Go after Bitcoin rather than stick his nose into trade matters.
According to reports from the "to be released" book from John Bolton, Pres. Trump had told Sec. of the Treasury Steve Mnuchin to pursue bitcoin rather than stick his nose into trade matters.
In the excerpt from the book Bolton wrote:
"Not only was his outsized role institutionally unusual, Mnuchin's pro-China, zeal-for-the-deal approach was substantively dangerous. From time to time, even Trump saw this. At one Roosevelt Room session, on May 22, Trump all but yelled at Mnuchin, 'Don't be a trade negotiator. Go after Bitcoin [for fraud].'"
Trump has been critical of the cryptocurrency claiming that they facilitate drug trade and other illegal activities. Trump has been outbreak critical of Facebook's propose digital currency project as well.
The price of bitcoin on the Coinbase exchange (7 days a week, 24 hours a day) is trading up $270 at $9580.73 currently. The move higher today has kicked the price above a topside trend line connecting recent June highs. That break comes in at $9455 and is a close risk level for the buyers.
A lower trend line comes in at $9060 and is another risk level for longs. Go below and sellers will take back some control from the buyers.
On the topside, the recent highs from October 2019, February 2020 and June 2020 come in at $10540, $10522 and $10428 respectively. A move above each would open the upside for more momentum.
