Bitcoin analysis for 17/11/2017

Ukraine is consistently pursuing the legalization of Bitcoin in the country. On October 30, Nina Yuzhanin, Chair of the Commission for Tax and Customs Affairs, submitted a draft law amending the tax codes of Ukraine covering cryptocurrency and their derivatives. Under the law, any income and profits from the digital currency will be tax exempt, including purchases, sales, transactions, and mining. Based on the note attached to the project, the tax exemption is intended to create an effective mechanism to stimulate the digital currency market in the country.

The bill on tax exemptions, referred to in Act No. 7246, is the third proposal made in the Ukrainian parliament to regulate the use of cryptocurrency. The first law to set up virtual currencies, such as Bitcoin, private property that can be exchanged for goods and services, was filed in early October. In the second half of October, a second project entitled "On stimulating the cryptanalyst market and their derivatives in Ukraine" was launched. The project was aimed at recognizing digital currencies as financial assets.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price had made a new, marginal higher high at the level of $7,989 so the overall count has been relabeled. Currently, the bullish impulsive scenario shows a possible termination of the wave 5 green as the trend is mature. The H4 chart shows the invalidation level for the current bullish impulsive scenario of a lesser degree at the level of $6,467.



The material has been provided by InstaForex Company -