Bitcoin analysis for 06/09/2018

At the beginning of August, information appeared suggesting that Goldman Sachs is considering offering cryptocurrency trusts to its clients and launching trading desks dedicated to Bitcoin and other cryptographic tokens. However, as reported by the Business Insider website, citing people closely associated with the case, the institution abandoned its digital plans.

In recent weeks, the bank's management team has come to the conclusion that many more steps should be taken, most of them beyond the bank's control, before the regulated institution can trade cryptocurrencies.

Goldman planned to settle Bitcoin futures for some clients. Staff movements such as the appointment of Justin Schmidt as the head of the digital asset department, or David Salomon as the general director of the company suggested that the bank would be more interested in the cryptocurrency market.

It is worth noting that Solomon is not a standard investment banker. In her spare time, she works as a DJ (under the name D.J. D-sol), specializing in electronic dance music. According to Solomon, Goldman Sachs is already offering clients derivative instruments related to bitcoin, but in an interview with the financial newspaper, he said that the bank must evolve, change its operations and adapt to the environment.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. Information provided financial media caused a dynamic depreciation on the cryptocurrency market. In just two hours, BTC fell from $ 7,375 to $ 6,900. But that was just the initial reaction, later on, the market continued to plummet towards the level of $6,179. The price bounced from this level, but is still trading below the technical resistance at the level of $6,514. Obviously, the price has fallen out of the channel and this event has even accelerated the sell-off.

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The material has been provided by InstaForex Company - www.instaforex.com