Twitter bans the advertising of cryptocurrency. This social network joined Facebook and Google, who had already issued similar announcements. The list of undesirable topics includes token sales, ICOs, cryptocurrency wallets and cryptocurrency exchanges. Advertising posts with such content should no longer appear in the user’s feed.
Social media was the main channel for the advertising of numerous token sales and crypto-projects, raising the demand and thus the price of cryptocurrencies. Now the bubble of public interest has almost burned, with a decline of Bitcoin price as much as 60% from the all-time high.
Now the cryptocurrencies are in the same line as gambling, tobacco and alcohol in the list of prohibited advertisements, and this fact has a very negative impact on the price of all cryptocurrencies.
Bitcoin continues to slide in descending channel and has hovered near the bottom border of the triangle. Currently, Bitcoin is below the 200-day EMA which represents the resistance level at $9,000. The 50-day EMA is declining and can reach the 200-day EMA forming the Dead Cross pattern. There is no positive sign on the horizon, and Bitcoin will most likely drop further and break the triangle at $7,700. In such case, we can see the panic sell-off and possible retest of February low near $6,000. The ray of hope can appear if Bitcoin turns around and touches the 200-day EMA from below.
Ethereum is falling hard, deeply below the 200-day EMA. The last wave of downfall started from $550 and can bring down to the price range of $400-$450 where Ethereum was traded in November-December. If it goes down further, the next support level of $300 can be expected. To make a recovery, Ethereum has to reverse back above $550, but currently, there are no reasons for such reversal. Ethereum is a principal cryptocurrency for conducting Initial Coin Offerings because the vast majority of tokens are created on Ethereum platform, and the decision of Twitter to ban crypto-ads becomes a powerful uppercut that can knock out Ethereum for a long As Buffet said: “Be Greedy When Others Are Fearful”. We can consider current situation as a “Sales Season” – you can buy cheap with big discounts. But don’t try to buy all at once.
As Buffet said: “Be Greedy When Others Are Fearful”. We can consider current situation as a “Sales Season” – you can buy cheap with big discounts. But don’t try to buy all at once.
The best strategy to build your crypto portfolio is regular purchases in small portions. If tomorrow the price goes down, you can buy next portion even cheaper, therefore your Average Entry Price will be lower.
It is like a time machine: you get a second chance to be back in November 2017 and buy again for the price that has not be seen since then.