BTC/USD Forms an Evening Star Chart Patter
It’s Tuesday, November 7th, My name is Kiana Danial, CEO of Invest Diva, and here is your forex market report. I’m Kiana Danial, CEO of Invest Diva with NewsBTC and here is your crypotocurrency update. As we predicted in yesterday’s video, Bitcoin price saw a pullback versus major counterparts including the USD on Monday. The BTC/USD pair formed an evening star candlestick pattern on the daily chart, after reaching the all-time high above $7,600 last week. The price touched the lows of $6,900 during the intraday trading and closed at around $7,100. On the 4-hour chart, however, the pair remains supported by the upward-moving Ichimoku cloud, and the Kijun line has so far failed to break below the Tenkan line on the Ichimoku Kinko Hyo’s 4-hour setup. Our key medium-term support level is set at the 23% Fibonacci retracement level of $6,283. In the meantime, the greatest investors ever, Warren Buffett, has recently said that “You can’t value bitcoin because it’s not a value-producing asset…it’s a real bubble in that sort of thing.” It basically means that to him, Cryptocurrencies are not tangible investments. And since the whole cryptocurrency market is not regulated, is not under control, is not under the supervision of any…United States Federal Reserve or any other central bank, Buffet thinks it’s going to implode. I certainly was on the same train for the past 8 years, but as the blockchain industry strengthens its position across different markets, the survival chance of at least some of the superstars of cryptocurrencies, such as Bitcoin, increases. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.