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Bitcoin looks like a good hedge in the Italian crisis

BTCUSDDaily

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Bitcoin | Our expectations:

The price reaches strong levels of support where there is a false breakthrough at least for now. This gives grounds for taking long positions with a stop at 6585.00.

Several diagonal supports, which for now remain valid. Fibonacci 71% which is not very popular, but it has remain in line.

DeM (14) rotates in a strongly oversold zone below 0.3 - positive signal.

Probability for forming an engulfing bar - as it is still not closed.

The Italian crisis creates the opportunity for purchases of defensive assets, as Bitcoin is often used by investors in such situations.

Alternative scenario: Breaking the price below support will probably lead to a further serious downgrade, with the next level of support being at about $ 4300.


 Trader Nikolay Georgiev

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