Bitcoin analysis for 08/01/2018

Bitcoin payments are increasingly being used in various sectors of the tourism industry. Recently, traveling tourists use Bitcoin payments to both pay their flight and accommodation bills. Moreover, for some time now, we can see the flourishing of medical tourism. According to the calculations of economist Marc Pilkington, its global value has exceeded 100 billion dollars. In connection with the flourishing of this field of tourism, it has also opened up to cryptocurrency payments. Many tourists decide to pay Bitcoins for such treatments as a cancer treatment, dental, orthopedic and cosmetic treatments. The American magazine Fortune forecasts an even greater increase in the acceptance of payments by cryptocurrencies in this field as the industry expands.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The market rallied towards the technical resistance between the levels of $16,626 - $16, 260 and managed to violate it a little. Nevertheless, the rally did not last long at the price returned back below the resistance again to test the weekly pivot at the level of $15,523. The corrective cycle continues to develop, possibly in more complex and time-consuming correction.


The material has been provided by InstaForex Company -