Bitcoin analysis for 12/09/2017:
According to Reuters, the Ukrainian Ministry of Justice has begun testing blockchain technology for digital auctions where it wants to sell the acquired assets in court proceedings. The platform itself is expected to grow over the years and technological advances. Ukraine wants to introduce a land register as well as a list of state property in the blockchain world. The Ukrainian policymaker provided the following comments: "We want to create a system to sell acquired properties in a more transparent and secure way so that the information contained therein could be available to everyone and so that no one would be suspected of manipulating us." The Ukrainian government has officially entered into a partnership with Bitfur, a blockchain company that specializes in customizing the technology for everyday use. The Bitfury CEO, Valery Vavilov, stated: "The blockchain-based governmental system will save billions of dollars in assets and have a major impact on society and the global economy by requiring transparency and accountability." In conclusion, Ukraine will be another country that sees a potential in blockchain technology to be available for everyday use in government agencies.
Let's now take a look at the Bitcoin technical picture on the H1 time frame. The market did not move much as the level of $4,326 is still a solid intraday resistance that had been tested three times already. On the other side of the sideways trading zone is the technical support at the level of $3,992. The question remains, whether the bears will be strong enough to violate the support level and push the price lower towards the important technical support at the level of $3,600.
