Bitcoin analysis for 20/07/2018
China will lead an international research group dealing with the Internet of Things standardization (IoT) and Blockchain technology, according to the local Science and Technology Daily press magazine.
The Joint Technical Committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) after several months of discussion of committee members accepted the proposal to create this international research group.
The daily Science and Technology Daily, the official newspaper of the Ministry of Science and Technology of China, writes that the creation of this group means that China has acquired the “power of discourse” in the integration of technology: “for related Chinese industries, it is of great importance to lead global development and promote the integration of Fiat and the digital economy” – reports the paper.
The international research group, headed by Dr. Shen Jie, will promote the integration of fiat-crypto, providing many scenarios for industrial applications and establishing a working mechanism to promote international standardization of IoT and Blockchain technologies.
The new research group will include experts from over ten countries, including the United States, Great Britain, Germany, and France.
China has recently taken steps to adopt Blockchain technology. Last month, the Digital Currency Research Laboratory at the People’s Bank of China (PBoC) filed a patent for a digital currency wallet that allowed users to follow the transaction history.
Earlier this week, the financial media announced that the deputy director of China’s Ministry of Industry and Information Technology (MIIT) encouraged the country to unite its forces to support Blockchain as a core technology for the new digital economy.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market is still consolidating the gains in a narrow range between the levels of $7,225 – $7,555, but the overall impulsive cycle hasn’t been finished yet. It will be worth to keep an eye especially on the technical support at $7,225 because any violation of this level will likely lead to the slide towards the next target at $6,993 or even $6,809.