Bitcoin analysis for 16/11/2017

With increasing interest in cryptocurrencies, more regulators criticize ICO and Blockchain technologies. However, the Executive Director of the Monetary Authority of Singapore, Yao Loong Ng, accepts a different position and encourages regulators around the world to broaden their knowledge of the cryptospace.

Ng stresses that the development of this area can be a good lesson for regulators. In his commentary at the panel discussion at the Association of Southeast Asian Capital Markets (ASEAN), held in Kuala Lumpur, Malaysia in early November 2017, he stated that the time to market ICO offerings was significantly shorter than the introduction Public offering (IPO). He said: "If the process of writing a white paper for an ICO project and implementing it on the stock market takes several days, then surely it is something that we can learn." MAS also warns its citizens. In August, it issued a notice advising investors to take precautionary measures regarding the potential risks associated with ICO and digital currency.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After breaking above the key resistance at the level of $6,983, the next target for the price is the level of $7,695, where the length of the wave a is equal to the length of the wave b. If the main wave scenario is correct, then the price should reverse and drop towards the low of the wave 1 or A at the level of $5,534.

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