03.10.201808:05 Forex Analysis & Reviews: Bitcoin analysis for 03/10/2018

The Reserve Bank of India (RBI) denied the formal establishment of the unit for research on artificial intelligence and Blockchain technology. This explanation follows the investigation conducted by one of the financial newspapers in India. It appears several weeks after rumors began to circulate that the central bank was to set up an alleged unit to investigate and possibly develop regulations for new technologies. In an article on the alleged creation of an individual, the Economic Times cited two anonymous sources that were "familiar with the plans of the central bank." However, one of the journalists submitted Right To Information (RTI) to confirm the information given in the article and get more information about the new unit. In response, RBI writes: "There is no new unit created formally in the RBI for purposes (Blockchain, Crypto and AI) mentioned in the RTI query".

Thus, while the RBI has set up a unit to "study and provide guidance on the desirability and feasibility of a central bank digital currency", it appears that its position regarding the use of crypto in a more general sense has not become more favorable.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has broken below the local technical support at the level of $6,413 and now is heading towards the level of $6,289 (support). nevertheless, the price will remain inside the horizontal consolidation, as the key level for a breakout is located at $6,056. The market conditions are now oversold slightly at this time frame and the momentum remains neutral.