Bitcoin analysis for 07/03/2018

Kakao, a service provider for the large South Korean mobile messaging application KakaoTalk, will set up a branch of Blockchain, a pre-named Kakao Blockchain, and is also considering starting the creation of ICO. Jae-sun Han, partner and Development Director in the incubator of Future Play technology startups, will be the representative of the new organization. The specific business plan for the Kakao Blockchain branch will be introduced on March 20th, according to the information provided by Huffington Post Korea. Since it is currently illegal to run an ICO based in South Korea, Huffington Post Korea writes that the ICO for Kakao will be located abroad, most likely in Singapore or Hong Kong. The hypothetical "Kakao Coin" can then be used as a currency in various applications provided by Kaako, such as KakaoTalk, Kakao Driver and Kakao Games.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market did not break out above the technical resistance at the level of $11,714 - $11, 937 but dropped below the weekly pivot and made a local low at the level of $10,450, just above the weekly pivot support at the level of $10,275. From the Elliott Wave Theory point of view, this recent wave progression can still be labeled as impulsive, but it can stay like that as long as the level of $10.128 is not violated. in a case of a break below this level, the market will develop another impulsive decline towards the level of $9,170.


The material has been provided by InstaForex Company -