16.10.201710:26 Forex Analysis & Reviews: Bitcoin analysis for 16/10/2017

Bitcoin analysis for 16/10/2017:

According to the news that broke through Russian Minister of Communications Nikolay Nikiforov, in a meeting behind the closed door, the Russian Federation President Vladimir Putin has officially stated that Russia will issue its own "CryptoRuble" digital currency. This cryptocurrency cannot be mined and will be issued, controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the "CryptoRubles" came from, a 13% tax will be deducted. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale.

The reason behind this brave decision was explained by Nikiforov himself: "I confidently declare that we run "CryptoRuble" for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will." So it looks like the recent news regarding a ban of all cryptocurrencies in Russian Federation were not true at all and Russia is another country joining the digital revolution.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The top of the wave (iii) had been established at the level of $5,833 and currently, the market is in the four-wave correction cycle. The key technical support is at the level of $5,384 and nay breakout lower will directly expose the level of $4,963 for a test. When the corrective wave (iv) is completed, the market should make another higher hight in order to complete wave (v).