FX.co ★ Bitcoin analysis for 15/02/2018

The seven largest cryptocurrency companies in the world joined forces to create CryptoUK, the first of its kind, a trade association whose aim is self-regulation in the British digital currency industry. CryptoUK consists of global trading platforms and cryptocurrency services: Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares and CommerceBlock.

CryptoUK intends to work with the UK government to comply with a code of conduct that will help prevent money laundering and other illegal activities involving Bitcoin and other cryptocurrencies, and better protect customers. However, the group will not deal with the regulation of ICO, the area of the cryptocurrency industry, which is widely criticized by regulators around the world.

CryptoUK President and Managing Director of eToro, Iqbal Gandham, stated that the new self-regulatory body aims to promote best practices and cooperation with the government and regulators, adding that the company will become a model for the future regulatory framework. Last week, the head of the American Commodity Futures Trading Commission, Brian Quintenz, suggested that the cryptocurrency community should create their own regulatory system or self-regulatory organization (SRO) to avoid the government's harder hand.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has finally broken above the local resistance at the level of $9,146 and tested the key resistance at the level of $9,515. Now the market is just under the weekly pivot resistance at the level of $9,837 and it might want to go higher towards the level of $10,000 and then $10,999.