Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin

$BTCUSD,  $CME, $CBOE

Bitcoin, the Big Q: How High Can it Go, How Low Can it Go?

Bitcoin, after running hard to tap at $20,000, the crypto currency has cascaded ever since the CME aka the Merc, (NASDAQ:CME) started offering Bitcoin futures at the start of last week.

The $12700 mark is very important to watch as this was the previous low prior to the rally that ultimately ended near $20,000.

Price briefly breached this Key mark early Friday before bouncing.

The action begs the Q: was that a false break reversal or a break in market structure?

If Bitcoin now goes on to take out the next Key resistance between $15000 and $15800 then it would confirm that this was a false break and thus a Bullish reversal signal.

But, if there is acceptance below the $12700 then we could see further losses in the days to come.

However, long-term, the digital currency has see exponential growth. There is the probable likelihood that the asset will reach $40’000 in Y 2018.

This week I will be focused on Bitcoin, as the Fx market world wide will be in slow Holiday mode, and not back to its normal action until the New Year.

Have a terrific week.

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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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