Bitcoin is Volatile within Uptrend Channel
Bitcoin’s Bullish momentum does not seem to be over despite this strong consolidation phase.
The technical structure has shown a tremendous positive short-term momentum so far.
Hourly support area located around 10775. In the short-term, the technical structure suggests further Bearish momentum. It is expected to show further decline.
In the long-term, Bitcoin has had an exponential growth. So, then there is the likelihood that the asset/price will reach $40’000 in Y 2018.
Bitcoin is currently trading at: 14,229.9346, -920.061, or -6.07%, as of 7:22a GMT, the market is open.
CEO and Chairman of JPMorgan Chase Jamie Dimon has said he regrets criticizing bitcoin and calling the popular cryptocurrency a fraud in the past, but remains uninterested in digital currencies.
He was speaking to US television station Fox Business Network on Tuesday about comments that he made at a banking conference last year. “I regret making them,” said Dimon, but added that he is still concerned about how “governments are going to feel about bitcoin when it gets really big.”
“I just have a different opinion than other people. I’m not interested that much in the subject at all,” he said. In September, Dimon denounced the bitcoin cryptocurrency as a fraud, and said it was bound to fail.
“The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” Dimon said at a bank investor conference in New York. He also threatened to dismiss JPMorgan traders if they traded the cryptocurrency.
Dimon also told Fox Business that the technology behind bitcoin called blockchain “is real.” The initial coin offerings ICOs need to be reviewed “individually,” he said.
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