Bitcoin analysis for 07/08/2018

Turkey has set up the country's first Blockchain Center at the university level, aiming to close the gap of the blockchain expertise and ensure the widespread use of technology.

Istanbul Blockchain and the Innovation Center (BlockchainIST Center) was opened at the Bahcesehir University (BAU). According to the director of the center, Bora Erdamara, BlockchainIST is to be the most important research, development, and innovation center in Turkey, in which research and publications are carried out in blockchain technologies. Erdamar said: "Turkey may have a chance to become a leading country in technology that will change humanity". He stressed the importance of cooperation with other educational institutions, companies and government institutions in order to conduct appropriate Blockchain-based research and to investigate possible cases of its use.

Meanwhile, some other universities in different places around the world have already benefited from the advantages of distributed accounting technology by offering Blockchain training courses, intelligent contracts, and cryptocurrency courses. Only this year, Stanford University has set up a Blockchain Research Center, supported in part by the Ethereum Foundation, and the main Brazilian university Fundacao Getulio Vargas began offering the country's first master's degree in crypto-finance. Ripple also donated 50 million dollars to 17 universities around the world to support education in Blockchain and cryptocurrency.

While the director of BlockchainIST stressed that Turkey is becoming digitized and makes a lot of effort to keep up with the rest of the world in terms of digital transformation, the Turkish authorities have shown an ambiguous position towards the crypto industry. In November last year, the government of the country took a firm stance on the Bitcoin case, when the legislators of the State Directorate of Religious Affairs said that Bitcoin is incompatible with Islam. However, in February this year, the deputy chairman of the Nationalist Movement Party of Turkey not only proposed market regulations but also mentioned the possibility of introducing a national digital currency, called TurkCoin.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has hit the technical support at the level of $6,782 and bounced a little after the Pin Bar candlestick formation was made. This bounce is still too small in price and time to be considered important. Nevertheless, the downward momentum is decreasing, so there is a chance for a better, bigger and stronger bounce that might once again test the level of $7,176. On the other hand, a lack of this kind of price action will lead to a breakout lower towards the next technical support at the level of $6,400.

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