Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin

$BTCUSD

  • Bitcoin Looks Weak, as Tough Holiday Period Continues

Bitcoin is coming under selling pressure once again, with efforts by SKorean authorities to rein in speculation being blamed for the drop of around 10%.

Currently Bitcoin is trading at: 14,619.9951,+9.9697, +0.07%, as of 8:41a GMT, the market is open.

While this is likely a contributing factor, it is very likely that the pre-Holiday drop, sees speculators more sensitive to negative news.

Recall that we saw lots of this in reverse on the way North, with positive news triggering significant rises and negative news brushed off.

Do not be surprised if we see prices heading back to below $10,000 before they find some footing.

Have a safe and sane New Year’s Holiday Weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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