Bitcoin price analysis: Short term bounce on the horizon, medium term still hazy; wall street warming up to the cryptos
- BTC price just around a support line.
- Lacks momentum to cross past major hurdle.
- Wall St warming up to BTC trading: NYT
Bitcoin, the largest cryptocurrency and the poster boy of digital money is sitting just at the short term support line and should give a temporary bounce. Whether it sustains this bounce and leads to rally past major resistance which is visible on the daily chart, still needs to be seen.
BTC/USD down more than 2 percent at $9,131 and bouncing off lows of $9,041, just above the channel trendline support of $9,023. This bounce is expected to sustain for now and may take the price all the way towards $9,800-9,900 levels, which are resistance areas on the short term as well as long term.
Among the news which is worth mentioning is the fact that Wall Street is warming up to trading in Bitcoin and other cryptocurrencies, as reported by New York Times, which is quite interesting because all the big-wigs and high flying bankers had been calling Bitcoin and other cryptocurrencies as a bubble and had been advising investors to stay away from these over the past many months.
BTC/USD 120-minute chart:
BTC/USD daily 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.
