Bitcoin analysis for 03/05/2018

Survey results show that people want Amazon cryptocurrencies. One of the world's largest online stores, this week received feedback that its hypothetical creation of Amazon Coin will be positively received. In addition, Starbucks, another large traditional consumer company, talks about plans to use Blockchain on the Starbucks application, also giving the understanding to create their own currency to use the application.

Not only Amazon Coin is very desirable among shop users, but also a bank account created by Amazon. The LendEDU survey shows that as many as 44.5% of clients would choose such an account as their basic one. Answering the general question whether respondents trust Amazon, enough to service their finances more than a traditional bank, about 61% of respondents said yes. While Amazon has not announced any plans to create its own digital currency, it has ventured into Blockchain technologies that are behind the majority of cryptocurrencies. In December last year, Amazon Web Services (AWS), signed a contract with R3 to use their Corda platform based on Blockchain. This week, Starbucks chairman Howard Schultz said in an interview with Fox Business that he sees Blockchain technologies as something that Starbucks will use for action: "I think Blockchain is probably the place where the integrated application in Starbucks will be at the top". Schultz, whom the interviewer pointed out as someone who is not a Bitcoin fan, added that in connection with Starbucks testing a non-cash shop, the company can create its own digital currency, which will be used in an integrated application. "It's not Bitcoin, but I believe that given the framework and platform we have in our digital mobile application, we can potentially be one of the first companies to have a digital currency built into our application".

Last week, Stratstrat strategist Tom Lee suggested in the report that both Amazon and Starbucks would probably apply Blockchain technology and announce a cryptographic strategy this year.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. Slowly, but surely the price of Bitcoin rose again toward the key technical resistance at the level of $11,714 - $11, 937 and currently trades just below it. The market might be consolidating the recent gains in order to get strong enough to break out above the mentioned technical resistance. This scenario is valid as long as the price will trade above the weekly pivot at the level of $10,856. Any breakout below this level, will open the road towards the next technical support at the level of $10,000.


The material has been provided by InstaForex Company -