Hong Kong’s millionaire pours huge money (HKDs) to impart Bitcoin knowledge, BTC/USD bears halt but seems unlikely to bottom-out

Year-2018 hasn’t been constructive for cryptocurrency market so far, BTCISD has seen more than 75% slumps. 

While many analysts could foresee cryptocurrency industry (Bitcoin to be precise) likely to boom, on the flip side, quite a few pessimistic analysts see gloomy trend to persist in 2019. 

We have seen the doomsdays for BTCUSD in the recent past the moment bears managed to breach below range-bounded trend.

While the legitimate fiat currencies airdrop effected by a Hong Kong based Bitcoin millionaire, Wong Ching Kit, who adds further interest in this space. It is perceived as a constructive sign for the stressed industry.

Airdrop to Promote Bitcoin: It is alleged that Ching-kit threw millions of dollars into the crowd, though at press time, police have only recovered about $5,000. Many took to Twitter to express their reactions, most of which were positive. One user, known as Mia Tam, believed that Ching-kit’s actions were a sign of an upcoming rally, and that bitcoin was in for another bull run. She writes:

“24-year-old budding bitcoin millionaire flings 100s of millions of HKD from the rooftop. He supposed that, ‘he feels as if he is god and he is responsible to teach the world about bitcoin.’ Is this a sign of a bull run incoming?!”

Technically, BTCUSD’s downtrend now seems to have been halted, but the bears, on a broader perspective, have managed to breach below range-bounded major trend and retraces more than 78.6% Fibonacci levels, while the current price slides below EMAs, bearish swings coupled with bearish EMA & MACD crossovers signal extreme weakness. 

During such troublesome circumstance for Bitcoin and its peer groups, the Hong Kong millionaire decided to airdrop some money in the real world. Airdrops are nothing new in the gamut of cryptocurrencies, they usually involve digital tokens and assets. For Wong Ching Kit, he decided to distribute over 100 million Hong Kong Dollar this week. That is worth at least $13m, which was given away to random people.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -107 levels (which is bearish), and hourly USD spot index is creeping at 14 (neutral) while articulating (at 10:29 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex