Bitcoin analysis for 13/09/2017

Bitcoin analysis for 13/09/2017:

JPMorgan Chase CEO Jamie Dimon expressed his point of view on Bitcoin yesterday. In the interview at a Barclays investment conference on Tuesday, Dimon said he supported a blockchain technology for tracking payments but that trading Bitcoin itself was against the bank's rules, because, as he said, Bitcoin was "stupid" and "far too dangerous". Later on, he warned that Bitcoin prices are very volatile and would remain very volatile for some time. This situation could be dangerous if countries crack down on its use like China has recently done (after the Chinese decision, the Bitcoin plummeted by about 10% in value). At the end of the interview he warned investors again: "It won't end well," Dimon said, adding that "they will eventually blow up. It's a fraud."

As a CEO of one of the biggest investments banks in the world, Dimon sounds very pessimistic about the future of the Bitcoin cryptocurrency, while many other banks around the world are trying to deal with this situation in a more constructive way by legalizing the digital currencies, implementing more regulations or trying to introduce their own altcoins or cryptocurrencies.

Let's now take a look at the Bitcoin technical picture on the hourly time frame. The current Elliott wave count indicates a possible termination of the wave (c) at the weekly pivot support at the level of $3, 920 which means the completion of a corrective structure of a higher degree. Nevertheless, a lack of an impulsive rebound would indicate a possible extension of the slide towards the next important technical support at the level of $3,600.

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