Social media bans crypto ads
A complete ban on crypto-related ads, especially initial coin offerings (ICOs), is what the internet giants Google and Facebook decided. Later, Twitter also joined the group, which meant putting the crypto world in the dark. The reason behind such strict measures is the rising power of shady ICOs promising investors quick returns in no time.
Bitcoin is trading lower
The 4-hour charts show the recent Bitcoin rallies were too weak to make any major break out, which means the bias remains on the downside. As we have been shorting BTCUSD from 11000, the next target would be 7200. The previous downtrend almost touched that level and then a double top pattern was formed.
Some traders believe that this bottom trend line (in purple) will hold and Bitcoin prices will eventually bounce from it and start a new bull run, but I am sceptical.
With a bunch of bad news this month, people’s confidence is significantly lower, and traders are already looking to the 6000 level. For me, it is too soon, and I would take profits at 7200.