15.08.201810:03 Forex Analysis & Reviews: Bitcoin analysis for 15/08/2018

The Communist Party of China aims to make knowledge about Blockchain technology the norm in public offices, thanks to the publication of a guide for officials and members.

The publication, published by the People's Daily publishing house, is titled "Blockchain - A Guide for Officials." Starting from the explanation of the origin and characteristics of Blockchain technology, the guide describes the current and future applications and challenges that technology brings to the business and legal industries. According to the People's Daily newspaper, the initiative aims to help state officials to better understand Blockchain as part of a wider effort to facilitate the development and adaptation of technology: "Blockchain's greatest influence lies in his mechanism of action ... which seeks to achieve consensus as a way of managing the community. It offers us a new angle of thinking and solving various problems" Ye Zhenzhen, director of People's Daily, writes in the book.

This movement appeared shortly after Chinese President Xi Jinping recognized the potential of Blockchain in a public speech, in which he noted that this technology is one of the few breakthroughs that changed the global economy.

At present, one of the ministries at the government level operating under the Council of State of China also develops the Blockchain standardization framework to help create regulatory guidelines for the development of technology in the country.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After the market made a local low at the level of $5,843 the bounce towards the nearest technical resistance occurred. Currently, the market is trading at the level of the weekly pivot at $6,426, but the target is still seen at the level of $6,514 or even $6,597. The clear bullish divergence between the price and the momentum indicator supports the short-term bullish bias.