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Bitcoin Slides Lower But Korean Traders Still Bullish

Bitcoin Slides Lower But Korean Traders Still Bullish

2017-10-23 10:16:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin giving back some gains after hitting yet another all-time high.

- Korean Won buyers continue to pay a premium for digital currencies.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC): Falls From Highs But Korean Buyers Still Visible

After hitting a fresh high over the weekend, profit-taking has pushed the price of BTC back in excess of $340, back below the recent uptrend line. Sellers appeared after the digital coin neared $6,200 over the weekend after the market surged late Friday in Europe on unsubstantiated talk that safe-haven buying in Zimbabwe drove the price of BTC to the $10,000 level domestically. Korean Won denominated traders also continue to buy Bitcoin with the average price paid nearly $200 higher than other currencies. Korean Won-denominated buyers have been active in the last few months, taking up the slack from Chinese Yuan traders, with prices paid above average due to liquidity concerns.

Bitcoin Slides Lower But Korean Traders Still Bullish

BTC is likely to find support ahead of Wednesday’s Bitcoin Gold hard-fork, although the value of the new coin, BTG, will be determined by the market and the miner’s, acceptance of the new fork. We have discussed the upcoming Bitcoin Gold hard-fork and it’s potential to move the price of BTC, over the last couple of weeks at our Weekly Bitcoin Webinar on Wednesday’s at 12:00pm - if you would like to join us, please click here.

A look the latest chart shows BTC breaking below the recent uptrend from the October low and the intersection with previous, October 13, high around $5,850. Support is likely to kick-in around $5,700.

Chart: Bitcoin (BTC) Four Hour Timeframe (October 7 – October 23, 2017)

Bitcoin Slides Lower But Korean Traders Still Bullish

Market Moves/Top 8 Capitalizations – October 19, 2017

Bitcoin Slides Lower But Korean Traders Still Bullish

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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