Bitcoin analysis for 05/10/2017:
General Manager Larry Fink, the world's largest asset management company, sees huge opportunities in cryptocurrency and points out that they need to be explored before they are universally accepted.In a recent interview with Bloomberg TV, BlackRock boss said he is "a big believer" but the current market is focused mainly on speculation. He said: "I am a great supporter of the cryptocurrency potential. I see tremendous opportunities, but what we are talking about today is much more speculative". Although the speculative nature of digital currency is an important issue for Fink, he states that their most important problem is that they are used to money laundering. Nevertheless, Fink is convinced that now is a good time to be active in the cryptocurrency market, letting know that in the coming years, digital currencies will become everyday bread.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the technical support at the level of $4,211 but still, trades above the weekly pivot at the level of $4,143. The market conditions look oversold, so the support zone between the levels of $4,000 - $ 4,111 might be a reversal/bounce zone for the price. From the Elliott Wave Theory point of view, there is still unfinished wave to the downside, but it does not have to break below the wave A low at the level of $,2956.
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