Bitcoin analysis for 18/09/2017:
Chiasso in Switzerland accepts taxes in Bitcoins. A small town located in the south of Switzerland on the Italian border will officially begin accepting payments in Bitcoins next year for taxes. The maximum amount you can transfer is 250 Swiss Francs. Town Mayor Bruno Arrigoni stated that Chiasso is recognizable in the world as an epicenter of economic and technological growth in the blockchain technology. The town has been nicknamed "CryptoPolis" and attracts many new companies from the blockchain industry. Over the past few months, eight cryptocurrency related startups and companies have registered their activity there.
Let's now take a look at the Bitcoin technical picture on the H4 time frame. Due to nature of the impulsive rebound from the lows at the level of $3,000, the corrective down cycle might have been terminated sooner than expected, so the current move up is a part of a new cycle. The price is now trading above the weekly pivot at the level of $3,662 but just below the technical resistance at the level of $3,989. If this level is violated, then the test of the recent high at the level of $4,968 is possible in a short time.
