Bitcoin analysis for 06/09/2017:
Despite the fact that China's authorities banned the ICO, Hong Kong regulators have released a "cautionary statement" to prospective investors. The Hong Kong Securities and Futures Commission (SFC) reiterates the message that ICO tokens could constitute securities under the local law. Previously, the US Securities and Exchange Commission (SEC) had issued multiple warnings about tokens requiring testing for securities compliance if necessary, so it looks like Hong Kong is following the SEC footsteps. In the meantime, it is still unclear whether China will permit ICOs to trade in a more controlled environment at some point in the future.
What country remains still the best for all blockchain technology users and companies starting out with blockchain technology who would like to release their own ICO? Singapore has long been a mecca for start-up companies because of such factors as friendly tax rules, unconstrained legal policies, and state funding. In the past, the Lion City has already hosted many successful ICO projects as it tries to regulate and support the cryptocurrencies and blockchain technology.
Let's now take a look at the Bitcoin cryptocurrency technical picture on the H4 time frame. After the bounce from the golden trend line support at the level of $3,992, the bulls have managed to push the price higher towards the key resistance zone between the levels of $4,376 - $4, 4470. According to the EWP, this bounce is a part of a corrective sub-wave (b) and might get terminated soon in order to complete wave (c) to the downside. In this situation, only a clear breakout above the recent all-time highs at the level of $4,970 will invalidate the downward scenario.
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