BTC/USD bulls bounce back on fundamental news of Goldman Sachs custodian service and technical news of Dragonfly Doji but trend seems still edgy

Today, BTCUSD prices have bounced back from the lows of $6,847 levels to the recent highs of $7,119.9 levels on the lingering news of Goldman Sachs contemplating an idea of rendering custodian services for the cryptocurrencies. 

Thereby, this marks the subsequent stride in the institutionalization of cryptocurrencies and accessing the market to investors like those that invest in traditional markets.

Bitcoin price (at BITFINEX) has gained 3.54% today as a spokesperson for Goldman Sachs responded to Bloomberg on the matter, stating: “In response to client interest in various digital products we are exploring how best to serve them in this space. At this point we have not reached a conclusion on the scope of our digital asset offering.”

Technically, BTCUSD has constantly been sliding ever since the occurrences of hanging man patterns at $8,235.6 and $8,175.9 levels. The bears have evidenced considerable price slumps below EMAs (refer daily plotting).

On the contrary, the pair has formed at hammer and dragonfly doji pattern candles at $7,004 and $6,941.2 levels respectively (refer 4H chart). Consequently, the bulls have bounced back above SMAs.

Overall, the trend still seems to be edgy, further dips seem to be likely upon bearish DMA & MACD crossovers on daily timeframe.  

On trading grounds, it is wise to stay short on every rally, whereas on hedging grounds good to add longs in futures contracts with a view of arresting upside risks at any time.

Currency Strength Index: FxWirePro's hourly BTC is inching at -50 (which is bearish), USD spot index is flashing at -54 levels (which is bearish), while articulating (at 12:13 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex