Bitcoin analysis for 21/09/2017:
Good news for all Australian cryptocurrency traders. Recently, the Australian government has introduced regulations to remove double taxation of cryptanalysts. The reform initially set in Turnbull's budget was approved. On September 14, a double taxation law was introduced. Scott Morrison Treasurer of the Commonwealth of Australia said: "Currently, consumers who use digital currency can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST". Since 14th of September, this situation is no longer applicable. The Bill will make it easier for new innovative digital currency businesses to operate in Australia, as the Government takes action to boost jobs and wages.
This is very good news for the cryptocurrency industry in Australia. At the same time, it could be a breakthrough for FinTech's future country policy. Previously, the Australian government had been regulating the exchange of cryptocurrency. In addition, Australian politicians and officials took over the leadership of FinTech by forming the Blockchain Parliamentary Group of Friends and chairing the 307 Technical Committee on the International Organization for Standardization (ISO).
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The bullish rally was capped around the level of $4,111 and currently the price is trading in a narrow zone between the levels of $,3793 - $, 4038. From the Elliott Wave Theory point of view, the rally from the low at the level of $2,958 has been developed in three waves so far that means this leg might still be a part of a wave B correction, not an impulsive wave progression towards a new high. Any violation of the level of $4,362 invalidates this scenario.
