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Bitcoin Slips Lower as Technical Signals Diverge

Bitcoin Slips Lower as Technical Signals Diverge

2017-08-09 14:55:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin consolidates recent gains as technical indicators confuse.

- Fidelity enters the fray; NEO enters the top 10.

Check out our new Trading Guides: they’re free and have been updated for the third quarter of 2017

Bitcoin (BTC) Drifts off its Highs as Technical Signals Diverge

A lackluster European session saw the largest digital currency by market capitalization, Bitcoin, drift off its recent highs but still trade sharply higher than levels seen one week ago, pre-hard fork decision. BTC is currently quoted around USD 3,300 – compared to last Wednesday’s USD 2,799 – and off yesterday’s USD 3,475 all-time high. Confusing stochastic readings – a momentum indicator - are not helping investors, with the daily chart showing BTC firmly in overbought territory (above 80), while the three-hour chart shows the digital token in the oversold zone (around 20). And while BTC remains above its 20-, 50- and 100-day ema reading on the daily chart, on the three-hour chart the price is currently trading below its 20-day reading.

Chart: Bitcoin (BTC) Price: Daily/Three-Hour Timeframes– August 9, 2017

Bitcoin Slips Lower as Technical Signals Diverge

Charts by IG

Fidelity International Adds Cryptocurrencies to its Customer Website

In a further sign that digital currencies are becoming accepted as mainstream financial instruements, US fund giant Fidelity International will enable customers to see a range of cryptocurrencies on its website, via a link-up with digital wallet provider Coinbase. Fidelity tweeted that while mass adoption of blockchain technologies is still years away, “Just as many other technologies have done in the past, Bitcoin and blockchain could transform how we manage our finances.”

Market Moves/Top 10 Capitalizations – August 9, 2017

Bitcoin Slips Lower as Technical Signals Diverge

NEO Jumps by 14%, nears USD 1 Billion Market Capitalization

One of the biggest percentage movers Wednesday was NEO (NEO), formally known as Antshares, China’s first ever open-source blockchain. The company is expected to benefit from the next wave of Chinese Initial Coin Offerings (ICOs) using its technology.

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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