Bitcoin analysis for 28/09/2017:
Banks in Japan are considering setting up their own digital currency called J-Coin. The main task of J-Coin is to eliminate cash as a payment option. The implementation of the cryptocurrency is planned for the period ahead of the 2020 Olympics in Tokyo. The whole project is supported by financial supervisors and aims to improve the financial system in Japan. J-Coin is supposed to act in synergy with Yen, not replace it. Coins are to be exchanged in a 1: 1 ratio. Access to J-Coin is free. Tracking digital money is much easier than controlling cash flows, which is certainly important to the government. In the coming years, J-Coin will probably see the light of day, although the system infrastructure on which it is based is not yet clear. It may be based on Blockchain technology, but details have not yet been disclosed. Recent Bank of Japan reports indicates that Blockchain is not "mature enough" to handle such large-scale transactions.
Recently, Japan has once again become the world's largest Bitcoin exchange market with a 50.75% share. To achieve this result, China has certainly contributed greatly to the banning of the cryptocurrency exchange in its own country.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken above the dashed black trend line and then broken above the gray resistance zone ( $4,000 - $4,1111). Currently, the price is trading at the level of $4,208 and it looks like it is heading towards the next technical resistance at the level of $4,400. Please notice, that the market conditions are overbought and the price might get capped any time soon. The projected target for wave (c) of the wave B is at the level of $4,661.
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