Following the China and other countries, the South Korean authorities decided to take preventive measures against the Crypto-currency.
At the moment, we are talking about the unification of efforts of the Korean Communications Commission and the Ministry of Science and Information and Communication Technologies, which will be used to conduct checks of crypto-exchange companies, as well as exchanges that exist on the territory of the country. The audit will be conducted to identify compliance with the Law on the Promotion of the Use of Information and Communication Networks and Information Security.
Yesterday it also became known that the largest crypto exchange of China BTCC announced to its users about the need to withdraw funds before October 30 this year. Let me remind you that two other Chinese exchanges, Huobi and OKCoin, also announced their intention to stop trading by the end of October.
The signal to buy Bitcoin (BTC):
Return to buying bitcoin today is best after updating support level 3962, which will be concentrated a large number of orders. In the case of a break and fastening at 4110, you can also increase long positions in bitcoin with the expectation of updating the weekly maximum in the area of 4255. If the level of 3962 does not stand up to the pressure of sellers, it is better to open new long positions for a rebound from 3839.
Signal for sales of Bitcoin (BTC)
Bitcoin is best sold after an unsuccessful attempt to rise above the level of 4110, as it was today in the morning trading, or to rebound from 4255. The main goal now is to test and consolidate below level 3962, which will lead to a larger drop of bitcoin in area 3839, where I recommend fix profit.
