News

Bitcoin weakness set to continue

23/01/2019

Bitcoin (BTCUSD) is once again looking likely to punish believers in what was only 13 months ago the hottest investment in the markets. The pattern of failing to rally to previous highs before again falling away that we have been documenting for many months looks set to continue with short-term resistance at $3630-50, and medium-term resistance around the $4100 level. A test of the $3200 support level continues to look far more likely than any breach of the resistance levels mentioned above. A close below $3000 will continue to test the faith (and wallets) of the Crypto believers.  Since the end of 2017 rollercoaster Bitcoin has now been in a 54 week downtrend – albeit one with some lively swings – but a downtrend nonetheless. At this stage Bitcoin bulls have little left but hope, which is rarely a sound basis for investment.

Share this news

Related posts

Economic 2019-07-31_FOMC.png

Countdown to FOMC on 31st of July

31/07/2019

Market expects 0.25% rate cut on 31st of July 2019

Read more
Calendar Calendar.jpg (1)

The week ahead 15.07.2019

15/07/2019

Upcoming releases next week

Read more
Stock Market US stock-exchange.jpg

Stock market rally

10/07/2019

Stock market rally after Powell transcript

Read more
Forex News yen.jpg

Dollar Yen breaks lower

24/05/2019

Dollar Yen breaks lower

Read more