while waiting for G20

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
While investors are waiting for a closed meeting of finance ministers of the G20 countries on the issue of cryptocurrency, they sell their coins, as a result of which the market is declining, it is possible to consider in more detail what will be discussed at the meeting. There are reasons for this because today Minister of Finance Vopka Hestra sent a letter to the parliament of the country where, in general terms, outlined the issues that will be considered for regulating crypto-currency.
Their letter is that the exchanges and exchangers will not be closed, but subjected to debt procedures, the "ICO" market will probably be brought into compliance with the law on securities, and the crypto-currencies themselves will be equated to high-risk instruments.
Given this, you can expect that the G20 meeting will have a positive impact on the market and provoke active purchases.
While bitcoin is trading in the red zone at 9 000.00 and today lost about 2.5%, due to negative investor sentiment and bad news on the market. On the other hand, the reason for selling is that many investors will prefer to sell bitcoin , wait outside the market, and start buying when understanding comes after the G20. All this strengthens the idea of the proposed trading scenario, according to which the market will be adjusted and will give an opportunity to buy long-term at good prices. Within the framework of this week, one should expect a decline in the market and consider by bitcoin the level of 7,800.00 - 8,000.00 how to support where the price may stop.
Trade active: Bitcoin has gained 5.7% for today and Ethereum has decreased by 6.0% during this time, and this probably increases the downward trend. Today, rumors have been confirmed and Google has banned advertising of "ICO" projects and crypto-currencies in its advertising networks and search results. But this news was not played by speculators whose sales reduced prices. It is worth noting that Google is not profitable to deny its customers on such a popular topic and Google wouldn't have gone to this decision on their own. The ban on advertising is a requirement of the FBI and the main reason is that the US regulator has seriously taken up the crypto-currency market in his country, which is already a serious risk for investors in crypto-currencies.
At the moment, Bitcoin has met customer support at 8,600.00 and is trading above it. It is important that this is the third attempt to test this level, and we can assume a large number of stop-loss orders for sale from speculative investors below the level of 8,400.00.
Trade closed: target reached
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