It Is Good News When Bad News Doesn’t Move The Market?
Phillip Neoh | Jan 19, 2018 01:03PM ET
It is Good News When Bad News Doesn’t Move The Market
After tumbling to 9000 from 14,500 in 3 days, Bitcoin had entered a bear market territory and caused panic selloff across the board. The frequent negative headlines of regulating the market in the past few days were to blame. However, after reaching 9000 and rebound not once, but twice, things are looking not that bad after all.
On 16 Jan 2018, the most popular coin tanked from the high of 13,542 to the low of 9035. It is a 4,507 or a 33% tank, the second largest down day in term of value in the history. The next day, the bear took control and it attempted to break the low again but it was met with a strong resistance. The bull came in to take control from there onwards and we see a rebound of 2,500 second day in a row. 12,000 thousand is a level that supported it for the past few weeks and it is now a resistance. Where is it heading to?
Bitcoin has been ranging from 10,400 to 11,800 for the past 45 hourly candle. On 19 Jan 12:09pm HKT, South China Morning Post published a news article of The market didn’t react to the news. Is this a sign of the recovery and the bullish trend resume? Or is this news isn’t a fresh one so that the market didn’t react into it?
As the3 SMA lines becoming closer, we shall be seeing a new direction very soon. If 12,000 is broken, it is followed by 13,000. If it goes down to test 9,000 again, the third attempt is always strongest and it could test November high of 7,300.
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