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Crypto Industry News:
The South African Reserve Bank (SARB) - the country's central bank - allegedly intends to introduce new rules on the use of digital currencies to discourage users from circumventing currency controls.
According to a business publication, SARB's deputy president, Kuben Naidoo, said the new rules will be implemented in the first quarter of 2020, after a five-year series of consultations on this issue. Naidoo's statements followed the decision of FirstRand Bank - one of the largest financial institutions in South Africa - to discontinue banking services to digital cryptocurrency exchanges at the end of November. FNB blamed regulatory uncertainty for this move.
Blockchain and cryptocurrency communities have already responded to the idea of further control. South African developer community Blockchain SA Crypto said this information:
"The consequences of limiting the use of cryptocurrencies to tighten capital control are far-reaching and alarming," we read.
Cryptocurrencies have proved to be popular in South Africa - 10.7% of the country's population have them, which is the highest among all the countries surveyed. The volatility of South African rand, which is one of the most volatile currencies in the world, has prompted consumers to seek protection for their money.
Cross-border payments are a factor contributing to the popularity of cryptocurrencies in this country, especially given the fact that remittances are often sent from countries such as South Africa to 15 other countries on the continent known as the South African Development Community.
In August, the large South African cryptographic exchange Luno recorded an average daily trading volume exceeding USD 5.4 million. Luno noted a significant increase in the number of new customers, reaching a milestone of 3 million portfolios in a total of 40 countries on its platform.
Technical Market Overview:
The ETH/USD pair has retraced half of the move up already and the recent low was made at the level of $142.26, which is below the 50% Fibonacci retracement located at the level of $143.74. If this level is violated again, then the next target for bears is seen at the level of $140.67, which is a 61% Fibonacci retracement. The technical supports are located at the levels of $136.98 and at the swing low at $130.68. The nearest technical resistance is seen at the level of $147.94.
Weekly Pivot Points:
WR3 - $187.69
WR2 - $171.75
WS3 - $162.01
Weekly Pivot - $146.28
WS1 - $136.26
WS2 - $119.53
WS3 - $110.92
Technical recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.
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