Bitcoin analysis for 03/05/2018

Four of the largest carmakers in the world have launched a common Blockchain platform, seeking a change in transport, according to TechCrunch. In addition to BMW, GM, Ford and Renault, the Mobility Open Blockchain Initiative (MOBI) is the idea of over thirty participants, including Bosch, Hyperledger, IBM, and IOTA. "(members will focus on) using Blockchain and related technologies to make mobility safer, more environmentally friendly and more affordable." - informs the official website of the project. MOBI is the largest joint venture of its kind in the automotive industry. Until now, manufacturers have separately introduced private Blockchain services or joined existing initiatives, such as the Hyperledger service package. "By combining car manufacturers, suppliers, start-ups and government agencies, we can accelerate the implementation of the system to the benefit of companies, consumers, and the community," - said President and CEO of MOBI, Chris Ballinger.

It looks like the Blockchain technology will be fully implemented in this part of the economy for good. Some time ago other leading car manufacturers like Mercedes and Audi have introduced the usage of own tokens based on blockchain technology as well.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market bounced from the level of $8,800 and currently is hovering around the weekly pivot at the level of $9,126. The intraday trend line resistance is still acting well and only a sustained breakout above it would make the test of the local high at $9,800 possible. Otherwise, the price can go lower towards the level of $8,500 again. The impulsive scenario invalidation level is still seen at $8,355.

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