Technical analysis Bitcoin BTC/USD - 15.10.2017

jpktraders (46)in #trading • 7 years ago (edited)

We have an interesting week behind us when it comes to Bitcoin. When it's course was at the historic peak (4900 USD), there was a fantastic forecast from Michael Novogratz. Billionaire believes the BTC price will rise to 10,000 USD. This should happen within 6-10 months. In addition, former investment banker Fortress and former Goldman Sachs partner, said he is retiring to set up a 500 million USD venture capital fund that will operate on the cryptocurrencies market.

Putin, meanwhile, believes that digital currency can be used to finance terrorism, tax evasion and money laundering, and the Bitcoin bears the mark of a pyramid scheme. According to him, Bitcoin creates:

"Ability to launder money from criminal activity, tax evasion and even terrorist financing, and the spread of financial fraud programs."

In addition, the Central Bank of Russia wants to block the cryptocurrencies in the country.
In addition, Ken Rogroff, a professor of public policy and economics at Harvard University, said Bitcoin's fall was inevitable. Quoting:

"Is cryptocurrency Bitcoin the biggest bubble in the world today, or is it a big investment in cutting-edge financial technologies? I think technology will continue to grow in the long run, but Bitcoin will fall."

The arguments of Ken Rogoff regarding the possible collapse of Bitcoin seem to deepen the already familiar views of Jim Dimon - that governments will not allow Bitcoin to succeed and force Bitcoin users to abandon it. After a series of critical comments, JP Morgan boss pledged to stop talking about BItcoin, posts:

The professor predicted that Bitcoin would eventually break down, but did not give a time frame when it would happen.

Despite these statements, Bitcoin has overcome a resistance of 5,000 USD. At present, the capitalization of the entire market is less than 170 million USD, of which BItcoin's share is at 54%. Over the past 24 hours almost all top 10 cryptocurrencies are suffering from price drops, with the exception of Litecoin, which is growing 4%.

Ahead of us is another Bitcoin fork after which the new cryptocurrency is about to be created - Bitcoin Gold. Countdown to this event can be found here. The situation on the chart, however, does not look the same as by the last fork. At that time, the BTC course was in a drop correction phase for several days before the fork, and now the price of BTC follows a new upward impulse started on September 15. It seems that people are buying Bitcoin to get free Bitcoin Gold. If you are also interested in buying a BTC to get free BTG coins during the fork.

Meanwhile, looking at the chart from the D1 interval, you can notice a strong falling candle. If it closes in this form by the end of the day, it will be a strong signal for the correction. It can even reach levels of 4900-5000 USD according to the trend of new peaks and depressions, but also does not need to ...

The target for ending the current upward impulse is 161.8% of the external Fibonacci measurement of the last correction from the daily chart. It coincides with the price of 6200 USD. It is also possible that the correction from the graph above will not take place, or will not be so deep, then you should observe the potential return and react. Important support, where the potential end of the correction is 5400 USD and 5200 USD.