Crypto Industry News:
According to an official statement, the British government's jurisdiction team began a public consultation to establish the status of cryptographic assets under English private law. In the document, the UK Jurisdiction Task Force (UKJT) found that the existing legal uncertainty regarding the crypto industry was the main reason for the lack investor confidence.
UKJT, one of the six task groups of the LawTech Advisory Group (LTDP), gathers the judiciary and the Legal Commission of England and Wales, as well as technical and legal experts. As the document notes, the UK Financial Supervisory Authority also participated in the initiative as a technical advisor.
The task team stressed that intelligent contracts based on Blockchain "will finally start when market participants and investors will trust them".
As a result, the Task Force started preparing a reliable legal statement on the state of cryptographic assets and smart contracts under English private law to identify key legal issues in this area and provide a basis for widespread use.
When the consultations are closed and analyzed, the UJC will issue a legal statement at the end of the summer. After the publication of the statement, the authorities will assess whether a legislative change is necessary or appropriate.
The Task Force noted that the consultation period would last until June 21, 2019, and on June 4, the public would be invited to discuss the consultation questions.
Technical Market Overview:
The ETH/USD pair has entered the corrective cycle after the top of the wave (5) of the wave 3 of the higher degree has been made at the level of $288.61. The market has made the first wave down of the corrective cycle and currently is trading around the level of $250.00. The price is still above the trendline support, but it looks like a matter of time when it will get broken. The next key technical support is seen at the level of $226.17
Weekly Pivot Points:
WR3 - $321.20
WR2 - $292.77
WR1 - $283.99
Weekly Pivot - $254.33
WS1 - $241.65
WS2 - $213.82
WS3 - $203.55
Trading Recommendations:
The up cycle has been completed so the best strategy is to close all of the buy orders and take the profits off the table. The market is now developing the correction, so the best strategy now is to stay aside until the correction is completed. Please pay attention to the key support/resistance levels and the price behavior on these levels as well.
