Bitcoin Price Might be in for a Slight Breather – 8/4/2017

August 4, 2017 at 4:11 pm

Bitcoin is certainly holding its own after the much reported fork. one indicators are pointing toward a slight pullback in overall light volume at this time. Fortunately the 100 day Simple Moving Average (SMA) is still above the 200 day SMA so this is still a bullish sign.

Should the bears step in and start selling, the foreseeable floor should be around $2500 per share.

BTC

While the split (fork) in bitcoin did not cause the end of the cryptocurrency as we know it, it has seemed to spook investors in the currency a bit as many are standing on the sidelines to see exactly how stable the markets are.

It would certainly appear that another factor is many investors looking at the health of the US dollar. The government is about to report the Non-Farm Payroll Report (NFP) for July 2017. The non-farm payroll (NFP) report is a key economic indicator for the United States. It is intended to represent the total number of paid workers in the U.S. minus farm employees, government employees, private household employees and employees of nonprofit organizations.

Happy trading everyone!
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