Bitcoin analysis for 11/09/2017:
Despite the recent bad news for the new ICO in China, Hu Bing, a researcher at the Institute of Finance and Banking, a government-backed Chinese government, said in a conversation with state-run CCTV-13, that the government was forbidding the ICO's offering of coins only temporary. The Chinese Academy of Social Sciences and the Institute of Finance and Banking are affiliated with the State Council of the People's Republic of China, the main administrative body of the People's Republic of China. The Chinese Institute of Finance and its researchers are considered government institutions and state officials.
In his interview with Box Mining, Bing explained that the ICO suspension and ICO declaration as an illegal method of raising funds are only temporary until local regulators introduce the necessary regulatory and policy framework for both ICO investors and projects. More importantly, Bing emphasized that the Chinese cryptanalyst community must understand that the government did not forbid the ICO, instead held back, demonstrating the government's intention to resume the ICO in the near future. Bing also noted that the Chinese government and its financial institutions are currently considering the possibility of allowing the ICO to collect money in a controlled environment through a licensing program. If the government decides to legalize and regulate the ICO market, its licensing program will be similar to the BitLicense program at the New York Department of Financial Services (NYSDF), which requires companies to obtain licenses from the state to handle New York people.
Let's now take a look at the Bitcoin technical picture at the H1 time frame. The price reversed from the gray rectangular zone as anticipated, but did not manage to make a new low. Currently, the market is trading just below the golden trend line and below the weekly pivot at the level of $4,296. A breakout below the level of $3,992 opens the road towards the key near - term technical support at the level of $3,600.
