GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

 

Jonathan Garber     Business Insider        July 19, 2017

 Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.

At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use).

Jafari, however, always expected the gains would resume after the correction.

And that they have.Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285. As to how far bitcoin can go from here, Jafari expects another run at record highs. "The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691."Bitcoin is up 140% in 2017. It put in a record high of about $3,000 on June 12. 

BitcoinMore :  https://finance.yahoo.com/news/goldman-sachs-bitcoin-going-test-191000220.html