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The pressure on bitcoin rose at the beginning of the week after it was updated to a historic high of around $ 5,000. Most likely, fixing profits on long positions coincided with unpleasant news from China, where the People's Bank decided to take the most stringent measures with respect to the primary placements of the tokens. This is an ICO, a mechanism of financing, which is somewhat similar to the IPO, held in the stock markets. The website of the People's Bank of China reported that the ICO violates the laws on money circulation because the tokens are not a means of payment in China and should be banned.
Many investors and traders are now concerned that such actions and banning may spread beyond China, which will lead to serious restrictions on the use of blockchain and cryptocurrency in various countries.
South Korea also did not stand aside, saying today that it would tighten the rules on bitcoin and take the most serious measures against ICO. It became known that the regulatory authorities of South Korea are strengthening the monitoring and regulation of digital currencies, including bitcoins.
Bitcoin (BTC)
The signal to buy Bitcoin (BTC):
A serious decline in bitcoin was stopped today at the level of 3991, but so far the upside prospects are very unfavorable. The divergence on MACD is formed. Returning to buying bitcoin is best after a decline to the support levels of 3858 and 3739, or from a larger area of 3588, where the bulk of orders will be located. If you manage to gain a foothold above 4205, you can return to buying bitcoin in the area of 4404. However, above this level is unlikely to succeed today.
The signal for sales of Bitcoin (BTC)
Sales can be searched from the level of 4205.50, after an unsuccessful attempt to gain a foothold above. By this time, the 30-day moving average will also go down there, which will also limit the upward potential. If a quick sell off from level 4205 does not happen, then it's best to post short positions to a larger resistance level of 4404.
