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Industry news:
Fourteen of Japan's biggest banks and securities companies will begin running a pilot for a blockchain-powered inheritance platform. The pilot, which is being spearheaded by the Sumitomo Mitsui Trust Bank, will begin in mid-February. If successful, financial institutions in the country could aim to roll the solution out before the end of 2020.
Per Nikkei, the Sumitomo Mitsui Trust Bank has been joined on the project by another Sumitomo Group banking subsidiary, as well as banking arms of financial heavy-hitters such as Mitsubishi UFJ, Mizuho and Nomura Securities.
Technical analysis:
BTC has been trading downwards as I expected yesterday. The price tested the level of $9.500. The multiply rejections of the median Pitchfork line and the most recent breakout of support trendline were the key for downside pressure.
Watch for selling opportunities and potential tests of $8.870 and $8.240.
MACD oscillator is showing negative reading below the zero and the slow line is turned to the downside, which adds confirmation for further downside.
Major resistance is set at the price of $9.600 and intraday at $9.200.
Support levels are seen at the price of $8.871and $8.240.
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