FX.co ★ Trading recommendations for Bitcoin, September 6, 2017

The fixation of profit on Bitcoin has come to the end, but the market participants have not yet found the strength to the new leap. Apparently, investors are alarmed by the fact that central banks are gradually starting to enter the cryptocurrency market, and it is with restrictions. If earlier the market of cryptocurrencies was different, that it was completely independent, now the regulators turned their eyes on it. In particular, investors have yet to digest the recent restrictions imposed by the People's Bank of China. Nevertheless, the restrictions are not so radical, and most importantly, that neither the ECB nor the Fed has yet taken any action. So if the main central banks continue to limit themselves to mentioning cryptocurrencies, there will be fewer reasons for panic. The potential for decline seems to have been exhausted so that we can expect gradual growth in the near future.

Technical picture

As previously predicted, the quotation managed to reach the first value of 4420, where we saw a slowdown. It is possible to assume that the current level (4420) will serve as a point for the bulls to regroup forces for a further move. The current judgment on BTC can be considered in this sense: a temporary fluctuation within the limits of 4460/4330 forms a platform for long positions, where after a clear fixation of the price above the value of 4500 will open the way to the first value of 4650, with a further refill to the psychological level of 5000.

Attention: Forecasts are not a direct guide to action!