Bitcoin analysis for 04/10/2017:
Goldman Sachs, one of the largest investment banks in the world, is investigating the possibility of introducing new cryptocurrency-based trading operations. This is what the GS press spokesman described as "customer interest in virtual currencies." The Wall Street Journal explains that the study is ongoing and may not produce any results. Both the currency trading department and the strategic investment group of the bank are involved in research into such opportunities. "Goldman Sachs' efforts include both the currency trading department and the strategic investment group of the bank. This suggests that the company believes Bitcoin's future is more of a payment method than holding value, like gold, "the Wall Street Journal reports.
This news is not the first signal that Goldman Sachs is interested in cryptocurrencies. The company's website includes a description of the basics of blockchain technology for the beginners. Previously, Goldman Sachs was the first Wall Street bank to publish a Bitcoin price report. This is complete opposite point of view that was recently presented by another large investment bank CEO Jamie Daimon, who called Bitcoin a "scam".
Let's now take a look at the Bitcoin technical picture at the H4 time frame. After falling out from the channel to the level of $4,211 the price bounced slightly, but no new high was made so far. The momentum is decreasing and the stochastic is currently in the neutral zone, coming down from the overbought levels. There is still a slight chance for a rally towards the second target projection for wave (c) towards the level of $4,661, but so far the market is rather in a consolidation cycle. Breakout below the weekly pivot at the level of $4,143 opens the road to the technical support at the level of $,4000.
