Bitcoin analysis for 16/05/2018

According to anonymous sources, Facebook reportedly is considering creating its own cryptocurrency. People "familiar with Facebook's plans" inform, that the social media giant is very serious about the implementation plans of the virtual coin for the application.

Anecdotal evidence comes from the same week in which the platform announced that David Marcus, head of the Messenger application, will switch to a special research group dealing in Blockchain technology. Marcus' choice for Blockchain activities was immediately visible, earlier the executive director worked in the field of finance in the PayPal system, and then, in December 2017, he joined the Coinbase cryptocurrency stock exchange commission. At that time, CEO Brian Armstrong, Coinbase, praised Marcus' international experience in the field of payments and mobile communications.

This movement presents a peculiar juxtaposition for Facebook - the platform blocked advertising related to cryptocurrencies in January. Also referring to "misleading or deceptive promotional practices", the ban was soon copied by Google and Twitter. Good move before the start of an advertising campaign of its own cryptocurrency.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made another lower low at the level of $8,100, so the downward correction is still developing. The next target is seen at the level of 61% Fibo at $7,712 as the waves ABC of the zigzag pattern unfolds. The target zone for the wave (2) is seen between the levels of $7,442 - $7,7712.

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