Bitcoin analysis for 09/02/2018:

The blockchain regulations in Germany will obtain a comprehensive strategy and legal support from the government. The consultation report with the participation of legislators and the lobbying group Blockchain Bundesverband underlines the positive future of technology. The group reports that the government welcomes the blockchain industry. "The lack of a legal framework for ICO and other token entry systems is still a serious barrier to many startups in Germany. Only if it is quickly repaired at German and EU level, this technology can gain a solid grounding in Europe "- declares Bundesverband.

In Germany, a significant and decisive approach to the emerging blockchain phenomenon developed slowly, in contrast to neighboring Switzerland. The Bundesverband was developed as a direct solution to the lack of progress, defining its mission as promoting decentralized infrastructure. In addition to highlighting the areas in which the government is currently interested in regulation, the report also notes what still needs to appear in order for blockchain to become a success in the German economy

Let's now take a look at the bitcoin technical picture at the H4 time frame. The market bounced right from the weekly pivot support at the level of $5,912, just a little below the grey rectangle target zone of $6,314 - $6,742. Currently, the price is trying to bounce higher towards the level of $9,118 and then possibly towards the level of $9,515. Those two levels are the key to future gains.


The material has been provided by InstaForex Company -