21.06.201808:05 Forex Analysis & Reviews: Bitcoin analysis for 21/06/2018

The Japanese Financial Services Agency (FSA) will issue a notice to improve the operations of the five registered cryptocurrency exchanges by the end of this week.

According to FSA inspections, BitFlyer, Quoine, Bitbank, BITPoint Japan, and BtcBox exchanges do not have adequate internal management systems, including anti-money laundering measures. BitFlyer, Quoine, and Bitbank are one of the largest cryptographic exchanges in the country and the world, which are currently in places 18-27 according to the amount of turnover. The exchanges asked for information about the improvement of the economic situation.

After the $532 billion NEM attack from the Coincheck Japanese Cryptocurrency Exchange in January, the FSA launched cryptographic market audits, issuing many notifications of business improvements, stopping the operations of several exchanges. From April 2017, all cryptographic exchanges in Japan must be registered under the FSA license for operation. At the beginning of June, the FSA rejected for the first time the proposal of one cryptocurrency exchange, citing concerns that the stock exchange, whose services had already been suspended twice this spring, did not provide adequate verification of customer identity in the case of suspicious transactions.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The wave b corrective cycle is getting extended in time, but the correction range is still weak in price. The level of $6,858 is acting as a quite strong technical resistance, but the key level to the upside is still at the level of $6,993. The momentum remains positive, so the bulls still have a chance to extend the correction further up. The immediate support is seen at the level of $6,687 and $6,519. The largest time frame trend is down.