Bitcoin analysis for 22/09/2017:
Due to the fact that China has blocked cryptocurrency exchange in the country, other countries have begun to open more and more to Bitcoin and other cryptocurrencies. A recent statement by Tan Sri Muhammad Ibrahim, Deputy Minister of Malaysian Bank Negara, at the Global Financial Institution Development Symposium, indicates that Malaysia may be open to Bitcoin. Tan Sri Muhammad Ibrahim made it very clear that Bank Negara was working on the cryptanalyst guidelines when he said: «We hope that before the end of the year there will be guidelines for cryptocurrency: in particular those relating to money laundering and terrorism. We want to ensure that there are clear guidelines for those who want to join the sector.» Although the statement is unequivocal, it suggests that the government intends to legalize cryptocurrency exchange. Following the introduction of the guidelines, the state will allow its citizens to legally participate in the cryptocurrency market.
Let’s now take a look at the Bitcoin technical picture at the H1 time frame. The price deteriorated more from the technical resistance at the level of $4,111 and currently is trading just around the weekly pivot at the level of $3,661. To confirm the top for the wave B at the level of $4,111, the bears’ mush push the price lower towards the level of $3,452 or below.
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