Bitcoin analysis for 04/05/2018:
The Reddit social platform plans to restore the cryptocurrency as a payment option for its golden members - this time Bitcoin will not be the only option. Chief Technology Officer, Chris Slowe, said in an interview that while increasing Bitcoin transaction fees and the problem of integrating with its Coinbase cryptocurrency payment processor, Reddit gave up Bitcoin in March as a payment method, this option will most likely return after finishing the platform redesign. What's more, Slowe said that this time the site is trying to add more cryptographic options than just Bitcoin: "We were looking at other cryptocurrencies. In fact, this was part of the problem with high fees in the Bitcoin network. We are considering Ethereum and Litecoin, which are provided by Coinbase".
Reddit explained in March that Coinbase's decision to disable the Merchant Tool and replace it with the new Coinbase Commerce product was in part the reason for giving up Bitcoin on the site. There were also billing errors that affected some users.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made a new marginal high at the level of $9,800, still just under the technical resistance at the level of $9,826. Nevertheless, the upward momentum is growing and the next target for bulls is seen at the level of $10,000 and $10,318.
