Manoj B Rawal
Independent Analyst
- 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:
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