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Cryptocurrency Newsflash - 28 August 2018


The price of Bitcoin is ticking higher once more even though news surfaced that the adoption of Blockchain technology in corporate America is stalling.

Out of the 600 company executives surveyed by PricewaterhouseCooper (PWC) only 15% of companies have live projects running and 10% are in the process of piloting the use of blockchain.

One of the main reasons for the stagnation is cost and the cost of replacing the old legacy systems that have been running for years with the new blockchain technology. Many organizations are also wondering if there is any proof that the new technology will be better of even provide a better return on investment after implementation.

Looking at the chart of Bitcoin

We can see that as per our previous note, the price has currently broken the resistance level of $6879/ coin and moving higher. At some stage the previous resistance of $ 6879 will become support before pushing higher.

The price is also trading above the 50-day simple moving average (SMA) which supports the higher move with a target price in sight of $7749 per coin.

Screen Shot 2018-08-28 at 15.25.07

 Chart Source: MetaTrader 5


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