Crypto Industry News:
A representative of the Russian Ministry of Finance claims that the Ministry is considering permission to trade cryptocurrencies, according to the Russian information service.
According to the publication, deputy finance minister Alexei Moiseyev told reporters that although the Ministry did not make a final decision, cryptocurrency trading could be allowed in the upcoming project on the circulation of cryptocurrencies in the Russian Federation.
A bill prohibiting the use of cryptographic assets as a means of payment in the Russian Federation was adopted in May last year.
Anatoly Aksakov, head of the Duma Financial Markets Committee, called the pending decision a compromise and noted that the Financial Action Task Force had recommended Russia to adopt a bill regulating the circulation of cryptocurrencies by the end of this year.
Earlier this week, information appeared that the State Duma, the Russian parliament, expects to adopt the largest national cryptographic law "On Digital Financial Assets" (DFA) in the next two weeks.
Moiseev then stated that the Ministry of Finance also approved separate provisions on ICO, which will be part of the Russian Social Financing Act.
So far the BTC/USD market is locked in a narrow range located between the levels of $10,3018 - $11,338, but the bulls are trying to rally again as the price is testing the recent high at the level of $11,338. Any breakout through the resistance will open the road towards the level of $11,714 and any breakout below the lower support level will be a signal for a larget corrective cycle to start. Moreover, the trend on the larger timeframe is still up and there are no signs of any trend reversal.
Weekly Pivot Points:
WR3 - $14,368
WR2 - $12,738
WR1 - $12,143
Weekly Pivot - $10,500
WS1 - $9,956
WS2 - $8,295
WS3 - $7,678
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 larget correction is just around the corner, as all the major impulsive waves have been completed.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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