Sheba Jafari, Goldman Sachs

Goldman Sachs: Bitcoin Looking “Heavy”

Investing, News | June 13, 2017 By:

A Goldman Sachs investment analyst issued a bearish note Monday, indicating bitcoin single-coin prices may be headed downward.

Goldman Sachs head of technical strategy Sheba Jafari said in a note that “the market has come close (enough?) to reaching its extended (2.618) target for a 3rd of V-waves from the inception low at 3,134. It’s on track to forming a bearish key day reversal if today’s close settles below 2,749.”

Jafari indicated that the bulls would start to run if prices dipped down to the $2,330 level “and no lower than $1,915.”

Bitcoin finished below $2,600 on Monday before rallying back to the $2,700 level today. This followed a retreat when prices went over the $3,100 mark on some exchanges.

“Both daily/weekly oscillators are diverging negatively,” said Jafai. “All of this to say that the balance of signals are looking broadly heavy.”