Bitcoin Could See a Pullback after Bitsmap Launches Bitcoin Cash Trading [Video]

Kiana Danial, CFP Invest Diva

The big news in Bitcoin’s world was the big theft affected a separate virtual currency system called Tether. Tether, a start-up that offers dollar-backed digital tokens, said hackers stole more than $30 million from its investors.Despite this, Bitcoin hit an all-time high of $8,362.30 on Tuesday, before erasing its gains. In other news, Bitstamp, one of the oldest cryptocurrency exchanges, has announced it will launch trading of Bitcoin Cash, the crypto that many view as Bitcoin’s rival.Whether for the hack or the rivalry, from a market sentiment point of view, Bitcoin has proven to have a habit of pulling back every time it hits an all-time high. Sometimes it pulls back only to the immediate support level at around 23% Fibonacci, and it sometimes goes all the way down to the 50%. Setting up a Fibonacci retracement level to track the most recent uptrend in BTC/USD, we could argue that the price could see a pullback to at least $7747, or the extended support at $7,200. Meanwhile, the Russian minister of communications and mass media said on Monday that the country will not consider the legalization of digital currencies like bitcoin. Meanwhile in the US, on CNBC's Global CFO Council, some chief financial officers said bitcoin is 'real' but many think it's in a bubble right now. This type of outlook would beg for a massive Bitcoin correction in the future. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

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Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

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