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

Central banks continue to denote their position with respect to crypto-currency, and it does not promise them anything good. So the Bank of Russia in the person of the Chairman of the Board of Alvira Nabiulinna has placed all the points above the "and". The head of the Bank of Russia said that he would not tolerate private money and that crypto-currencies could not become legal tender. She also added that the blockchain technology is of great interest to the monetary authorities. These words fully confirm the already voiced positions of the Bank of China and the ECB. Also, representatives of the Federal Reserve spoke about the same spirit, albeit in a somewhat veiled form. In general, the position of monetary authorities is quite clear: Only central banks have the right to issue money, and blockchain technology will allow to withdraw from cash and increase control over transactions. However, so far neither the ECB nor the Fed has taken restrictive measures since the market capitalization of the Crypto-currency is still too small. Such a position will increasingly restrain the growth of the Crypto-currency and in particular Bitcoin.

The technical picture

Yesterday's forecast coincided, the bulls managed to take the leading position, practicing the periodic level of 4150, the price jerked up, quickly returning us to the level of 4420. In case the "bullish" potential does not fall, then it is likely to assume that this time to us it will be possible to break through the level of 4420, directing the quotation to the value 4650. But before laying long positions, traders should see a clear fixation of the price above the values of 4420/4460, otherwise, we can repeat the plot of previous attempts.

Earn on the movement of the course of the crypto currency with InstaForex, opening a deal in the terminal MetaTrader4