Bitcoin Needs Reversal Confirmation

Jun. 06, 2018 3:20 AM ET
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1996 – Institute of Asian and African Countries at Moscow State University. Socio-economic Department. 

Holds Russian FFMS qualification certificates series 1.0 (broker/dealer activity, and securities management) and series 5.0 (administration of investment funds, mutual investment funds, and non-government pension funds)
Alexei’s international experience is unique. He began his career in 1995 at the Foreign Trade Bank, where he sold foreign currency government bonds to foreign investors. In 1997 he joined Deutsche Bank in Frankfurt am Maine, where he held positions as Department Head and later as Regional Manager of Japan, Southeast Asia and the Middle East in the department of global sales of German bank shares. He also worked as a Senior Client Manager for ADR operations in the Moscow branch of Deutsche Bank.

In 2011 Alexei began working at Pilgrim Asset Management, a Cypriot fund where, as a member of the investment committee, he oversaw trades on the Forex and commodities markets. In 2014 he began managing the financial assets of State Corporation Rostec.
Alexei has 20 years of experience on the financial markets. He has traded Forex and indexes, worked with trading signals, created trading plans, and developed new trading systems. He has an impeccable command of technical analysis and deeply understands trading procedures on Forex and futures markets.
Alexei speaks fluent English, German, and Japanese.

Summary

  • Bitcoin has formed a reversal pattern which signals the uptrend may be coming, but some technicals highlight the bearish momentum is probably not exhausted yet.
  • There are no obvious industry catalysts or developments behind the latest moves.
  • At this stage, the digital currency needs reversal confirmation in order to avoid a sell-off in the short term. The immediate support lies at $7,350.

  Bitcoin has formed a reversal pattern which signals the uptrend may be coming, but some technicals highlight the bearish momentum is probably not exhausted yet. BTCUSD finished above the $7,500 area yesterday, with the price struggles to keep the upside impetus on Wednesday as bulls continue to refrain from challenging the key $7,800 threshold.

  There are no obvious industry catalysts or developments behind the latest moves. The local recovery could be partly attributed to a muted dollar dynamics as the US currency feels some pressure from Trump’s protectionist rhetoric. Overall, technical indicators continue to remain the major driving force for the coin which is trading mostly in a recovery mode since late May.

  At this stage, the digital currency needs reversal confirmation in order to avoid a sell-off in the short term. The immediate support lies at $7,350. As long as the price keeps above this area, the downside risks are limited. On the upside, the key level still comes at $7,800.

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