Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin

Forex Morning Briefing: Bitcoin


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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