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Bitcoin analysis for 24/01/2018

The president of the Swiss UBS Bank, Axel Weber, announced today that he will not advise bank clients on investing in cryptocurrencies, although he distinguishes institutional and retail clients when discussing the topic. In an interview with CNBC at the World Economic Forum (WEF) in Davos, Weber made a distinction between helping institutional clients to enter cryptographic markets, as opposed to helping retail customers: "There are institutional clients and if they want to invest in Bitcoin, that's okay, they are adults. I mean, they know what they are doing, they have the ability to assess this risk." On the other hand, according to Weber, individual customers - often referred to as "Main Street investors" - must be protected from investing in the crypto market due to the alleged ignorance of products. Referring to the blame imposed on banks for selling complex financial products to clients before the economic disaster in 2008, Weber said he wants to avoid a recurring scenario and not take responsibility if the cryptographic market experiences a similar crash: "If a retail client appears in the future, the question will be asked again, which bank sold the products to them and then the bank will be blamed again for what happened."

In January of this year, the North American Association of Securities Administrators (NASAA) and the US Securities and Exchange Commission (SEC) warned individual investors against buying cryptocurrencies and ICOs. One of the main reasons why NASAA cited this warning was that individual investors were not sufficiently informed about the products they are potentially investing in

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market keeps consolidating in the zone between the levels of $9,813 - $11,143, but the possibility of a test of the recent low at the level of $9,200 is still high. On the other hand, the important levels to the upside are the weekly pivot at the level of $11,440 and local resistance at the level of $12,024.


The material has been provided by InstaForex Company -