- Iranian govt prepares infrastructure for Bitcoin use inside the country
- Ethereum (ETHUSD on xStation5) is getting closer to leave a triangle pattern
- Zimbabweans increase their adoption of Bitcoin as a means to access international markets
Major cryptocurrencies have been on the sidelines recently following a fresh high seen on Bitcoin during the weekend. Since then the price has settled down but higher levels might be still on the cards. Let’s begin today’s analysis with the story from Iran where the government has been conducting research into the economic and infrastructural aspects of preparing for Bitcoin use in its country. In the aftermath, Iranian deputy minister of information and communication technology reportedly said in an interview last week that “the ministry of communications and information technology has already conducted a number of research studies as part of its efforts to prepare the infrastructure to use bitcoin inside the country. He also added that arrangements are being made with the related organizations to put together the infrastructure as early as possible.
A technical view suggests that the Ethereum price is coming to an end of a triangle pattern which could herald a more dynamic move. Having assumed that the price breaks out of a formation to the upside, it would make an increase towards $390 very likely. On the other hand, a breakout to the downside could take the price nearby $270 or lower if this level is beaten.
Over the course of the past months we wrote several articles regarding African countries being interested in adopting cryptocurrencies. Today we want to mention Zimbabwe where citizens are increasing their adoption Bitcoin as a means to access a variety of international markets. The increasing popularity of Bitcoin combined with significant liquidity issues have led to heavily inflated prices in the African nation, with a single Bitcoin currently trading for approximately $9900 on Golix ex-change. Having said that one may conclude that Bitcoin could be a remedy for the beleaguered country, however a continued increasing demand could make the price of Bitcoin too inflated for inhabitants.
In turn the Bitcoin price is trying to break through a short-term resistance in form of an upper limit of a channel and once it manages to do so, it could enable the price to establish its new peak. Source: xStation5