The past week proved highly challenging for the whole market. Bitcoin graphs show that the market withstood this test with forbearance. Even in the absence of positive news, there was a rapid price reversal from key support levels. Everything has gone smoothly this week, and buyers and sellers are now analyzing the situation. Japan’s Financial Services Agency (FSA) gives a bit of positivity to the market as it is considering the possibility of surveying ICOs in Japan. The FSA has played a pivotal role in drawing up rules regarding cryptocurrencies in Japan, despite the fact that the country has officially classified Bitcoin as a payment method.
The support zone at about $280 has confirmed its significance again, as the price has quickly regained those levels. If it drops below $280 again and remains there long enough, it will mean that a return to the maximum levels is not to be expected anytime soon.
The following resistance level is around $340, and it matters for the whole market that the altcoins leader shows confidence in the future. In case there’s no negative news, this scenario is most likely to take place.
We see a growing number of successful ICOs on the Ethereum platform. For example, ICON, a Korean-based project, raised 150,000 ETH in less than six hours.
