FX.co ★ Bitcoin analysis for 30/10/2017

Bitcoin analysis for 30/10/2017:

On October 28, zb.com, which is the new platform for cryptocurrency transactions, announced that all commercial functions will be available from November 1st. Users can sign up for an account and now pay for it.The stock market claims that people all over the world, including in mainland China, can use this platform. It gives you the opportunity to speak Chinese and English. However, it is too early to say that the Bitcoin and other digital currencies regulation is completely invalid. Probably the Chinese government has given citizens permission to use zb.com, but it remains unofficial for that moment.

No one knows what will happen after 1st November. The good news is that Chinese traders will have the opportunity to buy and sell Bitcoin again. Since the closure of the stock exchange in China, people have started using Taobao, the Chinese version of eBay, belonging to the Alibaba Group, the Wechat newsgroup, and the QQ newsgroup. Offline transactions have become very popular among Chinese traders recently.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has broken above the technical resistance at the level of $6,168, but so far this is still a three wave move up, so it can be considered as a part of the wave (b). In turn, the current corrective structure of wave 4 might develop into an (a)(b)(c) irregular or run a flat correction. To do this, the price must now fall down in impulsive fashion to the level of $5,092. If the price will not fall but will make another higher high instead, then the low for the wave 4 is already in place at the level of $5,357.