Bitcoin analysis for 24/04/2018

The Supreme Court of Russia ordered the City of St. Petersburg to examine the reference to the ban on the information site regarding the cryptocurrency of the Russian Legal Information Agency (RAPSI). In the summer of 2016, the District Court in St. Petersburg for the District of Vyborgsky recognized the request of the prosecutor's office and blocked the site bitcoininfo.ru. The court ruled that the information on the Bitcoin digital currency website, which represents "a virtual payment instrument and a means of storing value", violates the federal law "On the Central Bank of the Russian Federation".

In July 2017, the District Court in St. Petersburg for the Oktyabrsky district ordered the blocking of 40 websites containing information on crypto accounts, claiming that they contribute to the development of shadow economy, and the free distribution of information about the digital currency causes "high use of cryptocurrencies in drug trafficking, weapons, false documents, and other criminal activities." In March 2018, the court of the City of St. Petersburg examined the appeal and issued a decision ordering the unblocking of websites.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made the correction of the wave (2)/b sooner than expected and it was much lower in price and time than anticipated. Nevertheless, the target for the price, which was projected at the level of $9,126 - $9,222, is about to be hit. Then the market will likely enter another corrective cycle down and might test the level of $8,355 from above. The growing bearish divergence supports the short-term corrective outlook for this market.

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