3800 seems to be pretty strong as for now, let's see what comes next - 4400 + or another dip to 3300 ?
Unless relieving news come from China best scenario is dead cat bounce to about 4000$ ( max. ) and price between 3400-3800$ for the rest of week.
Very bad news can drive the price down to about 3000$ though.
imho
The funny and sad thing is, the news doesn't even have to be confirmed/legitimate for it to affect the price. It's pretty obvious how much ignorant people are invested into bitcoin and other cryptocurrencies. They just read a negative post of bitcoin from Wall Street Journal then BOOM. People start selling without even thinking twice if the news is legit or not. A perfect example of this is Charlie Lee's tweet spreading FUD.
It's confirmed enough that BTC China has announced they are shutting down ALL operations by September 30.
I won't be shocked to see $2000 - but I'm not really expecting Bitcoin to dump quite THAT far.
Here's the REAL question - if the Chinese government DOES try to ban Bitcoin (which has been rumored by a few places over "capitol flight" and "funding illegal activity" worries), what happens to Bitmain BW.com and the other miner manufacturers in China?
Innosilicon can just revert to their pre-mining semiconductor house status, but most of the rest don't HAVE a fallback position....