16.07.201809:25 Forex Analysis & Reviews: Bitcoin analysis for 16/07/2018

In the latest report, the USA, Switzerland, and Singapore were in the top three of the most favorable countries in terms of conducting initial monetary offers (ICO).

Analysts associated with the Crypto Finance Conference developed studies based on publicly available data on 100 ICO projects and compiled them according to countries in terms of funds raised and the number of projects launched.

The report underlines that the United States is the most favorable country for ICO. In total, 30 companies have started operations in this field. The second country is Switzerland, which is responsible for half of this number of projects, and Singapore ranks third, with 11 projects.

The report also includes Russia, Estonia, and the United Kingdom as one of the most promising countries for financing cryptographic projects. The best months for ICO investment took place only four months ago, and 2018 overall has changed considerably since last year. ICO volumes have reached new records in the first half of 2018, amounting to twice as much as in 2017.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $6,024 after two Pin Bars candles were made. The rise is corrective in nature and it does not look as the bulls have too much strength to break through the weekly pivot at the level of $6,379. The price is now in a short-term horizontal consolidation and the long-term downtrend is still present. It is worth to keep an eye on all technical support levels at $5,971 (weekly pivot support), $5,900 and the most important at $5,742. Any violation of the last support will confirm the downtrend.