Bitcoin analysis for 04/10/2018

The IBM technology conglomerate has been granted a patent for the Blockchain-based security system. The patent application has been published on the website of the United States Patent and Trademark Office (USPTO). As explained by IBM in a document filed for the first time in September 2017, this technology makes it possible to detect security breaches in the network by connecting all monitoring programs with a chain configuration that records all events in the network. This, in turn, can help prevent various types of intrusions. As detailed in IBM's explanation, the monitoring program can easily be compromised on the regular system, as "none of the devices knows about the others" and the hackers can clear past events to gain control. However, in the Blockchain security system, the hacked monitoring program can be found immediately, because in this case, the synchronized programs will have no consensus. "If the information received in relation to a specific event or transaction is different, one of the monitoring programs may have been compromised" - we can read in the application. The use of Blockchain technology in monitoring systems will, therefore, help to create a "less vulnerable" network and provide greater security.

IBM, along with the Chinese e-commerce corporation Alibaba, occupy the first place in the world in terms of the number of patent applications related to Blockchain technology. According to recent reports from IPR Daily, Alibaba registered 90 patents, while IBM 89.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still moving inside of the horizontal range and just bounced from the level of $6,358. The high of the bounce was established at the level of $6,570, in the middle of the resistance zone ($6,550 - $6,603). In order to continue to move higher, the price would have to break through the technical resistance at the level of $6,603 and then head towards the level of $6,738. Currently, the price is hovering around the weekly pivot at the level of $6,512.

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