Market review, December 10, 2018
Within the context of the project, a “unified platform that tracks the amount and financial value of each bilateral transaction” between the companies involved in the business was created, which significantly simplifies accounting.
The system was introduced by Abdul Nasser Al Mughairbi, head of the company's digital division, at the World Energy Capital conference in London. During the presentation, Mughairbi stressed that this could be the first use of the distributed ledger technology for oil and gas production.
“Blockchain is a revolution. It will significantly reduce our transaction costs, eradicate long and laborious processes, strengthen the position of our products and create long-term values,” he said.
The representative of IBM, Zahid Habib, noted that the system allows “to reliably track every molecule of oil and its value from the place of production to the consumer.” The company plans to provide access to this information to customers and investors.
“The system will reduce the time for executing transactions between companies and significantly increase the efficiency of the supply chain. It also enhances data reliability and makes all transactions transparent,” the company said in a press release.
Note that the introduction of blockchain into the supply industry is becoming a new global trend. For example, recently, American retail giant Carrefour, operating in more than 30 countries, announced the creation of a tracking platform for the delivery of food products using blockchain technology.
Now, let's move to the technical analysis of Bitcoin (BTC):
Over the past weekend, Bitcoin made the expected rebound, however, having previously performed two false breakdowns to $3,190. Today, bitcoin rose to $3,590, almost reaching the resistance level of $3,640. The price of Bitcoin tested the support level of $3,420, then pushed off and rushed up. The nearest resistance levels are $3,510, $3,640. The nearest support levels are $3,420, $3,270.
Technical analysis of Ethereum (ETH):
Our forecast was accurate, it grew, breaking through the resistance levels of $90.93 and $95. After that, ethereum went down again to the support level of $85. Now, it is trapped in a “narrowing triangle”, we expect its upward movement. The nearest resistance levels are $90, $93, $95. The nearest support levels are $80, $75.
Technical analysis of Ripple (XRP):
Over the weekend, ripple broke through the resistance level of $0.2830, having reached $0.29330, and almost reaching the next resistance level of $0.30. Now, the price of the ripple is trapped in a “narrowing triangle”, we expect it upward movement. The nearest resistance levels are $0,2850, $0,2930. The nearest support levels are $0.2750, $0.2660.
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