Apparently, the problems of the Chinese market on cryptocurrencies and and its exchanges is going to the background. The gives investors hope for a return of the bitcoin rate above 4000 USD. The good support yesterday was provided by news that the Japanese financial services agency will closely monitor cryptocurrency exchanges starting from the first day of next month.
The main task of the FSA will be to monitor the compliance of companies with the law on payment services. This law emphasizes standards for exchanges, and more importantly, the recognition that bitcoin is a legal tender.
The ICO problem will be dealt with more heavily in the US. Yesterday, it became known that the Securities and Exchange Commission of the United States created a separate unit for this. Its main role will be to identify violations related to the use of distributed ledger technology and the primary offering of tokens, referred to as ICO.
Bitcoin (BTC)
The signal to buy Bitcoin (BTC):
The main task of buyers of bitcoin is for it to return to the resistance level 3962.60. This opens a good opportunity for an exit at the resistance of 4040 and an update at 4111.50, where again, there will be a noticeable decrease in demand for bitcoin. In the event of a decline in the trading instrument, good support will continue to be provided by level the of 3860. Its breakdown will result in the renewal of 3760.
Signal to sell of Bitcoin (BTC)
To sell bitcoin is best at the upper limit of resistance at 3962.60 or on a rebound from a more serious level of 4040. Also, one can count on short positions after a breakdown and consolidation under level the level of 3860, which will lead to a decrease in the bitcoin rate in the range of 3760 and 3629.
