24.11.201711:27 Forex Analysis & Reviews: Bitcoin analysis for 24/11/2017

The governor of the South Korean financial regulator said that there were no plans to oversee Bitcoin transactions. Choe Heung-sik, head of the Financial Leasing Service (FSS), said that since his agency does not consider the cryptocurrency to be a legitimate currency, FSS does not intend to oversee their trading. Choe added that the South Korean government believes that these currencies are used in speculation and not as a payment tool. Accordingly, the supervisory authority considers that they are not financial products:"Although we monitor the practice of trading in cryptographic currencies, we do not currently have plans to directly oversee exchanges. Surveillance will only come after the legal recognition of digital tokens as legitimate currency."

Choe's comments emerged as the growing popularity of the cryptocurrency in South Korea and could have been due to a recent failure of the country's largest Bithumb stock exchange, which recently experienced technical disruption, losing users with millions of dollars in capital.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price tried to break out below the dashed black intraday trend line, but bounced from the technical support at the level of $7,886 and quickly returned back above it. No new high was made yet as the momentum is still diminishing. The market keeps consolidating the gains, but looks more weaker as the correction to the downside might occur any time now.