We saw a deep correction yesterday and those who were lucky to grab a bag at the bottom are likely taking profits. From this chart analysis (4 hour analysis), we can see that the price is consolidating and forming a symmetrical triangle after a bearish movement. With recent news and FUD from Coindesk stating that south Korea's top financial regulator suggested that Korean exchanges could all be shut down by the fall, I'm expecting price to continue lower. If you're shorting, keep your stop loss to the resistance line. If price breaks below support line, I'm expecting price to target 2.40. We will wait and continue to watch as this symmetrical triangle pattern continues to develop.
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