Bitcoin analysis for 14/09/2018

According to a circular published in the official Mexican daily newspaper all crypto exchanges and banks providing cryptographic services in Mexico will now be required to obtain authorization from the Bank of Mexico (Banxico).

The letter entitled "General provisions on operations related to electronic payment funds" stated that Banxico is now responsible for issuing licenses related to cryptography. To get them, a company dealing with digital currencies must present a detailed business plan with a description of the operations, commissions that they plan to download, and the mechanism they will use to verify the customer's identity.

In addition, banks can not provide cryptocurrencies to customers if their accounts were created on the same day. Financial entities are also required to identify all customers involved in the trade of cryptocurrencies. In addition, all assets acquired by cryptographic beneficiaries must undergo additional security checks. According to Banxico, these measures will help to prevent money laundering and illegal activities.

According to the information provided by the Criptonoticias, institutions interested in obtaining Banxico permit must file their applications by September 11. They can, however, resubmit their application in March 2019, when the new legal act of Fintech will be incorporated into law.

According to Amir Manzura, founder of the Cubobit crypto market, despite new regulations issued by Banxico, Mexico may face a cryptocurrency boom at the end of 2018. Manzur told Forbes Mexico that the introduction of comprehensive fintech law in March will only strengthen consumer confidence in digital currencies, which will encourage people to continue investing.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken through the black trend line and spiked higher towards the technical resistance at the level of $6,514 that was broken as well. The new local high was made at the level of $6,539, just at the weekly pivot level. If the bulls want to move higher, then the next target for them is seen at the level of $6,752. The immediate support is seen at the level of $6,514 and $6,365.


The material has been provided by InstaForex Company -