Bitcoin analysis for 24/08/2018

The Chinese government will take steps to further block access to more than 120 cryptocurrency exchanges, whose sites are still available on the Asian continent.

According to local news sites in Hong Kong, South China Morning Post reports that authorities associated with a leading remedy group on online financial risks will block IP addresses belonging to 124 cryptocurrency trading platforms that still serve residents despite local bans.

The financial media reported for the first time in February that the People's Bank of China was preparing new measures to liquidate the local cryptocurrency trading industry, which is still flourishing despite the ban introduced for the first time in September 2017.

These activities are the latest phenomenon, which increasingly appears to be a coordinated action of the Chinese authorities. Last Friday, authorities in downtown Chaoyang in Beijing distributed a ban on organizing events related to crypto-currencies in public places, such as shopping malls and hotels. At the same time, the Chinese social media giant WeChat has closed accounts kept by at least eight Blockchain facilities and cryptocurrency media for allegedly infringing regulations from official online censors.

Some industry observers said that although these measures do not seem too serious when considered in isolation, they are probably announcing a wider time constraint in relation to the anniversary of the first Chinese (ICO) and the ban on cryptocurrency trading.

Last month, PBoC confirmed its commitment to act vigilantly to prevent foreign ICOs that is illegal in China, from marketing their tokens on the continent. Despite this, ICO fraudsters have managed to earn hundreds of millions of dollars from Chinese investors. Only this month, the company named Shenzhen Puyin Blockchain Group raised 60 million dollars through three separate ICOs, only to make the biggest fraud in ICO history.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still trading inside of the consolidation zone between the levels of $6,179 - $6,782. There is an internal trend line, marked in blue, that will act as a technical support for the price. The nearest resistance is seen at the level of $6,514 and $6,597.

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