FX.co ★ Trading recommendations for Bitcoin, September 4, 2017

Over the weekend, Bitcoin first closely approached the psychological mark of $ 5,000, after which it quickly went down. The movement was clearly corrective, as it happened on the weekend in the absence of any important news. Moreover, after fixing profits, Bitcoin will again go up since before that, he ignored the important news from the banking sector. On August 31, it became known that banks like Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street joined the consortium of banks to create a new cryptocurrency. This consortium was established in 2015 by banks such as UBS, Deutsche Bank, Santander and Bank of New York Mellon. The largest banks in the world are planning on the basis of blockchain technology to create a system of instant settlements and conducting transactions. The main idea is that this currency will be used by participants in financial markets when making transactions on exchanges. Also, the consortium participants, unlike the creators of other cryptocurrencies, actively cooperate on this issue with central banks. Theoretically, if banks create their own cryptocurrency, then the position of other analogs will clearly worsen, as the very participation of the world's largest banks is a guarantee of reliability.

Technical picture

To the delight of all the speculators, Bitcoin managed to get closer to the psychological level of 5000, where the quotation felt resistance, as a fact, turned around, forming a corrective movement. Now we again vacillate near the level of 4420, where recently the "bulls" found support but the end of the correction is no longer sunbathing. It is possible to assume that in 4200/4150, where the correction levels are located, we will see an objection from buyers who will once again go to storm the value of 5000.

It is possible to place a buy position after resuming the "bullish" interest, probably near the values of 4200/4150 with the prospect of a move to 4650/5000.

Attention: Forecasts are not a direct guide to action!