Bitcoin analysis for 11/10/2018

The American technology giant IBM has officially launched a food tracking network, Food Trust, based on Blockchain technology. After 18 months of testing, the company disclosed this information in a press release. In the same communication, the corporation revealed that another large network - Carrefour - joins their ecosystem. A French company that serves more than 12,000 stores in 33 countries will first test Blockchain in its own stores. According to IBM's press release, Carrefour plans to extend Blockchain to all of its brands around the world by 2022.

IBM Food Trust was first announced in 2016 as a Blockchain solution that would connect various entities in the food industry. During the trial period, which began in August 2017, the company collaborated with Nestle SA, Dole Food Co., Driscoll's Inc., Golden State Foods, Kroger Co., McCormick and Co., McLane Co., Tyson Foods Inc. and Unilever NV.

According to IBM, during the testing period, retailers and suppliers used the Blockchain Food Trust to track "millions of individual food products." The American trading company Walmart was one of the first companies to join IBM in experiments in this field - in 2016, it used Blockchain to identify and remove discontinued food products that customers complained about.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The market has dropped suddenly toward the level of $6,000. The slide down was stopped at the level of $6,027 so far, just a little below the level of technical support at $6,060. Currently, the bulls are trying to bounce higher towards the level of $6,245 or even $6,298 where the next technical resistance is. Please notice, that the area of $6,000 was tested many times and so fat it held, but any breakout below it will directly expose the last important level of support at $5,700.

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