Bitcoin analysis for 02/11/2018
Bitcoin and altcoins are “a new institutional investment class” – says Morgan Stanley, one of the largest investment banks in the world, acting as a financial advisor for the largest companies, governments and financial institutions.
“Decrypted Bitcoin: short teaching and implications” – this title document states that Morgan Stanley surprisingly changes the attitude towards cryptocurrencies. According to the latest publications, the bank sees a strong creation of new funds targeted at this sector, as well as an increase in futures contracts related to crypto.
The positive nature of the document, despite the bearish market this year and the related price drops, is one of the strongest signs that Wall Street is willing to make friends with Bitcoin. Researchers also maintained a positive opinion on decentralized technology, describing it as making the world a better place.
Investment giants routinely emphasize the clients’ demand, motivating them to cooperate with the industry.
Last month, anonymous sources told the main media that Morgan Stanley would follow in the footsteps of other heavyweight Wall Street players like NASDAQ and Citigroup, considering options for Bitcoin transactions for customers.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $6,173 and broke through the technical resistance zones at the levels of $6,297 and $6, 323. There is a new local high made at the level of $6,345 as well, just below the weekly pivot at the level of $6,367. Nevertheless, to move even higher the market must break out above the technical resistance zone at the level of $6,455.