02.10.201809:04 Forex Analysis & Reviews: Bitcoin analysis for 02/10/2018

The Prime Minister of Malta, Joseph Muscat, used his opportunity to speak at the UN to comment on the potential of Blockchain and cryptocurrencies, calling them an unavoidable part of the digital future.In a speech during a general debate at the 73rd session of the UN General Assembly, Muscat raised the subject of the Malta plan to create the "Blockchain Island". He said that his nation is the first jurisdiction in the world to regulate technology that "existed in a legal vacuum before". In June, the Maltese parliament adopted three draft laws on cryptocurrencies, Blockchain technology and distributed register technology (DLT). Since then, many companies focusing on cryptocurrencies have moved to the island, and some have agreed to cooperate with the Malta stock exchange.

In his speech, which had previously addressed issues such as immigration, Muscat continued to be optimistic about technology: "Blockchain makes cryptocurrency an inevitable future of money - more transparent because it helps to distinguish good companies from bad companies" - he said.

In conclusion, the prime minister said that the distributed registry technology also has the potential to give patients "real ownership" of their medical records, makes it possible to check whether humanitarian aid reaches the intended goal and helps to increase the transparency of corporations and governments.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still moving in a horizontal cycle between two levels: the support at the level of $6,413 and resistance at the level of $6,738. Moreover, the price is hovering around the weekly pivot as well. The momentum is neutral, but the market conditions are now overbought so another spike down might occur anytime now.