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Crypto Industry News:
The latest policy by the FCA provides multiple key clarifications and definitions.
As an example, cryptocurrencies like Bitcoin and Ethereum which the FCA considers being "exchange tokens," that are not regulated but will adhere to anti-money laundering regulations.
Furthermore, security tokens fall under the FCA's 'specifcied investment' category according to the statement, although it will also be under the firm's remit.
On the other hand, utility tokens will fall outside the FCA's control, except for when they can be defined as electronic money and fall with a new category of e-money tokens.
Technical Market Overview:
The BTCU/USD is still trading in the downward trend and there is no indication of any reversal yet. As long as the BTC is trading below the level of $11.000 and the level of $12.000, I would watch for selling opportunities. Stochastic oscillator is showing overbought condition and the down flip, which is good sign for the further downside move. Pitchfork warning line 1 is suggesting that very soon there should be turn, which adds more potential weakness on BTC.
Important resistance levels to watch:
$10,206
$10,731
$11,000
Important support levels to watch:
$9,738
$9.346
$9.088
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. Stochastic is showing overbought condition and the fresh new down flip and the BTC is trading near the resistance $10,200.
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