FX.co ★ Trading recommendations for Bitcoin, September 12, 2017

The situation around the cryptocurrency remains unchanged. The Bank of China continues to tighten its control. In particular, the Chinese regulator banned the operation of Bitcoin exchangers. The Bank of Russia is also keeping pace with it, which once again listed the list of its claims to cryptocurrencies. In particular, the regulator once again reminded that they can be used for laundering criminal proceeds, financing terrorism, and anonymity and opacity can be used to manipulate and deceive market participants.

However, it's not that the Bank of Russia has weight in the markets. Even the influence of the Bank of China is rather limited. These are things that cannot be said about the ECB and the Fed. However, they are still silent. So for now, all is limited to a slight fright. It is clear that it does not have a particular effect, since if Bitcoin becomes cheaper it is only temporary, and then it is quickly restored. Consequently, the growth potential has not yet been exhausted.

Technical picture

Bitcoin, as previously discussed, has managed to once again work out the psychological level of 4000, directing us to the periodic level of 4420. It is likely that in a few hours, we will reach the value of 4420. But whether there will be a breakdown of the level today is no longer a fact. Traders should monitor a clear fixation of the price above the level of 4450/4475. After that, they need to top up the positions to the basic value of 4650.