Bitcoin analysis for 23/10/2017:
Research by CB Insights shows that Goldman Sachs, Google and Citi Bank are among the five most active corporate investors in Blockchain. According to the report, financial services companies and major banks were the first corporate users of the technology. On the basis of the information contained in the report, as many as 91 large companies have invested in this technology since mid-October 2017. Among the over 50 corporate investors are global financial services companies. The report also showed that the top ten banks in the United States spent $267 million on Blockchain. IT Corporation has revealed that total corporate investment in Blockchain has reached $327 million by 2017. By comparison, total investment for 2012-2017 was $1.2 billion.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market might have just finished the wave 3 of the overall impulsive cycle, which means the price will now enter a corrective cycle wave 4. When the correction is completed, the market will make another higher high above the level of $6,168. The first target is seen at the weekly pivot resistance at the level of $6,398. The key intraday support is the zone between the levels of $5,580 — $5,737 and any violation of this zone will immediately lead to a test of the recent support at the level of $5,092. The larger time frame trend remains up.