BITCOINS has surged past $4,000 on 13 August 2017 and the question is whether it will continue the upside momentum and how far it can go?
Investors on BITCOINS would have remembered that on 16 July 2017, BITCOINS made a low of $1830 and in 4 days, it was trading at $2938. BITCOINS made a technical breakout since 5 August 2017 and the upside momentum continued.
Based on our forecast, if this bullish momentum continues, we could potentially see BITCOINS trade to $4350 as our first price target, followed by $4,600 s the second price target. On the other hand, if this bullish momentum has a pause and BITCOINS starts to retrace to the downside, we would see it retrace to $3,800 level as our first price target, followed by $3,560 as our second price target.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Investors on BITCOINS would have remembered that on 16 July 2017, BITCOINS made a low of $1830 and in 4 days, it was trading at $2938. BITCOINS made a technical breakout since 5 August 2017 and the upside momentum continued.
Based on our forecast, if this bullish momentum continues, we could potentially see BITCOINS trade to $4350 as our first price target, followed by $4,600 s the second price target. On the other hand, if this bullish momentum has a pause and BITCOINS starts to retrace to the downside, we would see it retrace to $3,800 level as our first price target, followed by $3,560 as our second price target.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.