Bitcoin: Geopolitics and China push up cryptocurrency

By | December 9, 2015

Recently Bitcoin demonstrated quite strong growth. For this cryptocurrency have enough fundamental reasons. Uncertainty in the global economy calls into question the credibility of traditional currencies. In addition, we should also remember about geopolitical tensions. And this is a good reason to look for alternative assets. Also worth noting is the increased recent demand for Bitcoin in China. As a result of the devaluation of the yuan, the demand for bitcoins rose sharply: the volume of trading on the Chinese bitcoin exchanges within 2 months jumped from 700 million yuan to 3 billion yuan. This is happening against the backdrop of the tough stance of the Chinese government in respect of foreign exchange control. A Bitcoin, as we know, has no central governing body and its movement is difficult to track.

In the area of 420.550 level is resistance, which contained the growth of quotations Bitcoins. In the event of a break above this mark the “bulls” can be activated explicitly. If there is sufficient catalyst immediate goal may be the psychological resistance level of 500,000. In addition, and on the daily and intraday charts on prices are above the 50 moving average interval.

Bitcoin chart

Bitcoin chart

Trading analytics

Bitcoins (BTC/USD) – buy bitcoin – Entry price: 420,550. Goal: 495,000. Stop loss: 373,118.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.

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One thought on “Bitcoin: Geopolitics and China push up cryptocurrency

  1. WilliamGub

    Major thankies for the forum post. Want more. Miskovich

    Reply

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