Quick Bitcoin Trading Download **12:35PM

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A quick tidbit for Bitcoin traders today.
Going into the afternoon/evening, the confirmation of a hold on bitcoin is intact. If you want to be technical and ballsy, a BUY on BTC could be put into effect for the next 8 hours.
There is solid support at 11k at the moment (as of 12:32 pm EST) and shows what could be a decent trade for those of you with some serious cash in it. A few hundred dollars worth of a move is what I expect. Looking into the evening, I would say a HOLD is in effect for those of you that are already in.
Let’s look to see what overnight trading does. So far, I am happy with overall support showing a concrete bounce at the 10k mark. Good Luck
LIVE LONG AND PROSPER TRADERS.

BTC Keeps Building Lower Lows – Could Drop to 7K

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What a news-filled morning. We find out that South Korea has finally decided its ban on cryptos will take effect. What does this mean going forward?
Looking at BTC over the last 12 hours or so, there’s been limited excitement and a new trading range has been established. It has leveled off and stayed in the mid 10k range now, a new level from the previous range at mid 11k. So, we’ve built a lower support floor.
If BTC keeps building lower lows, look for a new low at the 7k level. There is too much at play right now with the news from South Korea (although I do not fancy fundamentals whatsoever) and also too much at play when it comes to your money.
What we must wait to see happen to continue the bull run is a solidified grounding at 10k, then 11k. But as of right now, BTC has continued to weaken. As long as those technicals hold, the continuation to a new high is still feasible.
BTC is currently in a wait zone. SELL if you own. Sit back and keep up with the playbook.

CNBC Hosts Bitcoin Pissing Match

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What one thinks of bitcoin and other decentralized cryptocurrencies tends to have strong correlations with one’s ideology, so it is unsurprising that proponents and skeptics alike often approach the topic with a zeal they do not reserve for traditional markets.

This phenomenon was on full display during a recent CNBC segment, in which two panelists engaged in a verbal brawl over bitcoin’s recent performance. The network edited out the heated exchange from its video archive, but the rest of the clip has been preserved on YouTube.

Evercore ISI technical analyst Rich Ross opened the segment — which aired last Thursday — by explaining why he believes cryptocurrency is a bad buy, citing the market’s recent ~50 percent correction, the low average age of cryptocurrency investors, as well as the inaccurate claim that ethereum has only been trading for approximately six months.

“Let’s not even compare this to stocks for a second. What bothers me, we’re staring at the greatest bull market in the last 20 years, where you can double your money in like the best industrial companies — like a Boeing, which is sort of pillaring here for no good reason, up over 200% over the past two years and we’re talking about this stuff here that’s lost over 50% of its value in a month,” Ross said.

This analysis, of course, ignores that bitcoin is still up more than 1,000 percent for the past 12 months — even after this recent correction.

CNBC regular Dan Nathan — a cryptocurrency proponent — took offense at Ross’ comments, arguing that his claim that cryptocurrency had no fundamentals was akin to that of Web 1.0 skeptics.

“You guys like it when we fight, so let’s fight for a little bit,” Ross retorted. “You’ve been bearish [on stocks] for two years….You’re not helping people make money. Let’s call it what it is.”

The other panelists started to defend Nathan, who quickly jumped back in.

“You don’t know what I’ve done, you don’t know what my call is, so go piss off, seriously,” he told Ross.

Fast Money host Melissa Lee rushed to end the segment, but not before Ross landed one last blow.

“A tough moment here on Fast Money,” he quipped.

“As a crypto believer, I am still smart about my hedges…”

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We have said a few times now that cryptocurrencies are not a safe haven (if anything really ever is) for long-term investing. That’s right, to all of you that truly believe there is some substance behind cryptos as of this moment, think again.
I’d like to go over the long-term implication of putting your eggs in this basket alone.
Consider the fact that anyone can open a line of credit, for example, with American Express. Then, they can essentially hurry on over to their coinable account and ride ten grand worth of coinage.
Sounds pretty cool, right? So what happens if it swings the wrong way?
Panic. All of these investors begin to sell off in what they justify as “risk management” of their personal finances. Although, these aren’t even their dollars at play. They are the credit systems.
This is only one example of how the microeconomics of the murky crypto waters are at play. They show a system in which there are still many flaws, although the security of the system is undeniably a solid piece of technology.
So what to do next? How can you hedge yourself?
Follow a basic, simple rule: Invest in the market with a tangible item that has been used for THOUSANDS of years. Gold is a decent start. Other commodities could work just as well. Regardless, just be sure to protect yourself and be smart with your money. Control your losses, and ensure that if that day does come that everyone is totally off the rails and dumping their digital currencies, you can rest assured you’re investment is protected.

Ripple Explained: Beware the Rip Back To Reality

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A crash of the cryptocurrency market took place over the past several days, and Ripple was one coin hit hardest. Ripple’s coin XRP took a major hit, falling from $3.29 to $1.10, from about 16,000 Sat Bitcoin to 9902. It’s not a pretty situation – but not all is lost. Something more major would have to happen for a total loss to occur.

None of the text above or below should be considered financial advice from SlashGear nor the author of this article. Seek out your friendly financial advisor for that sort of business. Activities a reader does before, during, or after reading anything on SlashGear is entirely their own responsibility.

When it comes to a major name in the Blockchain universe, it takes more than a market crash to destroy its future. This sort of crash occurred in crypto markets every year at this time of the year for the past several years. This market crash probably didn’t come as a major surprise to those that watch the market cycles yearly – not that there are many people like that in the market today.