23.10.201808:01 Forex Analysis & Reviews: Bitcoin analysis for 23/10/2018

Russian MPs before the upcoming reading in the Russian Duma removed the definition of cryptographic mincing from the bill on regulating digital currencies. Therefore, the new law will not explain tax issues for miners. It is unclear whether the definitions of tokens and initial monetary offers (ICO), as well as the rules for cryptographic exchanges that were included in the original working version, remain in the current version. The chairman of the Duma Committee on Financial Markets, Anatoly Aksakov, explains that if the law were to define cryptographic mining, it would have to also define cryptocurrencies. He also added that it would be pointless to include mining in the regulations proposed by the government. He said that if necessary, mining should be under the jurisdiction of the tax supervision authority.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market continues to move inside of the consolidation zone and there is no sign of any increase in the activity so far. The nearest technical support is seen at the level of $6,323 - $6,310 and the nearest technical resistance is located between the levels of $6,433 - $6,455. As long as the price is trading between those two levels, there is no chance of any upward rally.