12.04.201808:50 Forex Analysis & Reviews: Bitcoin analysis for 12/04/2018

During Digital Day 2018 a declaration was signed to create a European Blockchain Partnership composed of 22 countries, according to a press release from the European Commission. The Vice-President of the European Commission called on Europe to become a leader in the field of digital technologies, through work on Blockchain innovations and artificial intelligence." The partnership will be a tool for cooperation between the Member States to exchange experience and expertise in technical and regulatory fields and prepare for launching EU-wide [blockchain] applications in the digital single market for the benefit of the public and private sectors." - we read in a press release. In the future, all public services will use this technology. "The blockchain is a great opportunity for Europe and the Member States to rethink information systems, promote user confidence and protect personal data, create new business opportunities and establish new leadership areas for the benefit of citizens, public services, and companies." - says Mariya Gabriel, Commissioner for the Digital Economy and Society.

The topic of Blockchain technology regulation has also been addressed in a press release, which states that the partnership will contribute to creating a favorable environment, fully compliant with EU law and clear management models that will help Europe-wide Blockchain-based services to flourish. The EC announced in early March that it intends to introduce an EU-wide framework on Fintech and Blockchain.

The countries that have signed the Blockchain partnership declaration are Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. The press release adds that other EU members and the European Economic Area are also invited to join.

At the beginning of February, the EC launched the EU Blockchain Observatory and Forum, which Gabriel named one of the most comprehensive repositories of experience and knowledge about Blockchain. The press release notes that the EC has invested over EUR 80 million in projects related to Blockchain, and by 2020 it will allocate around EUR 300 million to the development of Blockchain.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The market is closed in a horizontal zone between the levels of $7,442 - $6,400 as the consolidation continues. The short-term key level to the upside remains at $7,442, so only a breakout above this level would change the current bias from bearish to bullish. On the other hand, a breakout below the level of $6,400 will open the way towards the key long-term technical support at the level of $5,820.