Bitcoin analysis for 30/11/2018 - ConsultFX

Bitcoin analysis for 30/11/2018

The Amazon technological giant launches the Blockchain service, which is to help clients develop Blockchain networks without incurring the costs of creating their own platform. Announced at the Amazon Re: Invent, Amazon Managed Blockchain is a fully managed service that facilitates the creation and management of scalable Blockchain networks. Users can build platforms using Hyperledger Fabric or Ethereum, although the latter is not yet available. The new platform is another aspect of Amazon Web Services, Amazon's cloud-based subsidiary that supports many websites and services, including platforms such as Netflix: "Amazon Managed Blockchain eliminates the costs necessary to create a network and automatically scales to meet the requirements of thousands of applications that execute millions of transactions" - informs the website of the product.

In addition, the company announced that the Blockchain platform can store data on another database product, saying: "The managed Blockchain network can replicate the unchangeable copy of Blockchain activity to the Amazon Quantum Ledger Database (QLDB), a fully managed database registry. This allows for easy analysis of off-network activities and getting insight into trends". QLDB is not a Blockchain platform, but can be used in conjunction with the Amazon Blockchain product to maintain a complete and verifiable history of data changes.

The service is currently in preview mode, meaning that interested parties can register. If they are approved, they will be able to create a Blockchain network, then invite other members of Amazon Web Services or "create more members on their account to simulate a multi-member network," reads the FAQ section.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading in a horizontal zone between the levels of $4,090 - $4,350 in overbought conditions. The momentum is still positive, so the breakout above the level of $4,350 is still on the table. In that case, the next target for bulls is seen at the level of $4,740. The larger time frame trend remains bearish.


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