Bitcoin analysis for 14/02/2018

South Korea is currently considering a licensing system for cryptocurrency exchanges, which looks like a large turnover of shares after previous information, to prove the ban on stock exchanges. According to the local press agency Business Korea, legislators from the dedicated Working Group on Cryptocurrency, they are exploring the possibility of following New York and Japan in checking stock market operators before allowing them to enter the market. The New York program is several years old and faces many problems, including arrears and exorbitant costs, while the move in Japan in 2017 met with high demand and recognition. “We are positive about the adoption of the stock exchange approval system as additional regulations on cryptocurrencies. South Korea experienced several months of shocks after the mixed messages provided by Seoul regarding the legality of cryptocurrencies and their trade.”- says a public official appointed to this case.

The perspective changed quickly after the comments of the Minister of Justice, Park Sung-ki, triggered a public reaction and a petition to release both him and Finance Minister Kim Dong-Yeon for market manipulation. Sung-ki Park suggested a general ban on stock exchanges, a process that was later abandoned.

Let’s now take a look at the Bitcoin technical picture at the H4 time frame. After hovering around the weekly pivot for the last couple of days, the market is getting ready to test the nearest technical resistance at the level of $9,146. In a case of a breakout higher, the next targets are seen at the levels of $9,515, $9,837 and $10,998. On the other hand, the support is seen at the level of $7,847 and $7,531.

analytics5a83fc5bd3e71.jpg

The material has been provided by InstaForex Company – www.instaforex.com