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Saturday, July 22, 2017

GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.


In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.


The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."


Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop. At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use). Jafari, however, always expected the gains would resume after the correction. And that they have.


Full story at http://read.bi/2uHKNdO


Source: Business Insider Nordic


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