FX.co ★ Bitcoin analysis for 30/05/2018

Two Russian financial institutions are to test the regulatory platform, which aims to make national ICOs more transparent and safe for traditional investors. The Russian NSD (National Settlement Depository) has announced that it is working with Sberbank CIB to test the ICO emissions platform launched in April by the Bank of Russia.

According to the announcement, the company called Level One will launch token sales in the test environment, for which Sberbank will act as the coordinator of the issue and the main investor. In turn, NSD will serve as a depository, registering and settling transactions, as well as securing assets. Companies claim that the platform will ultimately provide the transparency that would reduce the risk for traditional investors in the token issuance process. The test, along with feedback from the central bank, will help you improve the platform before it can be put into service: "Sberbank CIB believes that the Russian ICO market is very promising. Many Sberbank clients are interested in this type of investment, and we, after the entry into force of the relevant legal framework, plan to actively promote this service. We will be one of the factors driving the institutionalization and popularization of this type of transaction" - says Igor Bulantsev, senior vice president of Sberbank and head of Sberbank CIB. Eddie Astanin, chairman of the board of NSD, said that the ultimate goal of the project is to allow the emergence of a new type of asset for investors and the trading of digital assets on the secondary market.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After the price made a Hammer candlestick formation at the level of $6, 984, it bounced out of the falling wedge and broke out above the technical resistance at the levels of $7,247 and $7, 435. So far the market has stopped just below the weekly pivot at the level of $7,582, but it looks like the bulls might want to test the golden trend line resistance from below. This means the next target for bulls is seen at the level of $7,890.