Crypto Industry News:

Georgia has released cryptocurrencies from VAT, as reported by the Internet portal dealing with cryptocurrencies.

According to the publication, the Minister of Finance of Georgia, Nodar Khaduri, recently signed a law aimed at regulating the taxation of entities trading or kicking cryptocurrencies. The act came into force at the end of June. The definition of the decentralized currency presented by the bill is as follows:

"Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed using DLT technology" - we read.

With the introduction of the law, residents of the country can exchange cryptocurrencies into the currency of Fiat without paying VAT. Nevertheless, Khaduri pointed out that Georgian lari will remain a legal tender in Georgia and - similarly to foreign fiat currencies - the country will not allow the use of cryptocurrencies for payment.

The article explains that mining companies will still have to pay VAT unless they are registered abroad, which may result in the relocation of local mining companies.

Technical Market Overview:

The ETH/USD pair is testing the technical support located at the level of $190.94 after the bulls have failed to rally above the 50% of the Fibonacci retracement of the last wave down. The downside momentum was very strong and the bears are in full control of the market, so this support might be violated. The next technical support for the price is seen at the level of $181.94.

Weekly Pivot Points:

WR3 - $421.78

WR2 - $368.25

WR1 - $298.00

Weekly Pivot - $241.50

WS1 - $169.20

WS2 - $118.90

WS3 - $41.01

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 soon.