Bitcoin: Some bounce imminent; IMF's Lagarde calls for state sponsored digital currency

Expect a bounce in the BTC.
IMF's Lagarde calls for states to explore digital currency.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of the crypto world which led all the cryptocurrencies to the downside in the week gone by, is expected to bounce a bit after the sell off which broke all the key levels on the largest cryptocurrency.

BTC/USD is just a less than a percent on day at $5,546, around high point of the day. BTC, after breaking key supports on all the time-frames, is expected to bounce a bit from lower end of the bollinger bands to the middle of the range. Oversold RSI could also come to the rescue of the bulls.

One of the key positives for the cryptos, IMF Managing Director Christine Lagarde, in her prepared speech in Singapore, called for exploration of digital currencies by the states to cater to the digitally adapt community.

BTC/USD daily chart:

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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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