Bitcoin analysis for 15/09/2017

Bitcoin analysis for 15/09/2017:

BTC China, one of the largest cryptanalysts in China, has just announced that it will officially close on September 30. The decision to close the stock exchange is mainly due to the recent regulations that also banned ICO projects. BTC China, however, ensures that outside the Chinese market, the stock exchange will continue to operate. The BTCC is not the first stock market affected by recent regulatory actions. Binance company has already stated that it will leave the Chinese market some time later.The market data indicate that the price of Bitcoin is constantly decreasing. Moreover, there are some rumors about the introduction by the Chinese authorities of a ban on the exchange of Bitcoins into the normal currency.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The wave C slide down has reached the 161%Fibo extensions at the level of $3,079 and 61%Fibo retracement at the level of $3.012. This is a good zone for a temporary bounce in order to develop the wave (iv) correction. When this correction is done, there is one more wave to the downside left for the whole down cycle to terminate and bounce up.

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

analytics59bb90b24c3c7.jpg

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