Most recently, it was because of the fact that South Korea will create a committee to check blockchain and cryptocurrency that on Friday, the authorities announced the ban on holding ICO. After studying a number of documents, the Commission for Financial Services of South Korea decided to ban any form of ICO in the country aimed at the initial offering of coins. Also, a ban on lending in any digital currencies and on margin trading was introduced.
Despite this, the imposed ban did not affect the cryptocurrency market and did not affect bitcoin, as was the case when similar measures were introduced in China.
It is possible that the statements of the Head of the International Monetary Fund, Christine Lagarde, managed to instill a positive attitude towards investors, after a number of shocks in September from the Chinese authorities.
Lagarde said that the cryptocurrencies do not pose a threat to the world's central banks and fiat currencies, despite their serious volatility and riskiness.
The signal to buy Bitcoin (BTC):
While the trade is higher than 4339, you can count on the continued growth of bitcoin in the area of 4456, with a further exit at 4556, where I recommend fixing profits. Finding a 30-day average above a 50-day moving average is also a good signal to buy bitcoin. If the rate goes below 4339, then it is best to return to long positions after updating to 4204 and 4110
The signal to sell Bitcoin (BTC):
I recommend to consider selling bitcoin after the upgrade and return to the level of 4456 or to rebound from the larger resistance at 4556, where there will also be noticeable and profit-taking on long positions. In case of leaving below 4339 and fixing under the 50-day moving average, we can expect a stronger fall of bitcoin in the area of 4204 and 4110.
