Forecast & News of Bitcoin

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Bitcoin Analysis for December 11, 2017

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $16,645. Latin America has known far more than its fair share of economic troubles over the years. Whether it's populist revolutions, military coups or some other calamity, the rich in the region always had to think of how to protect their wealth from possible confiscation, hyperinflation or whatever may come.

Forecast and technical analysis EURUSD on December 07, 2017.

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EURUSD: euro falling under pressure from the crosses

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On Thursday the 7th of December, trading on the euro/dollar pair closed down. The euro hit a low of 1.1776 on the back of a decline on the euro/pound cross. The GBPUSD pair dropped to the 1.3320 mark before mounting a 165-pip recovery to reach 1.3485. As the pound’s surge gained momentum around 1.3420 level, the declining euro/pound cross dragged the euro down with it against the dollar from 1.1815 to 1.1773 (-42 pips).

BTCUSD: 6,000 USD likely to be tested before hardfork

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The previous review on the BTCUSD daily chart was on the 6th of October. This was a continuation of the idea on the 3rd of October. At the time, with the price at 4,420 USD, I was expecting the bitcoin to fall against the dollar to around 3,995 USD, which would have marked around 50% of the upwards movement from 3,490 to 4,482.

Bitcoin could reach 100,000 USD, but not a million

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In order to better understand the current situation on cryptocurrency markets, let us recall a famous story. An analyst and a trader both go into a lift. The trader, before pressing any of the buttons, turns to the analyst and says; “Spare me your clever little tricks and just tell me; are we going up or down?” The analyst answers; “First of all, we need to be clear which floor we’re on. Secondly, in any case, we can’t go higher than the roof, and we can’t go lower than the basement. Still, we can’t rule out the possibility that the lift will get stuck or change direction owing to extreme circumstances”.

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