Bitcoin price analysis: Bulls fail again; cryptocurrencies could be used to help central bankers mitigate next financial crisis, says Morgan Stanley
|- BTC fails to cross the short term resistance once again.
- Morgan Stanley says cryptos can help mitigate next financial crisis.
Bitcoin fails to cross past the resistance on the short term chart once again and falls down hard from the highs after hitting the descending trendline even as long term charts shows fibonacci retracement level fails to hold on.
BTC/USD down more than 1 percent at $8,530 and down more than $300 from the high point of the day which is at $8,854.44. On the 120-minute chart, BTC failed to cross the descending trendline drawn from the recent highs once again and on the daily chart too BTC has broken off the 38.2 percent fibonacci retracement of the recent rise from April lows and now eyes 50 percent level around $8,193.
Morgan Stanley in its recent report says central banks can use cryptocurrencies to mitigate next financial crisis by cutting interest rates aggressively into negative teritory, according to an article on Business Insider.
BTC/USD 120-minute chart:
BTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.