Bitcoin analysis for 11/04/2018

Japan has provided new statistics on the use of cryptocurrencies, as regulators and industry players are pushing for more transparency on the domestic market. A report by the Japanese self-regulatory body, the Japanese Cryptocurrency Society (JCBA), was disclosed at a meeting of the study group commissioned by the Financial Services Authority (FSA). It analyzed various figures from the 17 major exchanges in 2017. The meeting was the first of its kind for the study group, which focuses particularly on issues related to the cryptocurrency exchange industry. The presented data paid particular attention to the gigantic increase in the volume attributed to cryptocurrency investments - Japan was promoted to the name of the largest market in terms of global turnover last year. With just $ 22 million of annual turnover in 2014, Bitcoin rose to $ 97 billion in 2017 - an increase of 340,000 percent in three years. Additional trade options including margins, loans and futures have exploded even more over the same period - from $ 2 million in 2014 to $ 543 billion in 2017. Last year, in Japan 3.5 million active investors took part in the domestic market.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The market is closed in a horizontal zone between the levels of $7,442 - $6,400 as the consolidation continues. The short-term key level to the upside remains at $7,442, so only a breakout above this level would change the current bias from bearish to bullish. On the other hand, a breakout below the level of $6,400 will open the way towards the key long-term technical support at the level of $5,820.

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