13.07.201808:43 Forex Analysis & Reviews: Bitcoin analysis for 13/07/2018

Long-term review

US President Donald Trump has signed an enforcement order by creating a task force that will focus in part on the development of guidelines for investigations into cryptocurrency fraud.

The Task Force on Market Integrity and Consumer Fraud, in line with the executive order, will take a broad perspective when focusing on consumer fraud. For the cryptographic industry, it is worth mentioning the "digital currency fraud", which is one of many areas where the task force "will provide guidance in investigating and prosecuting cases involving fraud."

It is unclear what form the guidelines will adopt, but the task force can ultimately present a kind of report for the Trump administration in this area.

The fact that the administration has taken action in this direction is not surprising. Earlier this year, the US government indicated that it is working on a comprehensive cryptocurrency strategy focusing on market scams. In February, the United States Department of Justice set up a Task Force for Cybersecurity, which also includes cryptocurrencies as part of its mandate. Deputy Attorney General Rod Rosenstein said at that time:

#Many of these programs involve Bitcoin and other cryptocurrencies that do not flow through the traditional financial system. [...] What we are currently working on with our Cybercrime Task Force is working on a comprehensive strategy that will deal with it".

This is a very good news for all the crypto enthusiasts are we are all familiar with plenty of crime incidents in the crypto world like identity theft, wallet phishing, and exchange hacking. The new US program should help to resolve and limit the amount of the incident and make all the traders fell a little bit more secure.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market reacted at the weekly pivot support at the level of $6,054 and made a Pin Bar candle twice as the bulls were defending this level. Currently, the nearest technical resistance is seen at the level of $6,334 and the bulls must break through this level if they want to regain the control over the market. The key technical support is seen at the level of $5,742.

Exchange Rates 13.07.2018 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2021
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