01.05.201908:47 Forex Analysis & Reviews: Technical analysis of Bitcoin for 01.05.2019:

Crypto Industry News:

According to a published statement, the Australian Tax Office (ATO) will try to contact salespeople dealing with cryptocurrencies in tax matters in a new data collection system.

ATO, which cooperates with the Australian Securities and Investment Commission (ASIC) and the Australian Center for Transaction Reports and Analysis (AUSTRAC), claims that it will request information on operations from local cryptocurrency exchanges. This data will then be used to contact traders who will receive a minimum of 28 days to explain their operations.

This movement underlines the ongoing struggle of Australian authorities seeking to keep the domestic cryptocurrency industry under control.

Over the years, controversial tax policies have taken various forms, while ASIC suggested that in September 2018, it would again increase stock exchange controls. However, according to Day, recent efforts support entrepreneurs and aim to help them navigate their tax obligations.

Technical Market Overview:

The BTC/USD pair is about to test the recent high at the level of $5,666 as the up move in wave (b) extends beyond the level of 61% Fibonacci retracement. The move up was made in three waves only, so it is still being counted as a corrective, just as in the Elliott Wave scenario. The key technical support is now located at the level of $5,528 - $5,500. So far there are no signs of any local trend reversal yet.

Weekly Pivots:

WR3 - $6,630

WR2 - $5,993

WR1 - $5,751

Weekly Pivot: $5,379

WS1 - $5,117

WS2 - $4,744

WS3 - $4,481

Trading recommendations:

The level of the recent high at $5,666 is a good level to enter a short term sell position with a target at the level of $5,348 or even below ( it all depends on the form of the corrective cycle in wave (c)). The longer-term outlook is still bullish, but currently, the market entered a corrective cycle.