22.10.201807:34 Forex Analysis & Reviews: Bitcoin analysis for 22/10/2018

The global regulator responsible for counteracting money laundering has announced that it will start publishing rules on international regulation of cryptocurrencies by the next summer. According to report, the Financial Action Task Force on Money Laundering (FATF) - a French intergovernmental organization founded in 1989 to develop anti-money laundering policy - said legal systems around the world will have to implement new systems licensing or regulations regarding cryptographic exchanges and potentially digital wallet providers. Account will also be included for companies offering financial services related to initial monetary offers (ICO).

This news comes after the recent FATF plenary meeting in which officials from 204 global jurisdictions took part to discuss cryptography and other matters. Moreover, FATF President Marshall Billingslea has set June as the month in which the group will begin publishing guidelines and expectations in the field of law enforcement: "We will issue additional instructions on standards by June and how we expect them to be enforced" - Billingslea says.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market continues to trade in a sideways correction zone between the levels of $6,312 - $6, 455, just around the weekly pivot at the level of $6,404. There is no clear pressure for bulls or bears, but one needs to remember, that the higher time frame trend is still down, so the bears are now more favorable as the bias is to the downside. Only a clear breakout in either direction will change the current state of the market.