"Due To Popular Demand" Goldman Starts Covering Bitcoin

Tyler Durden's picture

It's official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, "hedge" funds - starved of volatility in virtually all other asset classes -  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman's chief technician, Sheba Jafari to start covering it.

In the report that Goldman released this afternoon ago, Jafaru concludes that "the balance of signals are looking broadly heavy" with the following view: "wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915."

In other words, Goldman is bearish. Which probably means that bitcoin is set to make new all time highs shortly.

From today's "GS Techs: Quick BTC"

Due to popular demand, it’s worth taking a quick look at Bitcoin here...


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. It will also form a key week version if Friday’s close is below 2,475. Both daily/weekly oscillators are diverging negatively. All of this to say that the balance of signals are looking broadly heavy.


An eventual 4th wave should retrace at least 23.6% of the length of wave III, which in this case comes to to ~2,330. It shouldn’t go much further than 38.2% down at 1,915. Expect 4th waves to trade sideways/messy for a period of time before eventually continuing the underlying trend. Will use the length of wave I (~1,136 points up to the Nov. ’13 high) to measure the minimum projection target for wave V.


View: Wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.


Weekly Chart




Daily Chart


Now we - and apparently a whole lot of other hedge fund managers - eagerly await Goldman's thoughts on Etherium.

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bobdobolina's picture

if you don't know now you know with the bitcoinnnz

Raffie's picture

Yup, all crypots are world's largest RUSE in history.

Friken Coinbase is still down for the count. Think all lines going in and servers are now glowing pools of metal...

MANvsMACHINE's picture

Goldman Ballsacks is buying while others are selling.  There's no way they are offering free advice...lol


Countrybunkererd's picture

I think they already bought it, ran it up (maybe it wasn't Chinese housewives), and is looking to make themselves money by getting you to believe in another moonshot.  If it is a currency it needs stability, so how do you value this again?

The_Juggernaut's picture

As if you needed another sign that shitcoin is a fucking scam... Now GS is on your side.  Enjoy!

khnum's picture

The left hand of Goldman will sell you the shit telling you its a great investment and the right hand will short it to a smouldering ruin

Countrybunkererd's picture

If you like your bitcoin, you can keep your bitcoin.

stitch-rock's picture

y'all keep on bellyaching over the missed opportunity of a lifetime.
Bet most of the bitch-bitchers still got AOL email addresses lolz

MANvsMACHINE's picture

To be honest, I still do use an aol email addess....and I also own Bitcoin.

Does that make me weird?

stitch-rock's picture

An anomaly in my book.
But not one of the angry retards....
The comment was an observation of the misreading and underestimation of the power of technological innovations.

Remember all the AOL freakin install CDs all over the place?

Drimble Wedge's picture

My TAXI DRIVER works 4 Goldman Sachs

Global Douche's picture

I remember the quality 3.5 floppies they sent out. Easy to reformat and they lasted longer than most store-bought brands!

GodSpeed_00's picture

AOL still existing is what is surprising to me.

Countrybunkererd's picture

I am not bellyaching.  I do bellyache over the 68 camaro, original everything, I could have purchased for 3500 bucks back in the day.  THAT bothers me, bitcoin not at all.  I must say i don't lose sleep over either.  The sun will come up until it doesn't.  History teaches that certain things will ALWAYS be necessity.  One of them is food.  Maybe i will accept your 1/0 for food but i doubt it.  Think of a new Audi R8 or whatever, nice yes, but i wouldn't want one in my garage.  When i see the owner i still say nice car because it is.  The world would be really really boring if we all did and desired the same things.  Look at most of the USA these days since you can't even talk to someone because they are in their phones, wear the same clothes, drive the same cars, and on and on.

stitch-rock's picture

Don't need your food either.
I have my farmers in walking distance:
greens, milk, all the animals.
Hell we go for a walk and come home with lbs of morrels, ramps, leaks, fiddleheads and all sorts of other real food.
Most people have chickens, that's on our list.
My boy and I have been target shooting getting ready for turkeys, duck and quail and regularly pull 5 lb bass out the lake next door.
A moral implication: I see the 'bankster' species and see the debilitating parasitism upon everything.
The block chain, from all my research, puts all of their jobs as obsolete: banking, insurance, real estate, etc.
All those assets are already digital (remember MERS debacle with subprime) I was in on the structural financial power of PMs and bought fistfuls but, as so many have seen, the institutional shorts will NEVER let that 'price' rise.
The death, destruction and utter blight to humanity that the bankster class represents NEEDS to be purged if all of us have any shot at continuing on.
We (should by now) all know: banks start the wars.
BTC is one means to that ends of dislodging that lever of societal control.
The fact it makes their jobs obsolete is like giving them the rope to hang themselves.
As a hedge against the down slide of society, until BTC came along, it was only gold (art and real estate for the familial aristocratic wealth).
BTC, and more specifically the block chain, is the hedge for a halfway societal slide to oblivion...gold is the hedge against the full apoco-show.

I would cry to miss a 68 camaro for 3.5k.

Country, you seem a standup dood.
A man who knows his, has no demon of jealousy.

Cheers to you!

Global Douche's picture

Thanks for the most meaningful post of the day! I wish I could upvote 1000+

francis scott falseflag's picture

I thought you bought the Brooklyn Bridge in 1998?

Rinauldi's picture

Good luck with your USD

Raffie's picture

Long as there is ink and printers there will always be Monopoly money.

Croesus's picture

Ugh...Government Sachs & BTC. What's next, Cramer on BTC? Oh wait...

Raffie's picture

What's next?

Hillary and Maxine in full support of President Trump. Well... that would mean the world as we know it will have about 6 minutes left.

Croesus's picture

I don't even want to think about having to see/hear either of them more than the 'already-too-much' we get now...

Pandelis's picture

power to the lumpen proletars

Endgame Napoleon's picture

My natural instincts used to tell me that "the workers" are so innocent and idyllic. Let's set up a perfectly fair worker's paradise. Bully-momma workers in low-wage, absenteeism-gang jobs sure as h** do not preside over utopian workplaces. I am afraid of either outcome, really. The childless people will get kicked in the head either way, whether the rich assortative-mate working parents prevail or the welfare-taxfare "working families" prevail. Unless they are wealthy and insulated, childless citizens are s*****d either way, as we will be put last in every case. I am not at all sure that the lumpen proletariat will be any more merciful than the rich if in charge, even though the rich contribute to the chest thumping among the parts of the lumpen proletariat with high womb productivity in the status quo. The rich feel like they get extra virtue-signaling points for propping up "independent" households for "poor" single moms, with other types of rigging of workplaces for married moms. That last part is more opportunistic in motivation, although the womb-based freebies are, too, in that mommas with welfare to cover monthly bills and taxfare checks of up to $6,269 can work for rich employers for very low wages.

38BWD22's picture



Bwa ha ha, w/ BTC down over $350!!  [ounce.me]

Goldman-Sachs out to screw them every time...  (Do they cover gold?)


Raffie's picture

Goldman cares about one thing, GOLDMAN.....

nuf said....

therover's picture

Oh for fucks sake.

BitchesBetterRecognize's picture

not good at all. 


once Wall Street rest its eyes on something, they always find a way to fuck it up to their benefit. 


BTW - all cryptos took a hard hit today. 


SRV's picture

Mr Global's gold misdirection confirmed

youngman's picture

its a computer money..and the Hedgies got big fast computers....they want to play

HRH Feant2's picture

Hahahahaha! Now when will the price for BTC, ETH, and LTC be shown on the Bloomberg ticker?

youngman's picture

You dont think a country like Venezuela who needs cash bad..doesnt have a few folks trying to hack that system....if they could get a few billion it would save their county

mrtoad's picture

How do you hack the bitcoin/crypto system???? Hack one computer theres another 5 million connected to the blockchain that need to be hacked.

Rinauldi's picture

Bingo. But technically, you need to only hack 51% to gain consensus. Lol

Endgame Napoleon's picture

Poor Venezuela. They cannot resesitate their economy by trickery. They need their rich people to create diversified businesses in their own country, not to invest their money elsewhere. They also need to ditch socialism. It is not working. No one wants to do all that work to put items on their shelves for no profit for themselves. You cannot make people do it.

Manipuflation's picture

I have FIVE children on hand right now and only two are mine.  Three Korean kids, one male mind you and one Japanese/Bulgarian girl.  It's Daddy daycare.  Between the ages of six an twelve.  For you older ZHers do you remember those days?  

Now I have a captive audience to indroctinate with libertarian ideology.  They are ruing the place already, I have to go.   

khnum's picture

bi de bi de bi de thats all folks

milo_hoffman's picture

Go make me a drink porky

khnum's picture

by all means invest in something whose intrinsic value is a combination of unicorn shit and you tube cat videos,I dont invest in things that fluctuate 15 per cent in a day sorry.

Yars Revenge's picture

Anybody know what Jafaris settings are for stochastics?

order66's picture

Goldman's "top technician" uses Fibs and Oscillators? L.O fucking L.

francis scott falseflag's picture


"Fibs and Faps

And puppy dog laps."

mrtoad's picture

shame its not traded like the fraudulent market run by the fed corruption cause then this may make sense.

Appreciated Chelsea Clinton's picture


Too-Big-to-Bail's picture

Bitcoin just went from Digital Gold to Digital Shit

ClowardPiven2016's picture

BTC is shit....it's only up $900+ in the last month!