Bitcoin analysis for 26/09/2018

The official entry published yesterday by Google informs that next month the company will update the rules on advertising, again allowing some cryptographic companies to advertise on their platform. According to an official statement, starting in October, Google will allow registered cryptocurrencies to advertise on their platform, targeting recipients from the US and Japan. Advertisers will need to obtain a Google certification for a specific country where they will display their ads: "|After entering policy in October, advertisers will be able to apply for certification " - we read in the announcement.

This decision came after the announcement in March that all companies related to cryptography, described by the industry as "unfair" and "disturbing", will be banned from buying ads on Google Adwords. Facebook in June made a similar move, reversing the advertising ban for pre-approved cryptocurrency companies while maintaining the prohibition of advertising initial monetary offers (ICO).

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the support at the level of $6,297, which is just below the 61% of Fibonacci retracement at $6,343. Currently, the market is testing the technical resistance at the level of $6,413. The conditions are now oversold and the price might bounce a little bit higher, even to the level of $6,521. The key technical support is still seen at the level of $6,077, so as long as the market trades above this level, there is always a chance for a bigger rally higher.

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The material has been provided by InstaForex Company - www.instaforex.com