Bitcoin analysis for 08/10/2018

According to a press release, the largest state-owned bank in Russia, Sberbank, has signed a partnership agreement with the state energy giant, Rosseti, to promote new technologies.

The latest step of Sberbank will make the bank together with Rosseti cooperate on many projects, including accelerators, education, research and exchange of expertise. Sberbank will also send a consultant to Rosseti to increase the efficiency of its current operations and performance. The energy company will also gain access to innovative laboratory solutions and products from the Sberbank ecosystem.

"The strategic partnership between Sberbank and Rosseti in the field of innovative growth allows both companies to use the latest technologies to transform their business and customer satisfaction," said the president of Sberbank, Herman Gref.

While the legal landscape of cryptocurrencies - its use, extraction, and other activities - remains an uncertain area in Russia, the government has promised full support for Blockchain. Since the first implementation of technology at the government level in December 2017, various initiatives have continued to flow from the most influential entities in the country. For its part, Sberbank was one of the two entities that in July initiated the first Russian cryptocurrency investment fund.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. Not much has changed over the weekend as the market is still hovering around the weekly pivot at the level of $6,487 in a tight, horizontal consolidation. The nearest support is seen at the level of $6,455 and the nearest resistance is seen at the level of $6,550 ( and then $6,570, $6,591 and $6,603). The larger trend remains down and so far there are no signs of any trend reversal yet.

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