Latest FX market analysis and trade views: Will the Bitcoin crush?

Breathtaking Bitcoin price action on Wednesday, surging 10% in the first half of the day and declining -5% in the second. Rumors about NASDAQ to add Bitcoin futures to trade officially accelerated rush to buy cryptogold. Unprecedented demand triggered take-profit action. Asian buyers stepped in around $9000, pulling the prices higher on Thursday. But that was also fake upside run. Bad news came from US court, forcing one of the biggest Bitcoin exchanges to provide full information of its’ customers invested more than $20000 together with all their transactions. Anonymous, you say?..

I do not care about the destiny of this specific asset. Some people say it’s just the start of bright future and we will see Bitcoin prices above $100000 very soon. Some people say it’s the biggest bubble in history and we’ll see rivers of blood very soon. As you can see from my view posted on last Sunday, I DO NOT CARE. I open a speculative position when I see good odds and return ratio.

I’m preparing a deep technical outlook for BTCUSD asset. So far I can give you one example. Open daily chart and try to draw a simple trendline. Just connect HIGH price from AUG-15 and HIGH price of NOV-08. Extend the line to the right side. You understand, that this line could be drawn before NOV-30, right? So tell me please, is it a fortuity that LOW price of NOV-30 sell-off is exactly at the same line? - No, it’s not. This rule is old and is suited for any asset technical analysis: once a resistance is breached, it becomes support. So I took my profits of my fresh shorts around $9K and I’m sitting squared. I suspect a further slide south, so stay tuned for updates and further analysis.