In a report out by JPM, their technical analysis points to a move down to $4,600 as fairly likely at this point.
However, it also points to a move to $14,300 or even $16,300 if near term resistance levels are broken.
This kind of rhetoric is quite common among technical analysts as all TA is based on probabilities and "if then" statements.
It is not good for predicting, but instead good for charting possibilities based on previous price patterns.
Which means, they don't mean a whole heck of a lot other than making for interesting talking points.
However, if you are into that sort of thing, here is some tidbits from their report:
"Bitcoin's recovery from a low above $5,900 earlier this month was "impressive". Still, we see a "fairly high risk" of a sell-off towards the $4,605 level if the digital currency doesn't break through its resistance level between $10,128 and $10,776."
There you have it, IF we don't break $10,128-$10,776 area in the near term, prices are likely to head south down to $4,605.
However... and this is a big "however":
"Above $10,776 though, the door for a broader countertrend rally to $14,334 if not to $16,304 (76.4% on different scales) would be wide open."
So, if we are able to break the upside resistance levels in the near term, prices are likely to test the $14,334 to $16,304 levels.
To conclude...
Prices are likely to go down and they are likely to go up.
We can't say for certain which is more likely.
Thanks as always JPM!
Gotta love TA.
In some real news...
Check this out:
Microsoft announces that they are going to implement blockchain technology into their ID applications.
Currently all ID systems are controlled by a central authority. Microsoft is working on a decentralized ID system that isn't controlled by any one party.
Both bitcoin and ethereum were mentioned in the news release.
Now that is some news worth sinking your teeth into!
Stay informed my friends.
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