Bitcoin analysis for 30/10/2018

The German financial regulatory body wants international efforts to regulate the ICO, even though it is uncertain whether it will ever become something more than a "niche issue", reports German financial newspapers. In an interview with the publication, Felix Hufeld, chairman of the Federal Financial Supervisory Authority, said that the German regulator remains hostile to the ICO as a financial instrument: "The number (ICO) and the amount of money for each (ICO) are increasing. Investors mostly have limited rights. Therefore, I can only recommend private investors to stay away from such things" -he said.

Regulatory authorities around the world have increased control over ICO tokens, as investors in many programs since 2017 are witnessing the evaporation of funds in the current cryptocurrency market. At the same time, authorities in the US have publicly stated that they will closely monitor the sector to ensure compliance with securities laws, if such tokens will constitute securities. Germany has traditionally adopted a global position on the regulation of cryptocurrencies. Hufeld explains that regulatory movements should put more pressure on the mainstream in the future: "So far, we're still talking about a niche issue. It remains to be seen whether (ICO) will become a standard part of the financial economy" - added.

Let's not take a look at the Bitcoin technical picture at the H4 time frame. The market has finally broken out from the consolidation area and made a new local low at the level of $6,172. The zones of $6,287 - $6,297 and $6,310 - $6,323 will now act as a technical resistance for the price. The nearest technical support is seen at the level of $6,109 and this would be the next target for bears if they push stronger. The key technical resistnace is still seen at the level of $6,027.

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