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BITCOIN (in USD) levels: Weakening

BITCOIN (in USD) levels: Weakening
Peter A Rosenstreich Peter A Rosenstreich Swissquote Bank Ltd

BITCOIN (in USD)

Weakening.

  • Bitcoin is declining after reaching 7753, approaching the 7350 range. The pair is further contained between support and resistance given at 7051 (29/05/2018 low) and 8583 (21/05/2018 high). The technical structure suggests shortterm 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 below its 200 DMA (8800 range).

Bitcoin

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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