China has Kim Jon Un’ed the Crypto world and fired a first strike. The rumor is the PBOC will issue its own digital token, possibly for trading with other BRICS, as a way to sidestop the USD. Maybe they will back this asset with gold? A Chinese digital currency sounds worse for the dollar than for Bitcoin. Get out your WWJD (what will Janet do) bracelets and start praying to your bearded Bernanke Buddha. The China man is sick of your American Bullshit.
In the meantime, don’t be surprised to see stories about Kim Jong Un’s rockets being powered by Bitcoin. We are approaching McCarthyism level hysteria. Crypto currencies are going to be the devil incarnate for the foreseeable future.
China has banned Google, Facebook and many other companies, services and technologies. Guess what, people in China still use those services. China issuing its own token solves nothing regarding their ghost cities, inefficient markets and socialist (communist?) government. China would be better off joining the Bitcoin party but China gonna China.
What does this all mean? There is blood and panic in the streets. Should you be selling? NO! Because you sold above $4k if you have a brain in your head. Right?
Kijun is at $3200 on Daily chart. Lagging price by $1500. Some profit taking is recommended here. pic.twitter.com/Igalwvg3sh
— Coinspeak (@coinspeak_io) September 1, 2017
This is a Category 6 Fudnado. Bitcoin still operates perfectly and will continue an upward trajectory. Let’s be real for a moment shall we:
BTC real talk. No asset has ever had a weekly chart like this that hasn't crashed back to earth. Where do we bounce? $2500 / 61%? pic.twitter.com/ivxTiIhunq
— Coinspeak (@coinspeak_io) September 14, 2017
Bitcoin Cash and Monero remain my top picks. I added Decred a month ago. Stay away from Ethereum. Trade Litecoin at your own risk.
We may dip again to $2500 on BTC. I’d wait for an uptrend to confirm before buying but you want to buy before the blood in the street dries.
Choose wisely, in a few years you will either be In Da Club or parking my Lambo.