Bitcoin analysis for 04/12/2018

According to the published documents, the Belarusian High-Technologies Park (HTP), a national special economic zone contributing to the development of the IT industry, developed national rules for the functioning of the cryptocurrency market. Regulatory documents set requirements for different types of enterprises related to cryptocurrencies and preliminary monetary offers (ICO), because the general rules on industry regulations - Decree No. 8 "On the development of the digital economy" - have already been signed last year.

HTP, commonly known as the Belarusian Silicon Valley, was responsible for establishing the rules under which the cryptocurrency industry would be fully regulated in the country. Today, HTP published five documents: "Requirements for candidates", "Requirements for crypto-platform operators", "Requirements for cryptocurrency market operators", "Requirements for ICO operators" and "Requirements for internal control rules". Now that these rules have been accepted, they constitute a complete legal regulation of crypts in Belarus: "HTP cryptocurrency activities have received full comprehensive legislative support from the regulatory body. The HTP administration, together with the National Bank, the Financial Monitoring Department of the State Audit Committee, international experts and other bodies, developed and signed all necessary documents" - we can write in the media.

In the spring, the Belarus government called the digitization of the national economy "the highest priority" because of its ability to transform the economy, public administration and social services. Earlier, in June this year, the deputy minister of foreign affairs of Belarus said that Belarus wants to establish contacts with South Korean investors interested in the so-called technology of the fourth industrial revolution, focusing on artificial intelligence (AI) and Blockchain.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the local technical support at the level of $3,819 and made a new local low at the level of $3,693. The bears are still in control over this market and the momentum is still weak and negative, which indicates a possible further slide towards the level of $3,482. Moreover, the price is trading below the dashed black trend line, which adds to the bearish evidence. The larger time frame trend remains down.

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