Bitcoin analysis for 11/01/2018

As a result of a blow to Bitcoin enthusiasts, Microsoft Corporation officially removed the payment option using cryptocurrencies from its payment instruments. Despite such a decision, former CEO - Bill Gates - expressed strong support for Bitcoin.

Microsoft's decision was confirmed by public talks with representatives of Customer Service. The main reason for this determination is the volatility and risk associated with the digital currency. Customers, however, can still use Bitcoin to add money to their Microsoft account. Accounts can be used to buy games, movies and applications, but these funds are not available in the Microsoft store itself. In addition, the funds are not refundable.

Microsoft is one of the major providers that has removed the Bitcoin payment option. Other companies, such as Square, added BTC service in 2017. However, with the significant increase in prices and volatility in the last quarter of last year, the risk for companies such as Microsoft increased.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price is testing the level lower triangle pattern trend line around the level of $13,200, just above the local support at the level of $12,462. If this level is violated, then the market will test the level of $12,020 and possibly $11,152. The last one is the key level for bulls as any breakout lower will likely extend the sell-off to the level of $9,000. On the other hand, the nearest resistance is seen at the level of $15,553 as the corrective pattern unfolds.

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