Bitcoin analysis for 15/10/2018
Christie’s auction house announced the introduction of a system of registration of artistic transactions on Blockchain. The decision is only the latest example of how technology is used in the world of art. The company plans to sell many large works of art from one of the richest private American collections from the last century. According to preliminary estimates, over USD 300 million will be spent on the auction. Richard Entrup from Christie’s said the Blockchain registration system was created as a result of Artora’s partnership, which is a well-known digital register for the art market.The buyers will have access to a secure record of their purchase information, including a description, final price and transaction verification. Christie’s decision to include Blockchain in the art world seems to mean that the latest technology begins to spread in a complex, high-end industry.
The idea for a legal and secure digital record of the origin of the work contains numerical data in the art world in which you can find the concept that Blockchain can be used to drastically reduce the theft or false activity. The Geneva Institute of Fine Arts said in 2014 that more than half of all the works of art that they viewed were either falsified or not associated with the right artist. Blockchain Art Collective (BAC) works on registering works of art on scattered books by attaching manipulated seals to manipulation. Startups such as BAC hope that these certificates of authenticity will inspire confidence in the art market, especially for more expensive products.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the technical support at the level of $6,027 and the bounce was very strong, because the price has hit the level of $6,603 in the early Moring trading hours. Nevertheless, the price is still trading below the black trend line that provides the resistance around the level of $6,650. In a case of a further rally, the next target for bulls is seen at the level of $6,738. Please notice, the market is still moving sideways in the larger time frame charts and no decisive breakout has occurred yet.