Bitcoin analysis for 18/04/2018

The rating giant, Moody's Investor Service, said in a recent report that Blockchain technology for cross-border transactions could potentially harm banks in Switzerland more than in any other country. Because half of the Swiss banking sector's revenues come from fees and commissions, Switzerland is more at risk of losing money because Blockchain technology makes cross-border transactions cheaper and faste. According to the Moody's report: making cross-border transactions faster and cheaper would be more advantageous for bank borrowers, but these improvements could also compress their fees and commissions, which would be a negative result.

Switzerland is also the third, after Great Britain and Belgium, the national Moody's position for banks that process the largest number of cross-border transactions with respect to GDP (except for Luxembourg and Hong Kong). Switzerland has recently been described as a "crypto nation" due to its supporting ecosystem for crypto, Blockchain and ICO. Earlier in April, a board member of the Swiss National Bank (SNB) said that although the technology of a scattered accounting book, such as Blockchain, can reduce the cost of cross-border payments, it does not meet the real-time gross requirements.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is now in wave b cycle of the corrective wave (2)/b, which should end at the level of $7,442. There is a possibility that the wave (2)/b had been completed already at the level of $7,722, but it would have been very short in price and time. The key level to the upside is the recent swing high at the level of $8,355. If broken, then the market will likely rally towards the next technical resistance at the level of $9,134.


The material has been provided by InstaForex Company -