It is pretty nervous these days isn't it? So we will try to show you where we are and why it is not that bad as it looks.
Many of you complain about current situation but remember that patience and persistance are as much valued in this game as analysis and reflex.
First of all we decided to draw long-term support line. Look at the mid September 2017. The price was around 3000$. Right now around 8000$. Decent return isn’t it? This line shows more organic growth rather than hype. We are nearly there, so only really bad news from the market or some big whale can make the price even lower.
Look and the roughest dip lately – 6000$. When it happened, the price returned very quickly to the level of 12000$ (which is very strong resistance). It means 6000$ is very cheap for the market, even though makro surrounding is unstable.
Regarding last G20 Summit here is the link with the summary and down below we are listing positive examples of countries (legalizing crypto or going to):https://cointelegraph.com/news/g20-and-cryptocurrencies-baby-steps-towards-regulatory-recommendations
- Australia
Australia is one of the few countries that has actively started building its own cryptocurrency regulations that suit it, without much outward glancing for hints or presidents. For example, the government recently addressed exchange regulations with a mandatory law.
- Brazil
Brazil and its government have seen a lot of potential in Blockchain and to that end have started upping their efforts into research and development of the new technology.
- Canada
Canada is another country that is in a similar boat to that of Australia as they have started the arduous journey of regulating, but in a positive and friendly manner. The Canadian government has given the go ahead to its first ever Blockchain-based Exchange Traded Fund.
- France
As one of the nations looking to open up the dialog on cryptocurrency, France’s stance is clearly geared towards building a regulatory framework that can work globally for a currency that is used globally.
- Germany
Germany are also keen on opening up this dialog, having stated before the G20 suggestion was made, that the only way to control cryptocurrencies would be for international cooperation.
- Japan
Japan made headlines a few years back when it announced that Bitcoin was a legal currency, however, its loose approach to regulation has recently been curtailed as more and more issues have forced regulators to step in.
- Mexico
Mexico will soon be joining the likes of Canada and Australia as countries with active cryptocurrency regulations.
The central American nation is just one signature away from regulating cryptocurrency after a law setting out its position passed the lower house.
- The USA
“Do no harm” was unquestionably the right approach to development of the Internet. Similarly, I believe that “do no harm” is the right overarching approach for distributed ledger technology,” J. Christopher Giancarlo, chairman and witness of the CFTC, expressed in front of the Senate this year.
- According to Elliot Wave Pattern we may touch level of around 6800$. That level would be identical with the level of organic growth line.
- We should bounce from this level up up up.
- If we cross 9000$ it would be strong trend reversal sign.
- Next very strong resistance at 12 000. It will be difficult to cross it but once we do it we can stay happy and wait for another levels such as 17 000$ and 20 000$.
- MACD convergence which is very good sign - strong buy signal (light green lines). THIS IS VERY IMPORTANT.
- Stoch RSI - oversold zone - buy signal
- SMA 50 & SMA 200 almost at the same level - healthy level achieved.