Bitcoin Price Finds Intermediate Support

Bitcoin Price Finds Intermediate Support

Bitcoin price is holding to a previous chart structure after finding support near 2900 CNY and $440. The 1hr 200MA has provided the support discussed in yesterday’s analysis. Currently price is holding an advancing line around the advancing Fib line that has defined price action for the past several weeks. Although the chart looks to be advancing we await a Buy signal before opening any position in the chart.

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Blockchain is a really disruptive development, and banks have a lot of fear concerning this technology because in the pure theory of blockchain, a lot of processes within a traditional bank would be obsolete.

Thomas F Dapp, research analyst, Deutsche Bank