FX.co ★ Bitcoin analysis for 25/09/2017

According to James Altucher (an American hedge fund manager) newsletter report, Amazon will soon begin accepting Bitcoin payments, which will officially be announced on October 26 at their conference. Co-founder of the world's largest online store is known for sharing information that helps to leverage modern tools in a positive way. Bitcoin is now one of them. Amazon Web Services has partnered with Digital Currency Group in 2016, one of the largest Bitcoin companies, as well as other investment firms, financial institutions, and cryptocurrency experts. Amazon's goal is to mediate between DCG's portfolio and customers in a digital currency exchange. Altucher claims that the announcement of this news may cause Bitcoin's value to increase, contrary to what Dimon told JP Morgan recently. What contributed to the cryptanalysts' appeal was their ability to revolutionize everything in the financial sphere - from changing governments to unethical banking practices, because there is no centralized server.

Let's take a look at the Bitcoin technical picture at the H4 time frame. The price is still trading around the weekly pivot at the level of $3,738, still below the dashed black trend line. Nevertheless, the market is picking up from the oversold conditions and might trigger the up move anytime soon as the larger time frame trend remains bullish. The key area to the upside is still the zone between the levels of $4,000 - $4,1111.