From the 13th of September, it’s been a really rough time for everyone in the market. With BTC price coming down from Tuesday, September 12, at $4’344.65, all the way to the lowest $2’977.59. As you can see from the graph attached below, the market had the patience and self-control over the trend. In spite of all of that downtrend and bad news, the price still managed to climb right back up on the night from Monday, September 18 to Tuesday, September 19, when it reached up to $4’094.07 from key support levels. Since then, the past week has been going smooth, as buyers and sellers have been keeping a close watch at the price, and analysing the situation.
Graph downloaded from coinmarketcap.com
The Japanese market has been excited on the other hand as Japan’s Financial Services Agency (FSA) considers opportunities of surveying ICOs in Japan. But despite the fact that Japan had officially classified Bitcoin as a mode of payment, the FSA had played a vital role by making rules and regulations concerning cryptocurrencies in Japan.
Buyers who had bought Bitcoins when it hit its support level at around $3’000 have profited by over $900 today.
The resistance level has been approved at $4’000, but we are likely to see a break as the price is expected to reach $4’400 and most likely higher.
As for those Trading Kings out there, their goals are set on getting out of the $3000 to $5000 range. Whilst staying on a level for a long period, massive sales is predicted, which could result in the price dropping back to $3’500.