Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I think there was bad news from China behind the recent crash
And yet China rallies. Quote from: stefanlau
Bad news from China, this morning the Sina Weibo said that China gov will issue the file named NO.140 announcement 2014 from China Payment Institute that they will completely cut the bitcoin fund chain including the current only deposit method--deposit code.They also said that the bank card accounts of all deposit deputy merchants of every exchange platform have been supervised and recorded,and will be frozen.Effected by this news,the bitcoin price drops from 4180CNY to 3800CNY,and then come back a little.
Chinese media report：http://www.btcside.com/new/detail/1030
Chinese media report：http://www.btcside.com/new/detail/1030
Yep, everyone was waiting for the next round of China FUD to rear it's head again! Yay China FUD!
Yeah, it did get up from the local bottom, but now ~ $650 on Stamp, which was neckline of the triple top formation, would likely be a strong resistance. Strong because it also coincides with sMA 200.