Bitcoin analysis for 10/01/2018

The Bank of Israel declared that cryptocurrencies are more assets than a currency. During a speech at the meeting of the Knesset Financial Committee, Nadine Baudot-Trajtenberg, the deputy chairman of the Bank of Israel said: "Bitcoin and similar virtual currencies are not a currency and are not considered as a foreign currency. Cryptocurrencies should be seen as financial assets and Bitcoin does not match the legal definition of currency." The vice president asked her fellow citizens to be aware that cryptocurrencies are not supported by official state bodies. She also added that users of virtual currencies should be aware of the risk and high level of price volatility.

In recent months, many central banks and financial supervisors have issued warnings because cryptocurrency prices have risen to record levels. Countries such as the United Kingdom, India, and Russia have expressed concerns about the risks associated with investing in virtual currencies.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The price keeps making lower lows and just broke below the intraday support at the level of $14,236. The next important support is seen at the level of $12,462 and if this support is violated, then the price will likely test the lows of wave A at the level of $11,152.

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