I closed my BTC Long as it has just bounced off the top of the Channel. I read yesterday that Alibaba (BABA) a massive Chinese concern has its shares sitting very low. This is an ideal place to buy having bounced off of that bottom channel line, looking for a target of the upper trendline.
A wall street journal report said that China’s regulators are looking to impose a fine for anti-competitive behaviour. However, I think any threat of that fine is priced in, plunging the stock to incredible lows for a company of this stature.
The MACD is just turning up, I actually think the fine is priced into the market now. So even if they are actually hit with the fine, there will be a lot of investors very interested at this low price.
Let’s hope we’re going to ride the magic carpet!
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