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Bitcoin price analysis: BTC/USD sits at $9,300; Wall Street's first analyst says "Don't touch it"

Bitcoin continues consolidating with a downside bias, keeping close to $9,300.
Wall Street analyst comes out with another apocalyptical forecast.

Tanya Abrosimova Independent Analyst

Bitcoin is trading marginally above $9,300, having recovered from $9,220. The coin is still under considerable bearish pressure, though, from the longer-term perspective, bulls have nothing to worry just yet.

The price is supported by the lower band of Andrew's Pitchfork, that comes at $9,130 and by 50% Fibo retracement of the decline from $11567 to $6483. As long as these levels are unbroken, the overall trend is bullish. The nearest resistance is created by $9,700 and 200-MA at $10,135

DataTrek Research co-founder Nick Colas recommends to steer clear from Bitcoin as now is not a good time to buy this digital asset.

"It has come down quite a long way, and we're getting a lot of people asking is now the right time to buy. "The short answer is no," he told in a recent interview at CNBC's "Trading Nation".

The expert, known as the first Wall Street's first analyst to cover bitcoin, believes that much fewer people are looking to buy Bitcoin for the first time. He supports his view with Google search trend statistics, that shows the declining interest towards digital currency No. 1. Nick Colas owns a portfolio of cryptocurrency worth about $2000.

Warren Buffet recently called Bitcoin "rat poison squared"

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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