(07 MAY 2018)DAILY MARKET BRIEF 3:BITCOIN (in USD)Heading along 9200.

(07 MAY 2018)DAILY MARKET BRIEF 3:BITCOIN (in USD)Heading along 9200.

7 May 2018, 13:53
Jiming Huang


Heading along 9200.

(By Peter Rosenstreich )

• Bitcoin rise started in mid-April pauses, the

pair is currently decreasing following recent rise

at 9629, heading along the 9300 range. Bitcoin

bearish pattern started in March 2018 weakens.

The pair is contained between hourly support

and resistance given at 6306 (13/11/2017 low)

and 10232 (01/02/2018 high). The technical

structure suggests short-term decrease.

• In the long-term, the digital currency has had

an exponential growth but also presented

important downturns. There is decent

likelihood that the currency could stabilize

between 7'000 - 12'000 in 2018. Bitcoin is trading

slightly above its 200 DMA (8300 range).

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