Bitcoin analysis for 13/10/2017

Bitcoin analysis for 13/10/2017:

The small island-state in the Pacific, the Republic of Vanuatu, has announced that applicants for citizenship will be able to pay for the application in Bitcoins. Foreigners can acquire Vanuatu citizenship for 43 Bitcoins, which is about $ 200,000, according to Newsweek magazine. This is the first country in the world to accept Bitcoins as a payment method for government services. Foreigners who apply for the Vanuatu nationality must do so through the Australian stock exchange. The Exchange will check whether the applicants meet the requirements set by the Australian Financial Regulations. In order to process the necessary data, the Vanuatu government has formed a partnership with Selfkey, a technology firm specializing in blockchain technology. The company will provide a platform where you will be able to apply along with the ability to pay a fee. It will also make it possible to verify the identity. Having a passport of this micronation has many advantages. Since the country is a member of the Commonwealth of Nations, its citizens can travel to 113 countries. You can travel without a visa to Russian Federation, the United Kingdom or the European Union.

Let's now take a look at the Bitcoin technical picture. The market rally has been extended above the projected target levels and the recent high was noted at the level of $,5841 before small correction happened. From the Elliott Wave Theory point of view, it might be the time for an internal corrective cycle to occur, possibly in a form of a triangle pattern. This wave will be labeled as the wave (iv) and when completed another higher high is expected for a top of the wave (v). The immediate support is seen at the level of $5,372.

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