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Crypto Industry News:
The Australian government has issued a statement of support for cryptocurrencies, because it excludes the sector from the new restrictions on cash payments.
In the explanatory memorandum issued at the end of last week, the Ministry of the Treasury stated that it wants to prohibit cash payments for goods and services that exceeded 10,000 Australian dollars. However, a number of exemptions apply, including transactions regarding what is referred to as digital currencies.
The reason the lawmakers made this decision is to prevent the disappearance of such currencies from the local economy, which in turn would lead to the blocking of innovation freedom:
"The digital currency is a new and growing area of the Australian economy, unlike the physical currency, there is no strictly established regulatory framework or industry structure, which makes it difficult to apply the cash payment limit in a way that would not significantly rule out the use of the digital currency in Australia or it has not significantly stifled innovation in this sector. "
Technical Market Overview:
The ETH/USD pair still keeps trading inside of a narrow price range between two levels of $189.91 - $223.38. The level of the local support at $199.68 has been tested, but the price did not break below but bounced back to the range. The bulls did not make any decision regarding the possible move higher, so the bullish momentum is decreasing as the price goes nowhere fast. In order to continue the move upwards, the bulls must break through the Fibonacci retracement levels located at $223.38, $233.77 and $244.16. Oterwise, the market will stay inside of the trading range or will be pushed lower by bears to test the technical support at the level of $189.91 again.
Weekly Pivot Points:
WR3 - $247.21
WR2 - $236.28
WR1 - $220.47
Weekly Pivot - $209.37
WS1 - $191.97
WS2 - $182.25
WS3 - $161.51
Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume sooner or later.
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