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Jerome Powell: There is no intention in the Fed's plans to impose a ban on bitcoin.


The bitcoin cryptocurrency has worked out the $ 40,746 level six times and bounced off it six times. Already on Friday, the nerves of traders and investors could not stand it, and a new wave of mass purchases of cryptocurrencies began. Thus, it can be concluded that the market has kept cryptocurrencies above the required level. I just didn't let it fall lower because as soon as the price approached the $ 40,746 mark, purchases immediately followed, and pending buy orders were triggered. Thus, despite the high probability of a correction scenario, at the moment, bitcoin is again in an upward movement. The quotes of "bitcoin" got out of the narrowing triangle and fixed above the descending trend line. Thus, the markets "survived" the news about the ban on any cryptocurrency transactions in China. They are now ready to raise the rate of the first cryptocurrency without the participation of Chinese traders and investors. Although in reality, it is hardly possible to say that they will leave the market, given that bitcoin is decentralized and can be bought and stored in any country.

Also, significant support for bitcoin was provided by the head of the Federal Reserve, Jerome Powell, who said yesterday that his organization would not follow the example of China and prohibit cryptocurrency transactions. In principle, this is not surprising. The United States is still a democracy, unlike the PRC. Many American experts have repeatedly noted that bitcoin is too deeply embedded in the current financial system of the world to be banned everywhere. Nevertheless, the probability of a tightening of regulation of the cryptocurrency sphere remains. Recall that almost any central bank or government does not need a currency or equivalent beyond its control. "We have no intention to ban cryptocurrencies," the head of the Fed said at a House Financial Services Committee meeting. Also, on Friday, Finance Minister Janet Yellen said that her department is preparing to amend the tax legislation on cryptocurrencies.

In addition, on Friday, it became known about the lifting of the ban on mining in Iran, which was previously introduced due to a lack of electricity in the country. This factor also had a positive impact on the quotes of "bitcoin." Thus, at this time, bitcoin is growing again and is in demand. Immediately, many experts and economists started talking about updating the annual highs, although a week ago, it was about a further fall to the level of $ 30,000. From our point of view, the correction scenario remains relevant. Recall that in the period from July 20 to September 6, the cryptocurrency increased by $ 20,000, and the reasons for this movement remain a mystery. From time to time, bitcoin gets a foundation for continued growth, but still, an increase of $ 20,000 for no particular reason is very cool. Recall that, for example, the leading US stock indices are currently being adjusted since the Fed may announce the curtailment of QE in November. It means that there will be much less money entering the markets.


The trend on the 4-hour timeframe changed to an upward one after the price was fixed above the descending trend line and above the Ichimoku cloud. There is no ascending trend line now, but there is a level of $ 48,682 - the last local maximum, from which a rebound is very likely. If there is a rebound, then a new round of downward movement with goals is possible $ 46,600, $ 43,852, $ 40,746. If the $ 46,862 is overcome, then we continue to buy with the goal of $ 51,350.

The material has been provided by InstaForex Company -