Bitcoin analysis for 17/01/2018

Mark Cuban, a cryptocurrency billionaire, said his basketball team Dallas Mavericks will accept Bitcoin next season. In the comments on Twitter after publishing the composition his team, who in June last year called Bitcoin a bubble, he announced that fans of the team will be able to buy tickets using Bitcoin in the second half of 2018. This step is a milestone for both American basketball and the acceptance of cryptocurrencies in sport, and Cuban has been convinced by Bitcoin in the last six months. "This is interesting because there are many assets whose value is based only on supply and demand" - he said in the October interview. He also confirmed that he had invested his resources in Bitcoin: "Most shares have no intrinsic value because you do not have real ownership and voting rights. You simply have the option of buying and selling these shares. With Bitcoin, it's the same. Its value is based on supply demand. I bought some through ETN on the Swedish stock exchange".

Outside the United States, Denmark made an even more pronounced gesture last month, when the change of ownership of the main hockey club meant that it is now associated with cryptocurrencies. The three-year term of Bitcoin Suisse means that the home stadium of Rungsted Seier Capital will now be called Bitcoin Arena. In addition, the best player in the team will receive a salary in Bitcoins, which was officially announced by the club.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The price has broken below the important technical support at the level of #11,150 and now is heading towards the 100% Fibo Extension at the level of $8.602. This is the first projection level for wave c of wave 4, so the price should bounce from this level. Please notice, the corrective cycle might still evolve into more complex and time-consuming pattern.

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