FUNDAMENTAL BRIEF: The Government of India, although often not very positive about Bitcoin and other cryptocurrencies, such activities have not helped to curb their popularity. In his annual speech, Finance Minister Arun Jaitley again explained that the government intends to stop the use of digital currencies in India, claiming that the South Asian country does not recognize Bitcoin and other coins as legal tender: "The government does not recognize Bitcoin or other cryptocurrencies as a legal tender and will take all measures to limit their use in financing illegal activities or any part of payment systems."
However, Jaitley did not say anything about the ban on trade. In fact, he claims that the government will instead encourage the use of Blockchain technology in traditional payment systems, showing that the Indian government does indeed see the value of cryptocurrencies, but only as legal tender. Most likely, Indian exchanges will be legal and citizens will have no problem buying and selling cryptocurrencies, nevertheless, their decision might be behind the reason of the recent drop in BTCUSD
ELLIOTT WAVE ANALYSIS: The market violated the 161% Fibo extension of the wave A at the level of $8,600 and currently is testing the lower trendline dynamic support around the level of $8,000. If this level will not make Bitcoin to bounce towards the level of $9,100 then the next projected target is seen at the level of $6,742. The overall complex corrective cycle looks completed anyway or is very close to termination.
评论
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A bounce form $7,625 resulted in a small rally. Now the levels of $9,222 and $9,544 are the key technical resistnace levels.
@megalo99, I see some volume pick up in hourly chart. let's see what happens.
Zakir-Ahmed
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First i dont think india can create FUD in a big range..their volumes are like 200 BTC overall in exchanges some are even 25 BTCs..the drop is normal and i can see there is no enough buy pressure at 8k even so can we assume we will stop at 6k..hard support at 7.5k can be seen in 4hrs chart..
webmonkey
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I’m thinking any progress made between now and 6th Feb will be reveresed after the USA authorities meet to discuss Crypto. I can’t see anything ‘positive’ coming out of that meeting after the media make big headlines like “USA declares crackdown on Bitcoin”