China Bans Bitcoin (for the 100th time) — Price Analysis

A Case For Technical Analysis

With this recent ‘China Ban’ many were quick to say that it was the reason for the price falling. Below is a chart featured on prominent financial news website ZeroHedge, which illustrates the price moving down because of rumors.

http://www.zerohedge.com/news/2017-09-11/confusion-builds-over-china-ban-russian-finmin-says-no-point-prohibiting-cryptocurre

So where to from here?

Based on market cycles (which I will cover at a later date) I’m not ruling out the top for this bull market just yet. I believe we can go higher before the year is over, but in saying that I will trade according to what the market gives me. The chart below presents two possible scenarios I’m looking at, once the market gets over the FUD and the consolidation ends.

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