JPM says Bitcoin is going to $4,600 or $14,300 in the short term, thanks
In a report out by JPM, their technical analysis points to a move down to $4,600 as fairly likely at this point.
However, it also points to a move to $14,300 or even $16,300 if near term resistance levels are broken.
This kind of rhetoric is quite common among technical analysts as all TA is based on probabilities and "if then" statements.
It is not good for predicting, but instead good for charting possibilities based on previous price patterns.
Which means, they don't mean a whole heck of a lot other than making for interesting talking points.
However, if you are into that sort of thing, here is some tidbits from their report:
"Bitcoin's recovery from a low above $5,900 earlier this month was "impressive". Still, we see a "fairly high risk" of a sell-off towards the $4,605 level if the digital currency doesn't break through its resistance level between $10,128 and $10,776."
There you have it, IF we don't break $10,128-$10,776 area in the near term, prices are likely to head south down to $4,605.
However... and this is a big "however":
"Above $10,776 though, the door for a broader countertrend rally to $14,334 if not to $16,304 (76.4% on different scales) would be wide open."
So, if we are able to break the upside resistance levels in the near term, prices are likely to test the $14,334 to $16,304 levels.
To conclude...
Prices are likely to go down and they are likely to go up.
We can't say for certain which is more likely.
Thanks as always JPM!
Gotta love TA.
In some real news...
Check this out:
Microsoft announces that they are going to implement blockchain technology into their ID applications.
Currently all ID systems are controlled by a central authority. Microsoft is working on a decentralized ID system that isn't controlled by any one party.
Both bitcoin and ethereum were mentioned in the news release.
Now that is some news worth sinking your teeth into!
Stay informed my friends.
Follow me: @jrcornel
Wow!!!
I hope
It will grow.
gentelbot
Thanks forvoting
Greetings Berlin
Thanks for the analysis!
"Bitcoin is going to $4,600 or $14,300"
Volatility is the main word that comes to mind for me when I think about crypto. I am still learning myself a lot about it but I find it funny because it seems as if this is the trend today, criticize Bitcoin/Crypto, then turn around and say that crypo is "unlikely to disappear" I think while various crypto like currencies hit lows, companies and big figures are going to keep talking negatively about it.. acquire their own portion, and then talk highly of it to pump up the price.
As for "Microsoft announces that they are going to implement blockchain technology into their ID applications." I have a lot of faith in Microsoft turning to the blockchain rather than Google/Facebook. I'm also not sure how long that this has been a feature, but Microsoft is already allowing you to redeem Bitcoin!
Still very curious as to what Microsoft has planned for the future, but if it's digging in its roots now, it's choosing the right time.
Where is the bitcoin option available as a payment?
Respectfully, this looks like a shop-job.
Respectfully of course.. lol
Go to https://account.microsoft.com/ then log into your Microsoft account, then scroll down, there will be a section that look something like this,
To all traders out there seeking for a good trading strategy and have been going through difficulties in winning trades, I will like to share with you all a solution to your problems by introducing you to an amazing trading strategy and tool I was also introduced to, which has won me thousands of dollars lately.As an IPM investor I have made over $452000 in my first quarter, been the most secure trending investment .contact me and i will show you the secret and strategy also i will assist you for free contact me via my e mail ([email protected]).This is a top secret you need to learn for a good Payout. I guarantee you 98% ..Regards.
Companies have always, really always their own hidden intentions behind open source technologies. So I stopped using Windows on my desktop and laptop machines. I switched to Linux (kubuntu) and from then on I'm pleased more and more with this open source operating system. Almost all crypto are implemented open source and code is mostly written on Linux machines.
I'm not surprised that Microsoft pick such an important field as personal data is! Smells on Big Brother evasion!
So what the BrainTrust at JPM is basically saying:
Basically.
Hahaha an image worth 1000 words and this one has nailed it xD
So the price can go up or down ;p It is quite simple you don't have to draw 10 lines to know this. I heard that technical analysis is very helpful in daily trading but not for long-term.
yep, they said basically nothing.
You nailed it!
No, silly. It's TA, not guesswork. Geeze.
Yup but I doubt 4,600 will be reached. No one will let it get that low people have buy orders set. WHALES will come like no tomorrow if it goes to 5k.
That is where I will buy :)
I hope it goes down to give me a chance to reset time and buy a whole btc easy lol
They are saying that because of bitcoins next resistance level but it has survived that so let's see.
I am hoping for the best as i have to buy MacBook.
dude i have to buy a macbook to
Best of luck for that. when are you planning to buy it?
Here is my small vote to support you in that.
So the price can go up or down ;p It is quite simple you don't have to draw 10 lines to know this. I heard that technical analysis is very helpful in daily trading but not for long-term.
what a wide range...
It doesn't really matter if the price went down. It is actually a good chance to buy more if that's the case, then wait for it to go up again. We've already seen BTC went down couple of times, yet in every dip, it easily rises way more than the amount it decreased from. But with this prediction, it might encourage people to buy more.
Imagine how much whoever came up with this range, gets paid. A person could literally know nothing about bitcoin and give an estimate as broard as "4000 or 16000", more evidence that the banksters still don't know what they hell they're dealing with.
It's always interesting hearing what JP Morgan has to say about anything! Usually you can bet against them and make a pretty good living! Lol. Bitcoin in my belief isn't going anywhere but up at some point in the future! I don't believe it will go to zero. I've only been in the crypto game for 3 months now! I'm just learning some basics, and it appeared to me that Bitcoin isn't really going to be useful for enterprise, and just a digital store of value. This didn't appeal to me much but a couple days ago it dawned on me the true value of Bitcoin! I wrote a quick article for anyone who's interested! Let me know what you all think! Thanks for the post! :-)
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
Definitely more upside potential than downside risk. These guys at JPM are trying to accumulate coins at a lower cost by spreading these kind of predictions. I’d be better off flipping a coin to determine my entry points than listen to them.
Haha probably true! That might be part of it, though as you know, fear sells better than optimism. :)
It really does. Not to mention it gives me the opportunity to take advantage of all the sheep who listen to them and buy their cheap coins when they panic sell.
This is so typical... I love it though and get a kick out of it every time. Basically, it can go either up and down. If it doesn’t go up, it will go down. End of story. Genius proclamation.
Yep, if it goes higher, it will probably go a little more higher. If it goes lower, then it probably goes a little more lower... genius!
I think I’m going to apply to be a part of their trading and analysis team. What can go wrong?
You guys haven’t addressed the sideways factor yet. Otherwise I think you’re ready! High and lower or low and higher.. yup, you’re ready!