Goldman releases statement to Bitcoin Investors!
"Prompted by growing interest among the hedge fund community, Goldman is dedicating increasingly more "bandwidth" to covering bitcoin, and judging by the bank's bullish bias, most of the "smart money" appears to be long the cryptocurrency.
In a report posted overnight by Goldman's chief technician Sheba Jafari, she writes that since "Bitcoin is still within the limits of a well-defined range, it may need another few swing within the range before resuming its underlying trend" higher. Eventually, after some potential volatility that could send it as low as $1,786 "but not much further from there", Goldman expects the original cryptocurrency to surge to a "minimum target at 2,988 and scope to reach 3,691."
Here is the full text of how Goldman reassures its nervous clients, many of whom appear to have bought BTC near its recent all time highs, that record highs in bitcoin are just a matter of time:
As has been discussed in recent updates, Bitcoin is in wave IV of a V wave impulsive rally that began at the ‘11 low. It’s not uncommon for a 4th wave to be complex and time-consuming.
The fact that the market is still unable to break above the key day high on Jun. 13th (3,000) increases the likelihood of this being a triangle. These triangles are typically characterized by five swings in either direction, making it an ABCDE sequence. If this is the correct interpretation, the next leg lower should retrace back towards the bottom of wave A (1,852) but no further than there.
Alternatively, it could also be an ABC pattern in which case the market could make a marginal new low –to ~1,786—but again, not much further than there.
Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high). At this point, it seems reasonable to assume that the market is in a corrective process until there’s been real evidence of an impulsive advance."
P.S. I've recently moved to Whaleclub for my trading. Whaleclub also gives you demo money to play with, to try it out before you commit any real money. Comment or PM me with any questions. I'd like to get a group of us together possibly to discuss current events in the crypto space :P
https://www.coinbase.com/join/5946e2ab468d030e480cf68b
https://whaleclub.co/join/NcE0h - 30% bonus on first deposit with my link!
BTC address: 1ES9xZJLZGNPEn8DMFJaqctVZ6QgvXtVJH
ETH address: 0xE808684F045A83aa5a0459d3eb30f0928C24eE1d
LTC address: LhxSKwRq4h7RtHCqr738H5NEGgLPnhbyFH
Bitcoin is the most secure crypto investment, but you can earn much more trying your luck in 2nd tier altcoins like Lisk (are going to do a marketing rebranding campain next month and after that there SDK release).
Reasons I'm heavily invested into ANS/NEO as well. $100 ANS/NEO by december. watch.