Bitcoin analysis for 13/12/2017

Reuters informs that the French government has issued an official statement regarding trading in unlisted securities using Blockchain technology. According to this article, the government has adopted new rules that will enable banks and fintech companies to create Blockchain platforms for unlisted securities. The change will allow trading in assets without intermediaries and theoretically in real time. The country's finance minister, Bruno Le Maire, said the new rules would be a boon for Paris as a financial center. Then he added:"The application of this new technology will enable fintech companies and other financial entities to develop new ways of trading in securities that are faster, cheaper, more transparent and safer." This move is part of a national policy to promote Paris as the center of financial innovation.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. Another marginal higher high was made at the level of $17,390 as expected, so it was labeled as a temporary top for the wave (3).Nevertheless, the overall structure is still unfinished, as there is still corrective wave (4) and impulsive wave (5) missing. The technical support at the level of $15,952 is important from the intraday perspective, but the key mid-term support remains at the level of $12,627. Please notice the clear bearish divergence between the price and momentum oscillator, which supports a temporary pull-back scenario in wave (4) to come soon.

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