Bitcoin price analysis: Quick move up from the lows as President Trump announces withdrawal from Iran N-deal; safe haven bids?

BTC bounces off immediately after Trump's withdrawal from Iran deal.
Behaves as if safe haven buying kicking in.

Manoj B Rawal Independent Analyst

Bitcoin quickly moves up as soon as the U.S. President Donald Trump announced his decision to withdraw from the Iran nuclear deal, in a sign that Bitcoin is still considered as safe haven among many traders and investors and prefer to take shelter in times of uncertainties and risk-off.

BTC/USD is now down less than 2 percent at $9,220, as against $9,135 before announcement. Seems newsflow here has quite matched with the technicals and price action, as was visible earlier on the two-hour chart, a bounce from those levels was due. (Read here for more)

If this bounce can sustain and the BTC has to respect the channel, then next move should be all the way towards $10,000 - psychologically very important level for the investors.

BTC/USD 120-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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