Bitcoin analysis for 07/06/2018

Apple co-founder Steve Wozniak hopes that Bitcoin will become the single currency of the Internet. Therefore, Wozniak joins Jack Dorsey, general manager of Twitter and Square, in his enthusiastic belief that Bitcoin will become the only world currency: “I’m entering what Jack Dorsey says. I am not fully convinced that this will happen, but I certainly believe and I want it to be so “. At the Consensus Blockchain conference in New York, as reported by CNET, Dorsey also stated: “Customers can now buy and sell Bitcoins using the application. We noticed that this is a trait that our clients seek and we support Bitcoin because we see it as a step in the long-term path towards greater financial access for all”.

Dorsey was right. Because Square, Inc. added BTC functions to its payment applications, the value of its shares increased significantly. As a result, in April last year, Dan Dolev, an analyst at Nomura Instinet, believing that this rising trajectory is likely to continue, raised Square’s target price from $ 50 million to $ 65 million.

Dorsey and Wozniak remain faithful to their vision that the Internet will eventually have only one currency, most likely Bitcoin. Some time ago, Wozniak announced that Bitcoin is better than gold, and Dorsey added: “Bitcoin will overtake the dollar in importance as it will become the global internet currency in a decade”.

As usual, time will tell.

Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The marked has bounced from the weekly pivot support at $7,304 and now is testing the local technical resistance at the level of $7,752. If this level will get violated, then the bulls will have the chance to test the key technical resistance at the level fo $7,890 and the whole breakout higher will remain valid. Moreover, a breakout higher would indicate the low of the wave 2/B is in place.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Bitcoin analysis for 07/06/2018