Bitcoin analysis for 17/10/2017:
In the last week in Beijing, the "First Workshop on Universal Access to Fiat Digital Currencies" was organized by the International Telecommunication Union (ITU) and the Institute of World Economics and Politics of the Chinese Academy of Social Sciences. The event was held under the patronage of the Chinese government. Many experts and entrepreneurs from over 40 countries participated in the workshop. The future of digital currency and the challenges of its legal regulation was a major theme of the conference. Many Chinese scholars, despite their decisive refusal to recognize the decentralized Bitcoin as a currency, are interested in creating a national cryptocurrency. Yao Qian, Director of the Digital Currency Research Institute of the People's Bank of China, commented on the most popular cryptocurrency. He stressed the importance of supporting the government's digital currency, but undermined Bitcoin's value. According to Yao Qian, it lacks a real value, which is why it is unreliable. Its apparent size is based solely on market speculation, and the recognition of Bitcoin by the states as a real currency will lead to tragedy.
In the past few months, China has introduced a series of regulations against the cryptocurrency market like banned ICO and trading on stock exchanges. In the face of such a tough government policy, organizing such workshops brings many cryptocurrency users into confusion. Should the start of discussion by experts prove to be the beginning of the Chinese central, national cryptocurrency? Time will tell.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market continues to consolidate the gains in corrective cycle labeled as wave (iv). The key technical support is seen at the level of $5,384 an in a case of a breakout lower the next technical support is seen at the level of $4,968. Nevertheless, there is still one more wave to the upside missing and the projected target for this wave is at the level of min. $6,000.
