Bitcoin analysis for 25/10/2017:
Japan is now the cryptocurrency superpower, accounting for about 63% of Bitcoin's worldwide turnover. However, bans introduced in other Asian countries are alarming investors fearing that it might happen to Japan as well. Japan recognizes Bitcoin as a legal means of payment and is, therefore, the largest user of this cryptocurrency. Japan's approach is very good for any ICO. According to Kagayaki Kawabata, head of international development at Coincheck, the demand for tokens on their exchange increased after China ban.
Bitcoins and other cryptocurrencies need to be regulated. This was the reason why South Korea and China decided to ban them. Co-founder of IndiesSquare, Kogi Higashi, said Japan has a positive attitude to the digital currency adding later that regulators are watching whether the changes are good or bad and may introduce regulations in the future. By referring to Forbes magazine, Higashi is still optimistic about the ICO and believes that the ICO can become a revolution, giving Japan the upper hand in attracting investment. Various companies in the world are increasingly moving the project to Switzerland and Japan, which will help both countries get tax revenue.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The corrective cycle in wave 4 continues and the first target for wave 4 low has been projected at the level of $5,092. The second target is projected at the level of $4,968. Only a sudden, violate breakout above the wave 3 top at the level of $6,168 would invalidate the short-term corrective bearish scenario.
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