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Bitcoin analysis for 25/01/2018

The ongoing World Economic Forum (WEF) 2018 has so far produced negative opinions about Bitcoin because economists, including Joseph Stiglitz, are preparing to proclaim the superiority of fiat money. "We have a good exchange medium called Dollar. Why do people want Bitcoin?"- asked Joseph Stiglitz, who was joined by the President of the National Bank of Switzerland, Thomas Jordan, who in his speech also supported the difficult limitations in the use of Bitcoin. Thomas Jordan adds: "There is an important rule: similar activities should be regulated in a similar way, and Bitcoin and other cryptocurrencies have certain features of other investment instruments. On the one hand, you can not restrict your use of cash too much, and on the other hand, allow completely anonymous instruments that can be used to a large extent for all kinds of transactions."

WEF traditionally gathered supporters, opponents and guardians of Blockchain and Bitcoin technologies. While cryptocurrency markets continue to fall this month, Bitcoin's price forecasts have become much more mundane. The economist awarded by the Nobel Prize, Robert Shiller, who in September 2017 described Bitcoin as "the best example of a bubble", said last week that he did not know what to do with Bitcoin.

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 -