Bitcoin analysis for 04/04/2018

According to fresh information currently available on the Australian Center for Reports and Transactional Analysis (AUSTRAC), digital exchange exchanges now need to register at offices and approve various reporting and identity control procedures. This move occurs when the Australian authorities try to seal the remaining gaps in the use of cryptocurrencies in the field of tax and identity management. In the face of dissatisfaction over the rapid increase in fraud, the Australian Tax Office has asked taxpayers for write-offs from cryptocurrency last week. In the meantime, in the context of security reform, stock markets must now comply with the four basic rules in order to be able to operate.

The first is the adoption and maintenance of the AML / CTF program to identify, mitigate and manage the risks of money laundering and terrorist financing. Second - identification and verification of the identity of their clients. Third - reporting suspicious AUSTRAC cases and transactions involving physical currency in the amount of $ 10,000 or more. Fourth - keeping certain records for seven years. The six-month grace period will be accompanied by new regulations, during which AUSTRAC will be gentler for operators who do not meet the requirements.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still hovering above the weekly pivot at the level of $7,147 after a breakout above the technical resistance at the level of $7,256. The next target for bulls is seen at the level of $8,000, which is just below the golden trend line resistance.

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The material has been provided by InstaForex Company - www.instaforex.com