Bitcoin analysis for 18/01/2018

As Bitcoin trading is becoming the new main market in Japan, leading financial companies are entering to offer services that help preserve their market share. MUFG, the largest bank in the country, is currently planning to launch its own stock exchange and cryptocurrency.

The largest Japanese bank and the fourth largest in the world, has already informed the Financial Services Agency (JFSA) about the opening the division of the cryptocurrency exchange - ExchangeMitsubishi UFJ Financial Group, Inc. (MTU). It is known that the bank is also working on the release of its own cryptocurrency. The plan, it seems, is that by controlling the stock exchange in which people will be able to trade MUFG, the bank can suppress drastic fluctuations in its price so that it can be used for purchases, settlements, and remittances. The new cryptocurrency will be maintained at around one yen, but it is not yet determined at the advanced level. One of the interesting options is the possibility of using it in transactional pairs on stock exchanges, similar to USDT. During the introduction of the cryptocurrency exchange, the bank is reportedly working on another service for Japanese crypto dealers. MUFJ Trust will keep customer portfolios on accounts that can connect to other exchanges. As in the case of segregated accounts protecting forex traders, it can secure clients' funds in a bank in the event of a commercial company's bankruptcy or bankruptcy. The service will also monitor accounts against suspicious activities and unusual transactions.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The bears did not manage to go below the level of $9,100, so the projected target at the level of $8,602. There is still a chance for another leg down to the projected target level, but the local resistance at the level of $12,024 must not be violated first.


The material has been provided by InstaForex Company -