"Due To Popular Demand" Goldman Starts Covering Bitcoin

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.


Countrybunkererd stitch-rock Mon, 06/12/2017 - 17:30 Permalink

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.

In reply to by stitch-rock

stitch-rock Countrybunkererd Mon, 06/12/2017 - 18:49 Permalink

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!

In reply to by Countrybunkererd

Endgame Napoleon Pandelis Mon, 06/12/2017 - 17:06 Permalink

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.

In reply to by Pandelis

youngman Mon, 06/12/2017 - 16:33 Permalink

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

Endgame Napoleon youngman Mon, 06/12/2017 - 17:09 Permalink

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.

In reply to by youngman

Manipuflation Mon, 06/12/2017 - 16:34 Permalink

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.