com
http://www.nasdaq.com/article/will-we-finally-see-a-bitcoin-etf-cm788607
http://www.cnbc.com/2017/04/26/bitcoin-price-sec-winklevoss-etf-review.html
Update
After now seeing the news behind the latest drop of bitcoin I'm now very unsure... The #Wannacry #malware attack may do the fallowing... this is just bear speculation...Make Japan rethink their decision to legalize bitcoin
It makes a case for governments to put further regulations on bitcoin.
People may not like that this could be a use for bitcoin, so they may be more reluctant to buy.
The recent run in bitcoin has been from new people getting involved and this could make them question if it's a good thing.
It may take a while for people to forget about this and go back to being bulls on bitcoin...
Hopefully I'm right because i just bought some bitcoin
I think that it could still have a ways to drop, but I'm fairly certain that all buys around this price will be in the green in a couple of months, at the latest.
https://www.google.com/amp/www.nbcnews.com/news/world/amp/national-health-service-cyberattack-hits-english-hospitals-hackers-demand-bitcoin-n758516
Especially because this news just came out
Fools. They should have demanded an untraceable crypto like monero...but, yeah, this could be bad for BTC price in the short-term.
Ransom requested in USD have not put USD into illegality.
Attacks using knives have not not put knives into illegality.
Attacks using by cars have not put cars into illegality.
Of course enemies of crypto currencies and old elites will try to use it against Bitcoin. We can expect another wave of FUD, but we are used to it.
I agree any backlash will be short lived but it just gives the ignorant more excuses to try and hold it down is all.
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