Bitcoin analysis for 13/09/2018

The Bank of Russia successfully conducted an experiment on issuing tokens, said the bank's officials during the Eastern Economic Forum in Vladivostok. Ivan Semagin, deputy director of the bank's financial development department, told forum participants that the regulatory body had tested the "experimental ICO based on existing infrastructure" in the regulatory sandbox of the Bank of Russia. Although the experiment was successful, there are still some problems: "Within the "sandbox" ... everything went well in technical terms, but from a legal point of view there were many problems" - he explained, however, he did not provide exactly what these legal problems concern.

The test was originally announced in May, when the largest Russian retail bank Sberbank, together with the Russian National Depository (NSD), said it was working on the ICO test. The experiment was to include a company called Level One as the issuer of ICO, Sberbank as the "coordinator of the issue and anchor investor" and NSD as a depository, registering and clearing transactions, as well as securing assets: "Many Sberbank customers are interested in this type of investment, and we plan to promote this service proactively when the appropriate legal framework comes into effect; we will be one of the factors enabling the institutionalization and popularization of this type of transaction" - claimed senior vice president of Sberbank, Igor Bulantsev.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken above the internal trend line resistance and reached the nearest technical resistance at the level of $6,365. If bulls want to continue the rally higher, then the next target is seen at the level of $6,416 and then $6,514. Only if these two levels are violated, the market will be able to break out from the consolidation zone and move higher toward the level of $6,752. Otherwise, the horizontal corrective cycle will continue.

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