Bitcoin analysis for 01/11/2018

Russian financial supervision, Financial Monitor Service (FMS), is seeking intervention from the global financial supervisory authority to regulate cryptocurrencies, they provide local media. The Russian financial regulatory agency contacted the Money Laundering Task Force (FATF) to ask for an intergovernmental initiative that could control the supply and flow of cryptocurrencies. Pavel Livadny, the deputy director of the FMS, confirmed that the supervision seeks to secure the participation of all FATF member countries in the development of a single legal parameter for this thriving industry, citing money laundering as a major problem.

Decentralized resources, such as Bitcoins, can be bought, sold or exchanged partly anonymously without the consent of the Central Authority. Global persecution of the underground has revealed the use of Bitcoins in widespread crime, including drug trafficking, money laundering and, in some cases, terrorist financing. This has attracted the attention of agencies around the world, leading them to develop preliminary legal regulations regulating the cryptographic industry.

FATF, the global financial supervision authority, announced in June that it will develop global regulations for cryptocurrencies. Russia is one of 36 FATF members who is building a regulatory framework for their local crypto industries. Part of the crypt of the community criticizes their efforts as nothing more than a reflexive response to the sudden increase in Bitcoin's value. "If the FATF rules allow it, the cryptocurrency can be digitally processed and transferred for payments and investments. At the same time, you should not create securities, mainstream issues, virtual money, coins or other financial assets" - added the deputy.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has tried to break through the technical resistance zone at the levels of $6,287 - $6,297 and $6,310 - $6,323, but failed and reversed towards the level of $6,251. The bulls might still try to resume the test again in the future, but for now the price is back to the support at the level of $6,251.

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