empty
 
 

11.01.201812:09 Forex Analysis & Reviews: Bitcoin analysis for 11/01/2018

Long-term review

As a result of a blow to Bitcoin enthusiasts, Microsoft Corporation officially removed the payment option using cryptocurrencies from its payment instruments. Despite such a decision, former CEO - Bill Gates - expressed strong support for Bitcoin.

Microsoft's decision was confirmed by public talks with representatives of Customer Service. The main reason for this determination is the volatility and risk associated with the digital currency. Customers, however, can still use Bitcoin to add money to their Microsoft account. Accounts can be used to buy games, movies and applications, but these funds are not available in the Microsoft store itself. In addition, the funds are not refundable.

Microsoft is one of the major providers that has removed the Bitcoin payment option. Other companies, such as Square, added BTC service in 2017. However, with the significant increase in prices and volatility in the last quarter of last year, the risk for companies such as Microsoft increased.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price is testing the level lower triangle pattern trend line around the level of $13,200, just above the local support at the level of $12,462. If this level is violated, then the market will test the level of $12,020 and possibly $11,152. The last one is the key level for bulls as any breakout lower will likely extend the sell-off to the level of $9,000. On the other hand, the nearest resistance is seen at the level of $15,553 as the corrective pattern unfolds.

Exchange Rates 11.01.2018 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Can't speak right now?
Ask your question in the chat.