Bitcoin analysis for 01/03/2018

Yang Chin-long, the new governor of the Taiwanese Central Bank, said yesterday in a speech that the bank will be open to exploration of Blockchain technology. At the end of January, Taiwan's capital announced that it intends to transform into a "smart city", using Blockchain to provide citizens with technological solutions, such as pollution sensors and tracking health history through cooperation with IOTA. During his presentation during the presidency ceremony, Yang Chin-long said that the Central Bank would be open to adopting artificial intelligence technology and large data analysis to better anticipate and analyze global economic conditions: "In addition, the bank will also try to explore the possibility of increasing the security and efficiency of payment systems using decentralized Blockchain technology".

In October 2017, the Taiwanese Financial Supervisory Commission (FSC) publicly announced its support for ICO, cryptocurrency, and Blockchain in the country, in order to defy strict cryptocurrency regulations and prohibitions introduced earlier in China and South Korea.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The first market attempt to break out above the golden trend line has failed, but the pull-back was fairly shallow with a temporary low at the level of $10,000. The key technical support for the price is still seen between the levels of $9,170 - $9,434. As long as this zone holds, the market will keep trying to break through the resistnace at rally towards the level of $12,030.

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