7th December: Bitcoin, Ethernum & Bitcoin Cash Report
Thursday, December 07, 2017
TIME: 8:35 am IST
DAILY CRYPTO CURRENCY REPORT
There are no negative news at the moment for bitcoins. Central banks are trying to tax income from bitcoin trade as they know that warnings of stoppage will be useless. Corrections whenever it happens will be big. Laggards and first timers are waiting to use sharps dips to buy. Sharp falls (if any) could be short lived.
Korea’s Crypto-Craze (from Bloomberg news)
As bitcoin surges past $13,000, so many South Koreans have embraced cryptocurrencies that the nation’s prime minister recently warned they could corrupt the nation’s youth. The craze has spread so far that bitcoin is trading at a premium of about 16 percent over prevailing international rates in Korea, which has emerged as a sort of ground zero for the global crypto-mania. Our view: South Korea is just the tip of icerberg. More and more east Asian nations and south east Asians nations will try to catch up with South Korea.
Bitcoin (BTC/USDCMP $13491.00): Support: $13111.20. Resistance: $14415.70. Bitcoin can rise to $13880 and $14953.10 as long as it trades over $13111.20. Sellers will be there only below $13111.20.
Bitcoin Cash (BCH/USD CMP $1309.50): Support: $1301.50. Resistance: $1338.40.. BCH needs to trade over $1290-$1300 zone to rise to $1368.30 and $1398.10. Sell off will be there below $1290 to $1241.80.
Ethernum (ETH/USDCMP $417.90): Support: $410.90. Resistance: 436.70. There will be a technical breakdown below $410.90 to $395.40 and $379.90. Bitcoin needs to trade over $436.70 to attract short covering and rise.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals, crypto currencies and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Further disclaimer (read very carefully)
Trading of Bitcoins is illegal in my country India. The above report is not meant for resident Indians and Indian corporates. It is meant for traders or corporates in nations where bitcoin and other crypto currencies have got legal validity. Insignia Consultants and it employees are not responsible for illegal trading of crpto currencies and/or nations where crypto currencies do not have legal validity. Insignia Consultants does not advise on any investment strategy which is illegal nor does not it recommend people to trade in anything which is illegal to a nation. The above views are just technical views.
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN US DOLLARS UNLESS OTHERWISE SPECIFIED
Indian Standard Time (IST): +5:30 GMT
Current Market Price (CMP)