Crypto Industry News:
The Ministry of Economic Development of the Russian Federation has prepared a bill that would allow testing the development of cryptocurrencies and Blockchain in a special regulatory sandbox.
According to a report from a local news agency, the bill was introduced to the State Duma - the lower chamber of the Federal Assembly of Russia - on March 17. Experimental law would apply to digital technologies in eight industries, including healthcare, financial markets, trade, transport, distance education, construction, manufacturing and government services.
The bill would unlock experimental testing of projects such as unmanned vehicles, remote diagnostics, and the use of personal data without written permission.
Participants in a regulatory sandbox would receive regulatory relief for minimum capital, reserve funds and reporting. According to the report, sandbox users would also be exempt from national foreign exchange law.
According to the ministry, the Bank of Russia will act as a financial market regulator within the regulatory sandbox. The bank declined to comment whether it supports the Ministry's initiative.
This message appears shortly after the Executive Director of the Bank of Russia announced that national laws on digital assets will prohibit the issuance and circulation of cryptocurrencies. According to the official, the Russian bill on digital financial assets would prohibit almost anything about cryptography, except storage. This project was delayed several times after its introduction in January 2018. President Vladimir Putin ordered immediate adoption of the bill twice since its creation - to no avail.
Technical Market Outlook:
The bulls has pushed the price out of the Triangle formation and almost make the test of the technical resistance located at the level of $6,863, but the BTC/USD pair has reversed from the level of $6,863 after the Bearish Engulfing pattern was made. Bulls still make pressure on the market, but in the meantime they must be careful not the fall under the level of $5,500. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.
Weekly Pivot Points:
WR3 - $9,603
WR2 - $8,246
WR1 - $7,228
Weekly Pivot - $5,818
WS1 - $4,764
WS2 - $3,330
WS3 - $2,301
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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