Bitcoin Price Analysis for May 29th – BTC Going to Grow
By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, May 29th, the BTC has grown steeply and is aiming upwards. It is generally trading at 9632.50 USD.
On D1, the picture has hardly changed since last week. The pair keeps trading the upper border of the descending channel, trading between 50.0% and 61.8% Fibo. After yet another test of 61.8%, a pullback is becoming more and more probable. The aim of a decline will be at 38.2% Fibo. The MACD is currently above zero, indicating the possibility of further growth. The aim of the growth is at 61.8% Fibo.
On H4, the perspective has almost no difference to the longer timeframe. The pair keeps growing to the upper border of the channel and 61.8% Fibo. A bounce currently looks more probable than a breakaway. The Stochastic is in the oversold area and demonstrates a Golden Cross. This pattern is currently an additional signal of further growth to the resistance area.
In the recent conference, the Goldman Sachs representatives singled out several moments characterizing the BTC as a weak asset for investments. For example, among such drawbacks, the investment bank names its high volatility, the possibility of the use in acts of crime, and the lack of safe haven asset characteristics.
ANy of those drawbacks may be argued and put in parallel with the fiat money. However, there are few reasons to do so because the crypto market is a whole different world and branch of investment. The opinion of Golden Sachs is based on controversial postulates. The BTC does not, indeed, generate money flows as a security; however, gold does not generate profitability as itself but it does not scare anybody off. The BTC does not take part in the growth of the GDP but it is not meant to do so as the key idea of the crypto world is decentralization. The BTC does not allow to diversify the portfolio due to its unstable correlation – but the crypto market is yet too young and has no trading history. This is going to be fixed sometime. Some investors are attracted by the high volatility – but banks consider it a problem.
In other words, any argument counter the BTC may be beaten by an argument in favor of it.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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Dmitriy Gurkovskiy, Khareem Sudlow