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BITCOIN (in USD): Trading below 8000

BITCOIN (in USD): Trading below 8000
Peter A Rosenstreich Peter A Rosenstreich Swissquote Bank Ltd

BITCOIN (in USD)

Trading below 8000.

  • Bitcoin rise started in mid-April stops, the pair is trading at mid-April range, heading along 7930. Bitcoin bearish pattern started in March 2018 is maintained. 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 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 (8500 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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