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Bitcoin: Bearish consolidation below 10000

Bitcoin: Bearish consolidation below 10000
Peter A Rosenstreich Peter A Rosenstreich Swissquote Bank Ltd

BITCOIN (in USD)

Bearish consolidation below 10000.

  • Bitcoin rise started in mid April continues, currently trading above 9300 and heading along the 9200 range. Bitcoin bearish pattern started in March 2018 stops. The pair is contained between hourly support and resistance given at 6306 (13/11/2017 low) and 10232 (01/02/2018 high). The technical structure suggests short-term decrease.

  • In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7'000 - 12'000 in 2018. Bitcoin is trading slightly above its 200 DMA (8000 range).

 

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Author

Peter A Rosenstreich

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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