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Bitcoin price dumped on Friday as the news appeared to rattle markets, sliding almost 10% and bouncing off support at around $7,000.
Cryptocurrency exchanges operating illegally in China face a new threat after the central bank announced it would take new steps to uphold its trading ban.
In a statement on Nov. 21, the People’s Bank of China warned it was taking action against entities allegedly involved in trading cryptocurrencies such as Bitcoin (BTC).
In a Twitter debate on Nov. 21, commentators joined forces against Peter Schiff, who shared with $1,000 BTC price prediction. Schiff: $1,000 would “complete the pattern” for BTC
Arguing current price action correlated to a “head and shoulders” formation, the gold bug forecast a dramatic downturn would characterize markets in the future. He summarized:
“Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.”
In other Crypto news todays, popular Crypto analyst Alex Kruger called the Bitcoin price dump yesterday, in which he tweeted the following:
“BTC needs to rally or it will crash. How brilliant, right? If it doesn’t go up, it will go down! I’m aware non-technical traders are repelled by this way of thinking, so let me break it down. Mind this is NOT financial advice, just sharing my thought process. I’m often wrong.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Some asked “why did this happen?”A rationalization:#1 China news used to drive price +42% (front-running expected new demand)#2 Price dripped lower on low volume=>increased demand never materialized
#3 Sellers sold every single rip. They just did.https://t.co/TmVfeMCGXE
— Alex Krüger (@krugermacro) November 22, 2019
https://cointelegraph.com/news/ok-doomer-peter-schiff-is-convinced-bitcoin-will-now-crash-to-1k
https://cointelegraph.com/news/bitcoin-drops-below-73k-as-china-vows-to-dispose-of-exchanges