FX.co ★ Bitcoin analysis for 08/03/2018

The German car maker - BMW - allegedly ended its second cooperation with the Blockchain startup, this time to obtain ethical cobalt for its products, according to the Reuters agency, citing the start-up president. Just one week after the automotive giant unveiled a contract with Vchhain's Chinese supply company from Blockchain, Douglas Johnson-Poensgen, the CEO of the little-known British startup Circulor, said they are working with BMW to bring the so-called "pure cobalt" to ensure their ethicality origin. Cobalt comes mainly from the war-torn Democratic Republic of the Congo, whereas some materials inform, children are used there to work and use so-called "craft mines", which are subject to informal laws. When the system is checked and operates on a large scale, it is possible to deal with more difficult cases, such as craft mines. Johnson-Poensgen said: "The latest change continues the trend in the automotive industry, in particular in Germany, focusing on the use of Blockchain technology to support innovation and reduce costs".

Yesterday, the owner of Mercedes - Daimler - launched a completely new cryptocurrency. This currency, known as MobiCoin, aims to reward drivers for safe and eco-friendly driving and is currently in the three-month test phase with 500 car owners. At the end of February, Porsche successfully implemented and tested Blockchain technology in cooperation with the Berlin startup XAIN.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has dropped to the level of $9,434, so the green impulsive scenario was invalidated as wave 2 went into the territory of wave 1. The current scenario assumes a top of the wave 1/A at the level of $11,714 and a rather extended in time and price correction in the wave 2/B in form of an ABC Regular Flat pattern. The nearest technical resistance is seen at the level of $10,111 and it the count is correct, the market should now start to develop wave 3/C to the upside.