Is ICO Bubble going to burst..... Will the Bitcoin survive- People are worried

Concerns are growing that the recent boom in "initial coin offerings" (ICOs) could leave many investors burned by scammers looking to make easy money. Initial coin offerings, or ICOs, are a new form of online fundraising. Startups issue digital coins or tokens in exchange for real money used to fund projects. ICOs have become hugely popular this year, with over $3 billion raised using the method in 2017 so far. Michael Jackson, a venture capitalist at Mangrove Capital, told Business Insider:

"The danger with ICOs is that the boiler room is resurrected." Jackson warned that the market is "a complete Wild West," with no controls on how ICOs can be pitched to investors and evidence of scams in the market.

Jackson surveyed over 200 recent ICOs for a recent paper on the market and said roughly half would not have made it through Mangrove's deal screening process

Earlier JPMorgan's Jamie Dimon calls it a fraud.

Lets check on Technical Chart Basis. BTCUSD

Support of BTCUSD

5441
5388
5179

Resistance of BTCUSD

5769
5892
6078

As per my Technical View BTCUSD is entering in downtrend. However there might be some speculation going on with Bitcoin. Retail investor should stay away from buying. One who already have should book partial profit and wait and watch.

As Bitcoin hit a new record high less than two weeks ago, long-time “hodlers” (an inside joke in crypto based on a typo in a drunken Bitcoin Talk forum message in 2013) celebrated on Twitter and Reddit with jokes about buying Lambos, and a clip from Wayne’s World where the main characters frolic and chant, “We’ve got $5,000! We’ve got $5,000!”
Prince Alwaleed says bitcoin will implode: 'Enron in the making' · "It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision" of any central bank, Alwaleed says. · Bitcoin has surged about 500 percent this year. · Digital currency bitcoin has surged about 500 percent this year and hit an all-time high above $6,100 on Saturday. Bitcoin traded more than 4 percent lower around $5718 Monday, according to CoinDesk. · Bitcoin has shaken off an August split into bitcoin and bitcoin cash, and a Chinese crackdown in September on digital coins.
Source:- https://www.forbes.com/
http://markets.businessinsider.com
https://www.cnbc.com/

On Saturday, the price surged to yet another all-time high, $6,194.88, according to Coinmarketcap.com, and the market capitalization briefly exceeded $100 billion. It's unlikely to happen due to an inability of the market to handle the order flow. Could it happen again? Sure, the markets could have a big drop or may take a support before rallying.

Disclaimer:
Above Support and Resistence is my personal view based on Technical Chart. Please do your own research or get expert guide before making any Trading or Invesmtent decision. I not responsibel for any loss/gain accured. By reading this post you acknowledge and accept.

Be Safe Play safe......Live a Happy Life @vindy

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