Crypto Industry News:

The Russian state holding conglomerate, Rostec, has proposed an action plan on the use of Blockchain in all government data systems, as reported by the local financial newspaper Kommersant.

According to reports, the institution subject to Rostec has developed a Blockchain action plan worth up to $ 1.3 billion, which will allegedly provide an economic impact of up to $ 25.4 billion over five years. The project was presented by the structural body of Rostec, the Novosibirsk Institute of Programming Systems (NIPS), during the Blockchain conference, which took place in the Republic of Tatarstan.

According to Kommersant, the NIPS action plan includes the implementation of Blockchain in processes and data systems of industrial enterprises, local government elections, monitoring of budget results and other services.

The report notes that the lack of regulation of cryptocurrencies and Blockchain is a major obstacle to the adoption of the proposed action plan. Yuri Pripachkin, president of the Russian Association of Cryptocut and Blockchain, recognized the lack of regulation as "a disastrous obstacle to the adoption of Blockchain."

The expert claimed that, in order to achieve better results, the necessary provisions should be implemented as late as at the end of 2019, while the action plan is based on the assumption that the regulation will enter into force in 2021.

On the other hand, the Russian prime minister and former president, Dmitry Medvedev, recently stated that cryptographic regulation is not a priority for the Russian state, because cryptocurrencies have "lost their popularity".

On May 22, the central bank of Russia stated that the bill regulating cryptocurrencies was sufficiently prepared to be adopted in spring 2019, in accordance with the order of President Vladimir Putin.

Technical Market Overview:

The BTC/USD pair has made another higher high in an impulsive fashion, so the old corrective cycle scenario has been invalidated. In the new scenario, the waves are getting extended to the upside, like the last wave (5), that has not even been completed yet as the market is still developing wave (3). This indicated the more upside in the Bitcoin market with the next target located at the level of $10,500. On the shorter timeframes, please keep an eye at the level of $8,241 as any violation of this level will invalidate the current impulsive scenario.

Weekly Pivot Points:

WR3 - $10467

WR2 - $9524

WR1 - $9190

Weekly Pivot - $8239

WS1 - $7860

WS2 - $6970

WS3 - $6557

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical support at the level of $8,241 as any breakout below this level invalidated the impulsive scenario.