In the market, there is a relative calm, which may be replaced by a real storm this evening. Recently, the head of the Federal Reserve Bank of Philadelphia said that Bitcoin, like other crypto-currencies, is unlikely to have a significant impact on the markets and the US economy in the near future. From this, it follows that so far their total capitalization has not reached the level that the Fed has paid close attention to them. This, of course, reassured the market, as the Fed will not take any action yet. But this, in turn, severely limits Bitcoin's growth potential since if its capitalization significantly grows, the Fed will start imposing regulatory norms, which contradicts the very idea of the crypto-currency, and Bitcoin in particular. Today, Janet Yellen's speech will take place, and if she follows up with her colleague on the Federal Commission for Open Market Operations in the same spirit about Bitcoin, we should expect an even greater decline. But there is a possibility that the statements of the head of the Federal Reserve Bank of Philadelphia are nothing more than a palpation of soil, and the head of the Federal Reserve will today remain silent on this issue. In this case, Bitcoin can continue to grow.
The technical picture
As discussed in yesterday's review, bitcoin rolled back from the level of 4420, to the value of 4209, which is slightly less than planned, but still a good ground for regrouping forces. Now we are already in the value of 4333, showing moderate volatility. It is possible to assume that the quotation will again try to get closer to the level of 4420, with an attempt to overcome it, but probably next to it we will see another stagnation. If the level still falls, then the forecast is unchanged, we will see the movement to coordinate 4650. But, as discussed above, the Fed chairman can make his weighty statement that will not let bitcoin continue to grow, so traders should carefully approach the opening of trading positions, laying moderate volumes.
Earn on the movement of the course of the crypto-currency with InstaForex, opening a deal in the terminal MetaTrader4
