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June 25, 2021

China's Mining Ban is Good for Crypto?

Frank Cabibi

6/25/2021

What was seemingly awful news for bitcoin and the altcoin market has recently been given a positive spin by analysts. Their new take on the China ban explains that less centralized mining in China means more market share allocated elsewhere, aka Texas. One thought I had- which is just speculation- is if Venezuela and other countries suffering monetarily adopt cryptocurrency mining, it could be beneficial to these countries and at the same time, give bitcoin more credibility. That is just a prediction, but this idea does seem plausible in financially struggling and developing countries take up part of the crypto mining market share.

Our outlook

Bitcoin, as well as other altcoins, are hurting from fear in the market. And fear in the crypto market usually ends in big drops in price and tremendous volatility. So, a lot of bad news seems worse than it actually is; and dumps in price are usually good signs for investors who want to continue to stockpile their crypto investments. In the long term, we think crypto has great potential especially as the technology for mining and clean energy becomes more advanced. In the short term, there could be more downside, but with each dip, big money keeps scaling in.

Trade Setups

BTCUSD

BTCUSD is down today after price tested the top of a consolidation zone on the 4H and retraced to the low $32,000s. Price may want to come down to test a falling trend line for support. The most recent candle looks like it wants to reject lows and leave a long wick to end the trading period.

XLMUSD

Stellar Lumens look a little grim on the 4H where price continues to test a falling trend line and retreating to lower lows in the longer term. Right now, price is on support which is also a bottom at .234569 and forming a pin bar on the most recent candle.

ADAUSD

A falling trend line since early June has kept price from breaking above and extending declines. But recently, the coin bottomed out on the 4H and has come up to test the falling trend line once more. The recent hard momentum in the altcoin market could bring upside potential. If not, we can expect Cardano to test the bottom for support.

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