Bitcoin analysis for 27/11/2018

As the financial media writes, the move will initially concern only companies, but there are plans to extend the offer to individual taxpayers. From this week, companies based in Ohio will be able to register to be able to pay all taxes in the leading cryptographic. Payments are reportedly processed using the BitPay encrypted payment service. This crypto-friendly movement was initiated by State Treasurer Josh Mandel, who said: "I see Bitcoin as a legal form of currency".

Mandel also announced that he was "convinced that this crypto-currency initiative would be continued" after his term in office in January. Mandel told reporters that as an elected civil servant he was able to decide that his office would accept the digital currency "without the consent of the legislature or the governor.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still trading between the levels of $3,700 - $3,500, but it does not look like the down trend is terminated as the price is still below the dynamic trend line resistance. The nearest technical support is seen at the level of $3,440 and the market conditions are now becoming extremly oversold.

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