Bitcoin analysis for 29/08/2018

The Russian air carrier S7 Airlines has partnered with Gazprom Neft, the state's oil giant, to use smart contracts based on Blockchain technology for refueling aircraft. S7, which has developed several cases of Blockchain technology in the past two years, will now use this technology to increase the efficiency of payments and fuel deliveries, as well as refuel at airports. The partnership includes a dedicated subsidiary of Gazprom Neft dealing in the refueling of aviation fuel, Gazpromneft-Aero: "The use of Blockchain technology for settlements between aviation companies and fuel operators gives a new impulse to the development of the entire aviation industry "- commented the general director of Gazpromneft-Aero, Vladimir Egorov.

According to stakeholders, this move means the first application of Blockchain technology of this kind on the Russian market. Intelligent contracts will replace the current, more complex process involving prepayments, bank guarantees and related risks, explains Gazprom, which in turn will translate into shortening processing time and reducing labor costs: "After the completion of refueling, a reconciliation process takes place and settlement takes place. [...] Technology means that transparency in mutual settlements is improving, which means that we can abandon a number of manual operations and speed up processes "- S7 general director Pavel Voronin added.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken above the level of $7,000 and made a new local high at the level of $7,088. The price is still moving inside of the channel and the next target is seen at the level of $7,176. The nearest support is located at the level of $6,871 and $6,782. No divergence between the price and momentum has been seen yet.

analytics5b862fe9263a8.jpg

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