Crypto Industry News:
A bill that would completely ban cryptocurrencies, reportedly circulating to various departments of the Indian government, media reports say. An official familiar with this issue reportedly told the financial newspaper that the government has begun interministerial consultations on the draft law "Prohibition of cryptocurrencies and regulation of official digital currency bills 2019".
A Committee consisting of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Education and Investment Fund (IEPFA), among others, reportedly supported the idea of a total ban on "selling" , purchase and issue of all types of cryptocurrencies. "
The Committee is also considering the possibility of prohibiting digital currencies under the Money Laundering Prevention Act (PMLA), as they could allegedly be used to launder money. The Ministry of Corporate Affairs reportedly claimed that cryptocurrencies are used in fraudulent programs to "deceive gullible investors".
The information made available by the Economics Times contradicts reports from December that another government committee suggested that cryptocurrencies should be legalized in the country, and stressed that there is a broad consensus that the cryptocurrency cannot be rejected as completely illegal.
In February, the Supreme Court of India granted the Indian authorities four weeks to develop a policy for regulating cryptocurrencies before the Tribunal stops accepting cryptography-related issues, including those that demand the revocation of a cryptographic circular issued by the Indian Reserve Bank.
Technical Market Overview:
The ETH/USD market has bounced from the level of 148.00 and now is consolidating around 50% of the Fibonacci retracement at the level of 162.69. The next target for bulls is seen at the level of 61% Fibonacci which is 166.17 and this is where the corrective cycle in wave (1)/(a) might terminate. There is still a chance for the current corrective cycle in a wave 2 of a higher degree to evolve into the more complex and time-consuming cycle, so please bear this in mind.
Weekly Pivots:
WR3 - 204.74
WR2 - 190.50
WR1 - 176.25
Weekly Pivot: 160.51
WS1 - 146.54
WS2 - 132.16
WS3 - 116.96
Trading recommendations:
The 50% Fibonacci retracement is a good level to open the sell order. The room for manipulation or averaging is up to the level of 61%, but above this level, the bearish setup is invalidated. The longer-term outlook remains bullish, but the corrective cycle is now getting quite extended in time and price.
