Bitcoin analysis for 10/10/2018

According to today's, the Japanese online conglomerate GMO Internet Co. Ltd confirmed plans to issue a cryptographic stablecoin associated with the Japanese yen. GMO, which entered the Japanese cryptocurrency market in May last year, intends to start issuing tokens, called GMO Japanese Yen (GJY), in the financial year 2019. This message draws another potential player on the stablecoin market, in addition, several other corporations signal that they intend to launch their own assets. GMO confirmed that the main incentive to make this decision was to reach international remittances: "We have banks and licenses in Japan, so we will spend (GJY) in Asia, but we can also store assets in Japan. If that happens, no one will be worried about Tether; it can be said that GMO has a bank there, in which it keeps fiat currencies" - said the founder and president of GMO Masatoshi Kumagai.

The GMO Internet also noted that with GJY it is highly likely that it is an ideal currency that combines high creditworthiness, low fees and speed of communication. By issuing a currency based on yen, GMO Internet will continue to support credible transactions without borders.

Kumagai added that GMOs will try to get GJY listing on many international exchanges.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After reaching the technical resistance zone the market has consolidated for some time and then dropped suddenly to hit the technical support at the level of $6,358. Currently, the price is bouncing towards the local resistance at the level of $6,455, but overall the move down looks strong. To confirm the downtrend is resuming, the market would have to break below the level of $6,056 and for now, it is far from it.

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