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diamond regrets calling but coin a fraud jamie dimon chief executive officer of Morgan Chase has gone back on his statement of last year where he infamously slammed Bitcoin as a fraud lashing out at a banking conference in September he stated that he would fire any employee trading the cryptocurrency for being stupid comparing but coin to the tulipmania that's wept Holland in the 17th century speculators drove the prices to extortionate levels until the bubble eventually burst Dimon is one of the highest profile executives in the banking industry and the virtual currency slipped 2.7 percent after his comments before recovering it has now more than tripled in values in September today the 61 year old admitted to having second thoughts on the issue wishing he hadn't he dismissed the technology and such broad terms the Wall Street's CEO at and that he was still not interested in Bitcoin but expressed his opinion on the need for government intervention to hinder the currency s growth despite still being a controversial issue but coins sort in 2017 particularly as its blockchain technology that manages and records transactions saw greater acceptance the rise of Bitcoin has also forced banks such as Barclays HSBC and Deutsche Bank to consider demands from customers to speculate on cryptocurrencies at the time of rioting but coin was worth fourteen thousand nine hundred ninety two point six nine dollar but coin trading alert strong correction and possible rebound crazy week Hut but coin is firmly in the scope of mainstream media and the recent very volatile action makes it only a better story on Bloomberg we read but coin resumed that stumble on Thursday after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation South Korea has been ground zero for a global surge in interest in Bitcoin and other digital currencies as prices surged this year prompting the nation as prime minister to worry over the impact on Korean youth while there s no immediate indication Asia s number for economy will shut her exchanges that have accounted by some measures for more than a fifth of global trading the news is a warning as regulators the world over expressed concerns about private digital currencies but coin fell as much as nine percent to as low as 13,000 $828 in asia trading erasing modest gains after the South Korean release composite bloomberg pricing shows the cryptocurrency has retraced some of its losses by 10:30 a.m.
in London trading down 4.5 percent to 14,500 $5 that puts the drop from a record high reached last week had about 26 percent while South Korea is an important market and recent stories showed that local traders were willing to pay high premiums for Bitcoin we don t generally think that the whole market action is driven by what s happening in Korea we rather think that the hectic behavior in Korea is a result of the recent appreciation and is fueling it to a lesser extent and might be presented in media stories we would actually expect to see even more stories on Bitcoin in the future some of them will follow the Bitcoin appreciated / depreciated because of X where it might be really hard to assess whether this is even remotely close to the actual situation in the market in our opinion the current market conditions are of extreme emotions and fundamental factors might only influence the market to the extent they shift expectations for now let us focus on the charts on but we saw a very sharp correction and then a possible rebound what might this mean for the Bitcoin market in our recent comments we wrote the price action we have seen since then has mostly earned the very short term outlook around this means that the perspective for the next couple days seem a lot more bearish than bullish now mostly based on momentum and the action visibly below the previous all-time high the volume on which this move has taken place has been relatively strong this also contributes to the bearish very short-term outlook but is the situation changed enough to consider hypothetical shorts at the moment what we saw in the days following the publication of our last alert was actually strong depreciation but coin went down to around $11,000 slightly above this level and the local bottom was completed on strong volume to say the least the fact that such a strong move down was followed by a rebound might suggest a bullish outlook but is this the case the move up took Bitcoin to over $16,000 before the currency turned back south not decisively is this all of ollege suggestion on the long term that Fed Ex chart we very clearly see the all-time high the strong move down and a possible rebound recall our previous alert is this part of our analysis difference now then it was only a couple days ago yes in terms of the very short-term outlook how about in terms of the medium-term outlook not necessarily first of all it is quite natural for the currency to correct after a period of very strong appreciation the question is if we receive enough signs that the tide has turned for a longer period of time at the moment of writing this doesn t seem to be the case if we measure the last rally from the November local bottom that coin hasn't he even corrected 38.2% of it this would correspond to Bitcoin at 14350 $7 not a stretch from the current price but the currency is not there just yet because of the potentially very important nature of the current price action we would actually prefer to see Bitcoin below this level for a couple of days before considering hypothetical Shore at the same time it seems that if the currency is able to rebound from this level we might have yet another move upon our hands currently our opinion is that a move down seems more probable but the situation is too risky to put on hypothetical speculative positions at the moment the next few days played out as a move down and afterwards a possible rebound the action was volatile and consistent with our previous view that the situation had been risky now did the hell move change the outlook it might have but the implications are uncertain at this time first of all the move down from the all-time high corrected around 60 1.8 percent of the preceding rally November December 2017 the move up tested the 50 percent Fibonacci retracement and then continued up above the 38.2% retracement before coming back below this level and up to it all in all that coin is now right at the 38.2% retracement and this might be the level which signals the next big move depending on the exchange but coin is either above or below this level so there are no strong implications here at the moment of writing these words we view the situation as possibly more bullish than bearish for the short term but the thing is that this might change even today if we don t see a move down in the next couple of days we might consider hypothetic Long's at the same time a confirmed move below the 38.2% level might suggest that a more pronounced decline as in the cards so even though in the short term the situation is slightly more bullish the current action is not necessarily bullish for the medium-term if you have enjoyed the above analysis and would like to receive free follow-ups we encourage you to sign up for our daily newsletter it s free and if you don t like it you can unsubscribe with just two clicks if you sign up today you ll also get seven days of free access to our premium daily gold and silver trading alerts sign up now regards Mike McAra Bitcoin trading strategies currency for being stupid comparing but coin to the tulip mania that swept Holland in the 17th century speculators drove the prices to extortionate levels until the bubble eventually burst diamond is one of the highest profile executives in the banking industry and the virtual currency slipped 2.7 percent after his comments before recovering it has now more than tripled in values in September today the 61 year old admitted and the recent very volatile action makes at only a better story on Bloomberg we read but coin resumed that stumble on Thursday after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation South Korea has been ground zero for a global surge in interest in Bitcoin and other digital currencies as prices surged this year prompting the nation as prime minister to worry over the impact on Korean youth while their US diamond regrets calling but coin a fraud jamie dimon chief executive officer of Morgan Chase has gone back on his statement of last year where he infamously slammed Bitcoin as a fraud lashing out at a banking conference in September he stated that he would fire any employee trading the crypto massive Bitcoin has also forced banks such as Barclays HSBC and Deutsche Bank to consider demands from customers to speculate on cryptocurrencies at the time of writing one Bitcoin was worth fourteen thousand nine hundred ninety two point six nine dollar but coin trading alert strong correction and possible rebound crazy week Hut but coin is firmly in the scope of mainstream media into having second thoughts on the issue wishing he hadn't he dismissed the technology and such broad terms the Wall Street CEO atted that he was still not interested in Bitcoin but expressed his opinion on the need for government intervention to hinder the currency s growth despite still being a controversial issue but coins soared in 2017 particularly as its blockchain technology that manages and records transactions saw greater acceptance the run
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