What’s really happening in the Cryptocurrency markets?
With all the recent news coming out from government entities such as those in China, hammering down on ICO’s or exchanges or just throwing a temper tantrum approaching the likes of common day bankers, it has impacted the Bitcoin markets, so what’s next for Bitcoin?
First, to understand what is going on, we have to understand what two emotions have dominated (traditional) markets for hundreds if not thousands of years, that is fear and greed. These two emotional states are literally what gets the ‘herd’ moving (See herd mentality; psychology) Once the herd moves, it’s well after those that plan to cash in on the movement have positions setup and ready to go. I reckon the likes of JP Morgan is a prime example of this, blasting how bad cryptocurrency is and saying it would fire employees trading it, but at the same time heavy investing in blockchain technology. They simply do not want to lose the seat they have high on top of the horse. They have the following to be able to say whatever they want and fear and greed follows.
These traditional banker types will go, but will go kicking and screaming at a financial beast system that has been out of control for way longer than anyone has been alive on this planet. It’s clear blockchain technology is beginning to take over and will continue to, for the everyday person’s benefit, infiltrate governments and traditional banking systems, removing corruption as a key component.
So, I would highly speculate that most of the money you see coming out of crypto right now, yes could be a partial impact from China, but it is also the money that is part of the ‘herd’. This money moves on fear and greed, and as more traditional money moves into cryptocurrency from things like Futures and Forex, and that money becomes smart to what cryptocurrency actually is, and sees the intrinsic value in the blockchain, it will begin to stabilize. All the while, us hardcore cryptocurrency supporters and backers hold most of our positions and thus that is the reason Bitcoin will be well into the 5K range before you know it.
You see, dumb herd money if properly educated becomes smart, blockchain investment money. The ideas, the people, the organizations, the ICO’s, all of it. It’s a lot of education. That’s one of the key reasons we are offering education inside our upcoming blockchain analytics and funding platform, so people can quickly get up to speed on what the blockchain is, how ICO’s and coins work, the technology ins and outs and all the marketing and partnerships that lie between.
Let’s face it, currently the cryptocurrency markets are still fairly ‘underground’, with one taking a collection of web sites and putting together the concept of what it all is intuitively, each person, individually. We are excited Cryptonetix will be able to offer a lot of the foundational work as videos and lessons done by professionals, and quickly get one up to speed so they can contribute to this ever growing market.
For now, I’m going to call a possible bottom and turn around on the daily chart concerning Bitcoin at $2,985 — We hit a low of $3043.70 overnight but we are still in strong momentum to the downside. We are coming up on some previous daily resistance now turned support and just about to hit that 144EMA.
Stay tuned to our blog for more updates, videos and trading commentary. Also don’t forget to signup for our upcoming presale or ICO @ http://www.cryptonetix.com
