Bitcoin Bull

There has been a lot of activity the past 24 hours.

The most significant event is oil beginning to trade in something other than the US dollar. Oil can now be purchased in Chinese Yuan, further decreasing the role of the US in global finance.
https://www.bloomberg.com/news/articles/2018-03-26/china-s-first-ever-yuan-oil-futures-begin-trading-in-shanghai

Also, Litecoin is now allowing smart contracts on their network. Could this be the death knell for Ethereum?
https://coindoo.com/smart-contracts-to-be-implemented-on-the-litecoin-network/


As far as Bitcoin trading goes, we have broken below the 8250 resistance level and are testing 8000. I don't believe this will hold, the next downside target is 7300.
https://www.tradingview.com/x/NL6ukBvm/

There was a major 450 BTC buy floor that got taken out on GDAX and the market is moving violently to the downside. Might have a small bounce at 8250. Next support levels are last week's low at 7300, and if that fails to hold the next stop is a retest of 6000. Trade smart, trade disciplined.

The Federal Reserve just announced that they will be raising interest rates by 0.25%. This was widely expected by the market. I believe this to be a classic case of buy the rumor SELL the news. In a macro sense, this means that the cost of money has increased. The G20 has been going on, but Fed news trumps all as they are the ones with the printing press. Their actions directly impact everything measured in US dollars.

Long term I am bullish on Bitcoin, however I believe that market sentiment is way too bullish too early. Institutions are in a great position to take advantage and profit from this situation. Always ask yourself "Who is filling my orders?" Institutions take the other side of retail. A good rule of thumb is to do the opposite of the crowd.

Downside targets are 6000, 5200, and 2500. Though I think the probability of price going that low (2500) is fleeting as the average cost to mine in the US is about $4000