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Bitcoin to consolidate at $US8000 a coin: Goldman Sachs

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Bitcoin to consolidate at $US8000 a coin: Goldman Sachs

Postby MrFredPFL » Wed Nov 08, 2017 1:32 am

Story :

Technical analysis of the unorthodox Bitcoin market has led Goldman Sachs to believe the major cryptocurrency is set to consolidate at $US8000 ($10,500) a coin.

After a month that saw Bitcoin soar beyond $US5000, $US6000 and then $US7000 a coin, technical analysts Sheba Jafari and Jack Abramowitz have warned traders against betting on a near-term boost past $US8000.

Applying the Elliott wave theory, the analysts deduced the crypto-asset is likely to consolidate at this price for a time, as it marks "the third of five waves up".

"Next in focus [$]7941. Might consolidate there before continuing higher."

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