Bitcoin Analysis for 09.01.2018

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The stereotypical thought of the African revolution, which breaks the chains of oppression and domination, evokes images of the bloody battles of liberation. But now, thanks to a new tool that does not discriminate or exclude, Bitcoin helps the African Millennials free themselves from financial repression.

Armed with smartphones, every day African citizens are able to take advantage of the growing ecosystem and benefit from it. But that is something more; Companies want to use Blockchain technology as a cheaper alternative in order to build a better business.

In order for a person to be able to go public or invest in a company or idea, it requires more than just knowledge. The traditional money market has been for so long an elite environment that the subtle excludes those who are not related to it. A thirty-something woman from Kampala, Uganda, does not exactly match the profile of an experienced investor. However, Bitcoin opens this world to everyone and everywhere. Ordinary life in a place like Uganda is a much more difficult task than on the streets of New York. Employment is a lottery even for school leavers. So-called "side streets" are the daily bread for many impoverished nations. However, Bitcoin offers an alternative that is not time-consuming and is available and easy to manage. There are also companies that challenge a difficult and brutal workplace, using Blockchain's power to reduce costs and time. A company called BitPesa acts as a media company, transferring money across borders, but instead of using a medium like the US Dollar, it chose Bitcoin and its simple cross-border transfers.

One of the problems that appeared earlier in connection with the African revolution in Blockchain and cryptocurrency is training the masses in this technology. This prompted some to enter the Bitcoin education business. Martin Serugga, a merchant in Kampala, started a weekly Bitcoin class, which currently brings together around 50 people. His opinion on this subject refers to unemployment and that interest comes from those who are desperately looking for a job. Serugga adds:"If there are no jobs in factories and other workplaces for thousands of young people leaving universities, cryptocurrencies are an alternative."

Let's now take a look at the Bitcoin technical picture at the H4 timeframe. The market remains locked in a sideways correction as the corrective cycle in wave (4) continues. As long as the golden trend line is not clearly violated, there is still a possibility of a triangle pattern to develop in time. Please notice that the longer term trend remains bullish and there is still at least one more wave to the upside to make - wave (5).

Bitcoin Analysis for 09.01.2018