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Bitcoin is again under pressure but this time it is not the work of the Chinese authorities and not another article from the Wall street journal.
So far, the ban on ICO and the possible ban on bitcoin trading in Chinese exchanges has become a background issue, as many traders are talking about SegWit again, or rather about the new release of SegWit2x. Let me remind you that the proposal of SegWit2x is still considered with caution by most miners. For example, technical director and Bitcoin Core team member Gregory Maxwell stated that most Bitcoin Core participants are not interested in SegWit2x and are not going to support this solution.
The activation of the release of SegWit is scheduled for November of this year with the release for the download to be available from October 27.
If we return to the ban with the Chinese authorities, then, to all appearances, many traders and investors do not seriously consider this possibility. This is because the daily trading volume in the Chinese bitcoin market has almost doubled compared to the US market. The Huobi, OKCoin and BTCC exchanges said they do not believe in the ban, and are not even sure that such actions are in the plans of the NBK.
In the meantime, while China is struggling with ICO and regulation of bitcoins, Vietnam has began to hastily purchase equipment for the cryptocurrency. However, there is one serious legal problem. Since the concept of "cryptocurrency" in Vietnam is not defined, it creates difficulties with the delivery of equipment for miners.
Bitcoin (BTC)
The signal to buy Bitcoin (BTC):
The critical moment for bitcoin came. This morning, there was an attempt at a breakdown of 4000, so it's best to return to your buys only after returning to this level in order to update close to 4183 in the second half of the day. If the bulls cannot get hold of the level of 4000, then in this case, it's better to postpone buying to 3858 or even to the level of 3739.
The signal to sell Bitcoin (BTC)
Returning to the selling of bitcoin is best after update to 4183, but a return to the level of 4000 USD will also be a good signal to increase short positions from the test levels of 3858 and 3739, where I recommend fixing profits.
