TRADE CRYPTOCURRENCIES WITH CONFIDENCE NOT FEAR! BITCOIN STANDS STRONG UNDER SCRUTINY OF REGULATION
Good Morning Platinum Subscribers,
Hope you have read last week’s article and been able to take valuable forex trading lessons on how we tackle subjects such as FUD and Regulation Concerns.
Traders love to talk about forex trading, but it is important to define your forex trading talk. Successful Forex and crypto traders that fail in currency trading are because they look at the markets in a different way compared to those that fail.
How do you differentiate between the former and the latter, simple TRADING PLAN. Your mind should look at every Single instrument whether it be CryptoCurrencies, Forex or Indices in the following manner.
- Clean chart and new price points of supply and demand.
- Future News events that may impact price and not Rumour based news
- Follow your online trading setup and system, not forums and the crowd.
- Do not follow people’s talk about emotional online forex trading either positive and negative it should be factual.
A LION DOES NOT CONCERN HIMSELF WITH THE OPINIONS OF A SHEEP!
BTC Stands Strong Despite Scrutiny and Narrowing Trading Range
Bitcoin has always experienced volatility and has managed to stand strong despite being scrutinized by some of the prominent global decision makers and leaders at Davos. While United Kingdom’s Prime Minister Theresa May has indicated that an action must be taken against cryptocurrencies, the country’s Chancellor Philip Hammond suggested that some caution must be exercised in order to keep the cryptocurrency under scrutiny.
However, things were completely different when the regulators in South Korea came up with suggestions against the cryptocurrency in 2017. It must be noted that in the month of December, the government officials in South Korea stated that they were considering options for clamping down the cryptocurrency speculation. In fact, South Korea’s government was thinking of shutting down some of the exchanges. This resulted in a drop in the BTC prices, even as the virtual currency dropped down by almost fifty percent after registering a record high figure of $19,511 set during the month of November. The drop also came about in the light of the fact that South Korea is the hub of BTC trading across the globe. The digital currency trades almost at a thirty percent higher price in South Korea.
One of Bitcoin’s first Strategists confirms his predictions:
However, despite the strong views and opinions from the world leaders, Bitcoin continued to remain strong in the last couple of days. Although, presently Bitcoin is seeking some sort of a direction as the range of forex trading continues to narrow down further.
On last Wednesday, Bitcoin prices soared higher to touch the $11,711 level. In fact, traders were hoping that the BTC prices would go beyond $12,000 level but contrary to their expectations, the price dropped to $10,889. In fact, the digital currency did try to get back to its original higher position but was rejected at the $11,608 level in the Asian market on Thursday.
Bull Reversal Trend
After failing to make the most of the bull reversal trend on Wednesday, the cryptocurrency dropped to its 3-day low price to reach $10,321 on Thursday. According to the financial experts at Platinum Academy, when the BTC price either breaks up or down, it would further set up the stage for another big move. The experts further indicated that the BTC has been witnessing a sell-off after registering higher figures of $20,000 and may now narrow down further for an even greater buying opportunity.
BTC Holding Above $10,000
Cryptocurrency trading experts are also of the opinion that any drop below $10,000 must be taken into account and they should try and adapt their shorting positions accordingly. As far as the BTC is concerned, it has continued to stick to levels above $10,000. In fact, the virtual currency has easily been avoiding a daily closing level below the $10,391 mark. However, there’s a definite risk that the BTC may face bidding anywhere in the range of $9,000-$10,000. On the other hand, a bullish trend may result in an upside breaking and push the BTC demand higher. If that happens that the BTC may encounter resistance at around $13,000 as well as $14,622.
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
Download our Crypto ebook to read about the various Trading Patterns that work in the Financial Market. Watch Trades of the Week Videos in our video gallery. Subscribe to Platinum’s Crypto Newsletter.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.