Bitcoin is trading at $6,452 after correcting a subtle 0.8% on
Thursday.
Morgan Stanley says that Bitcoin (BTC) is the Goldmine for
institutions.
After Bitcoin escaped the range resistance earlier this week, the
buyers increased their grip on the price. BTC/USD skyrocketed past
$6,400 reclaiming $6,500 before stopping at $6,530. There was
consolidation with the downside protected at $6,500 yesterday.
However as predicted, the price broke the short-term support at
$6,500 and tested the range resistance turned support at $6,441.72.
In other Bitcoin related news, Morgan Stanley, one of the world’s
largest investment bank says that Bitcoin (BTC) is the Goldmine
for institutions. The bank says that there is a lot of interest from
institutional investors. The bank said this in a report that was
titled ‘Bitcoin Decrypted: A Brief Teach-in and Implications.’
The report states that institutional investors are currently
receptive of the virtual currencies. Moreover, crypto assets in
management services has grown significantly to $7.11 billion
compared to the values in 2016. The management services are
accessible via VC firms, private equity firms as well as hedge funds.
Meanwhile, Bitcoin is trading at $6,452 after correcting a subtle
0.8% on Thursday. The MACD on the hourly chart shows strong sell
signal for the bears. The Fast Stochastic Oscillator, on the other
hand, touched the oversold on the downside before recovering
slightly to 39.58. This means the bulls are not a sleep and are ready
to defend the support at $6,440. Below this, the 50 SMA is
positioned to offer support. Similarly, the 100 SMA coinciding with
the range support at $6,375 is positioned to stop a slide towards
$6,300. Bitcoin’s major support is at $6,200.
BTC/USD 1-hour chart
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channel
Thursday.
Morgan Stanley says that Bitcoin (BTC) is the Goldmine for
institutions.
After Bitcoin escaped the range resistance earlier this week, the
buyers increased their grip on the price. BTC/USD skyrocketed past
$6,400 reclaiming $6,500 before stopping at $6,530. There was
consolidation with the downside protected at $6,500 yesterday.
However as predicted, the price broke the short-term support at
$6,500 and tested the range resistance turned support at $6,441.72.
In other Bitcoin related news, Morgan Stanley, one of the world’s
largest investment bank says that Bitcoin (BTC) is the Goldmine
for institutions. The bank says that there is a lot of interest from
institutional investors. The bank said this in a report that was
titled ‘Bitcoin Decrypted: A Brief Teach-in and Implications.’
The report states that institutional investors are currently
receptive of the virtual currencies. Moreover, crypto assets in
management services has grown significantly to $7.11 billion
compared to the values in 2016. The management services are
accessible via VC firms, private equity firms as well as hedge funds.
Meanwhile, Bitcoin is trading at $6,452 after correcting a subtle
0.8% on Thursday. The MACD on the hourly chart shows strong sell
signal for the bears. The Fast Stochastic Oscillator, on the other
hand, touched the oversold on the downside before recovering
slightly to 39.58. This means the bulls are not a sleep and are ready
to defend the support at $6,440. Below this, the 50 SMA is
positioned to offer support. Similarly, the 100 SMA coinciding with
the range support at $6,375 is positioned to stop a slide towards
$6,300. Bitcoin’s major support is at $6,200.
BTC/USD 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a
follow at @FXSCrypto and our FXStreet Crypto Trading Telegram
channel
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