Well, it looks like China is making headlines in the crypto world once again. This time, they want to supposedly ban exchanges in China. It's not the first time they've taken such drastic steps. This year alone, they've frozen accounts, prevented withdrawals for months, and declared that ICOs are illegal. What's almost ironic about all this news is that they have changed their mind every time, reversing their decisions. They are also in support of NEO and other cryptos that comply with their laws to create a more interconnected China.
So it almost seems normal to see news like this that affects the market; Bitcoin specifically. I made the chart above on Bittrex to represent Bitcoin since the beginning of the year using a Fibonacci trend line. Based on the data of the market (which doesn't lie), where the money is coming from (Asia!), and the long-term price trend, Bitcoin is actually doing very well! About a week ago, it touched the $5000 mark, which is considered to be a major milestone for the entire market in general (since Bitcoin makes up nearly HALF of the market cap of all cryptocurrency in existence).
Yes, China has one of the biggest markets in the world and can dictate price swings here-and-there, but that's only because the rest of the world has still yet to wake up and smell the money. There could be retracement of Bitcoin by 38% or so, but I think there's a strong support line at around $4000 right now. I'm confident that things will lighten up in the next month or two, and we'll finish the year strong ($5000 or higher maybe?).
Also, why does Reuters, CNBC, Fortune, and other major news sources cover this minor setback, but don't say a word when Bitcoin breaks a new weekly price record? Given that all the major banks, institutions, and investors are getting involved, shouldn't we be seeing cryptocurrency in the news every single day as a major headline? Very interesting. Funny how things work.