27.12.201811:04 Forex Analysis & Reviews: Bitcoin analysis for 27/12/2018

The Japanese bank Mizuho Financial Group plans to introduce a digital currency in March, which will be used for transfers and payments.

According to the article in the financial press, the fees that retail stores will have to pay for the currency will be much lower than the fees charged for using a credit card. Transferring funds between the digital wallet and the bank account will be free, as well as sending money to other users. In addition, the bank cooperates with approximately 60 regional banks to promote non-cash payments. Moreover, regional banks will be able to provide a service under a common name that has not yet been determined. The currency will be managed by a dedicated smartphone application, and payments will be made using QR codes. The token will be a stable coin at the price of 1 yen per unit.

Mizuho Financial Group is a holding company from the public banking sector, which, in 2017, recorded revenues of 1.45 trillion yen, or over 13 billion dollars. The virtual currency is the result of the development of J-Coin, announced in September 2017 by Mizuho.

Let's now take a look at the Bitcoin technical picture based on the H4 time frame. The market has made a local high at the level of $4,200 and reversed towards the level of $3,850. This level was violated and the market retraced 50% on its way down. Currently, the price is trying to bounce towards the level of $3,775 and if this level is violated, the next target is seen at the level of $3,850. The momentum remains positive, but it is not so strong anymore. The key short-term support is seen at the level of $3,595.