Bitcoin is showing a significant sign of weakness from the price action point of view as it does a open rejection from thursdays top. On Fridays session price opened gap up and done a magical high of 16666.66 (Bitstamp Exchange) however rejected and got back into thursdays trading range with a strong rejection. Trading sentiment is maintaining negative for the last two trading session. Medium term Bitcoin Trend Exhaustion is clearly visible.
I have a very less enthusiasm towards crypto-coin market and the increased volatility with sharp swing reversals should be a nightmare for every new investor/trader. RBI issues multiple warnings on crypto currency trading. First warning came on December 24, 2013 and the second on Februrary 1st, 2017 and third very recent on 6th Dec 2017. Despite multiple warnings many Indians seems to be aggressively involved in trading bitcoins, possibly few might try with bitcoin derivatives as well.
RBI said that the creation, trading or usage of Virtual currencies or VCs as a medium for payment are not authorised by any central bank or monetary authority. “No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities,”
The Mad Rush
Coinbase, a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. one of the world’s best-known exchange for crypto trading, hit the top spot for free apps in Apple’s U.S. App Store for the first time as the price of bitcoin rocketed past $16,000.
BREAKING: Coinbase unavailable.
The company now has more customers than Charles Schwab and has opened as many as 300,000 accounts in a day.
Today has unprecedented volume and demand.
There are litterally so many people trying to buy Bitcoin that exchanges are crashing. pic.twitter.com/ZzMKkplyga
— Bruce Fenton (@brucefenton) December 7, 2017
None had seen madness at this magnitude on the financial markets. This bubble is not going to end well!