Monday, July 24, 2017

Goldman on bitcoin

"Bitcoin could make a marginal new low –to ~1,786—but again, not much further than there. Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691."
A technical analysis on market dynamics.  No cause and effect.

The cause is the promise of central bank non equilibriating moves, each one of which advances the utility of bitcoin as a central bank neutral currency.   Beyond that, bitcoin is stuck waiting for branded side chains.

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