Bitcoin analysis for 03/10/2017:
Bitcoin or digital technology companies are the latest trends on Wall Street. The rating is based on news this week about several different companies that have benefited from the digital currency and had significant price increases, thus experiencing significant growth in the market. Bloomberg explains that this indicates a new strong fashion. Overstock, managed by Patrick Byrne, was valued $137 million after opening the trading platform. Goldmoney, which has offered its clients the opportunity to trade and store cryptocurrency in their insured wallets, has risen by 15%. The price increases are a testimony to market sentiment that the new Blockchain cryptocurrency will have a huge impact on the market in much the same way as before the "dotcom" market rally. Investors are trying to get traction at an early stage of the market, where profits can be very significant. However, the hidden risks and technical barriers associated with digital currency have led to increased pressure on investors looking for major investment options. Hence sudden changes in the prices of individual tags.
Let's now take a look at Bitcoin technical picture on the H4 time frame. The bulls were not strong enough to break out above the $4,444 resistance and now the price has fallen out of the channel in somewhat impulsive fashion. Nevertheless, to decide if this is the beginning of the wave (c) to the downside, the price must first breakout below the level of $4,000. Please notice, that in a case of extension the next target is at the level of $4,661.
