If at the beginning of the month the community of investors in crypto-currencies received a message from the authorities of some states about intentions to tightly regulate the scope of the crypto-currency, then towards the end of the month the events began to unfold more positively.
- The recent meeting in the US Senate on crypto-currencies gave investors a reason to view the further development of events in a positive way, as it was more in the form of discussion of the issues on the crypto-currency market in general and what risks there are in investing.
-At the roundtable with representatives of the EU authorities and shareholders of private companies, the vice-president of the EU Commission Valdis Dombrovskis told the press about serious prospects for financial markets and the need not to impede the development of technology blockades.
- The Swiss Financial Markets Regulator (FINMA) published recommendations for ICO in which they disclosed the plans for applying legislation to tokens and how the organizers of ICO can receive feedback from the regulator.
- The new head of the Central Bank of Taiwan, Young Chin-Long, made a statement that the Central Bank will carefully study the possibilities of blocking technologies to improve the existing infrastructure.
All these events increase the likelihood that the meeting of the G20 on the topic of crypto-currency can take place in a positive manner for the crypto-currency market and at the meeting, there will be discussed more opportunities for the development of the sphere as a whole than options and tools for its prohibition and restrictions.
The main coin of the market is cryptocurrency and concurrently the index on which it is customary to determine the mood of bidders - bitcoin, is trading above a strong psychological level of 10,000.00 which recently stopped the price from falling and became a strong price support level. This formation is considered by us as a serious reason to predict positive moods in the market and expect that the downward trend will be broken in the near future. It is worth noting that the markets are cyclical and if you analyze the results of trades on bitcoin over the past three years, then there is a certain pattern that can tell investors time to enter the market.
In 2015, bitcoin after a decline from the beginning of the year in February (from 322.3 to 182.0) formed a strong support level at 215.00 which during the year was repeatedly tested at the price, but was not passed. As a result, for the year, bitcoin closed at 429.00 with an increase from the designated level of 99.5%.
In 2016, bitcoin repeated the scenario and also after correction at the beginning of the year (from 458.8 to 359.2), the price was found at the beginning of February already at $ 370. During the year, bitcoin from this level increased by 169% to 996, 6.
In 2017, the same situation: bitcoin from the beginning of the year is markedly adjusted (from 1139.6 to 779.5) and further on the results of trades for February new support is formed on a strong psychological level of 1000.00 and the year is closed by the growth of 1276.9% at the level 13769.0.
Despite the rapid price jumps, now we can observe a similar formation. Bitcoin started the year with a decline (from 13769.0 to 6000.0), after having played a part of this drop and now trades above 10,000.0. This corrective growth continued just up to the upper boundary of the downward channel in which the price moved since December of last year. As a result, on the one hand, the price has support from the lower boundary of the long-term trend and support for a strong psychological level, with a pattern that has not been repeated once. On the other hand, the price tests the upper limit of the downlink.
In sum, these facts give a high probability that the downward trend may be over, and the statements of high-ranking officials of states to promote the development of blockchain will signal the bidders to invest in promising and promising
- The recent meeting in the US Senate on crypto-currencies gave investors a reason to view the further development of events in a positive way, as it was more in the form of discussion of the issues on the crypto-currency market in general and what risks there are in investing.
-At the roundtable with representatives of the EU authorities and shareholders of private companies, the vice-president of the EU Commission Valdis Dombrovskis told the press about serious prospects for financial markets and the need not to impede the development of technology blockades.
- The Swiss Financial Markets Regulator (FINMA) published recommendations for ICO in which they disclosed the plans for applying legislation to tokens and how the organizers of ICO can receive feedback from the regulator.
- The new head of the Central Bank of Taiwan, Young Chin-Long, made a statement that the Central Bank will carefully study the possibilities of blocking technologies to improve the existing infrastructure.
All these events increase the likelihood that the meeting of the G20 on the topic of crypto-currency can take place in a positive manner for the crypto-currency market and at the meeting, there will be discussed more opportunities for the development of the sphere as a whole than options and tools for its prohibition and restrictions.
The main coin of the market is cryptocurrency and concurrently the index on which it is customary to determine the mood of bidders - bitcoin, is trading above a strong psychological level of 10,000.00 which recently stopped the price from falling and became a strong price support level. This formation is considered by us as a serious reason to predict positive moods in the market and expect that the downward trend will be broken in the near future. It is worth noting that the markets are cyclical and if you analyze the results of trades on bitcoin over the past three years, then there is a certain pattern that can tell investors time to enter the market.
In 2015, bitcoin after a decline from the beginning of the year in February (from 322.3 to 182.0) formed a strong support level at 215.00 which during the year was repeatedly tested at the price, but was not passed. As a result, for the year, bitcoin closed at 429.00 with an increase from the designated level of 99.5%.
In 2016, bitcoin repeated the scenario and also after correction at the beginning of the year (from 458.8 to 359.2), the price was found at the beginning of February already at $ 370. During the year, bitcoin from this level increased by 169% to 996, 6.
In 2017, the same situation: bitcoin from the beginning of the year is markedly adjusted (from 1139.6 to 779.5) and further on the results of trades for February new support is formed on a strong psychological level of 1000.00 and the year is closed by the growth of 1276.9% at the level 13769.0.
Despite the rapid price jumps, now we can observe a similar formation. Bitcoin started the year with a decline (from 13769.0 to 6000.0), after having played a part of this drop and now trades above 10,000.0. This corrective growth continued just up to the upper boundary of the downward channel in which the price moved since December of last year. As a result, on the one hand, the price has support from the lower boundary of the long-term trend and support for a strong psychological level, with a pattern that has not been repeated once. On the other hand, the price tests the upper limit of the downlink.
In sum, these facts give a high probability that the downward trend may be over, and the statements of high-ranking officials of states to promote the development of blockchain will signal the bidders to invest in promising and promising