Technical analysis of ETH/USD for 04/07/2019:

Crypto Industry News:

Ministers from the Netherlands in a statement called on the government to regulate cryptocurrencies and some cash payments due to money laundering.

Officials said that the government should prohibit cash payments above EUR 3,000, regulate cryptocurrencies and ban 500 euro banknotes, as these instruments may allegedly facilitate money laundering. The Netherlands does not recognize cryptocurrency as a legitimate currency, although last year the Dutch court considered Bitcoin to be a legitimate "transferable value" in a monetary penalty case.

According to the statement, Finance Minister Wopke Hoekstra and the Minister of Justice and Security Ferdinand Grapperhaus sent to parliament on July 1 a proposal of "money laundering". The project is asking for increased enforcement capacity by financial supervisory authorities and relevant supervisory authorities and groups, such as the financial intelligence unit, the police, the tax and investigative information services, and the prosecutor's office.

If the bill is approved, banks will also be encouraged to share information about suspicious customers. The Netherlands will also support the creation of a European Union regulatory body dealing with combating cross-border money laundering.

Technical Overview:

The ETH/USD pair broke through the local short-term trendline resistance around the level of $293 and made a new local high at the level of $302.50. This means the bounce momentum is getting stronger and soon the price might test the nearest technical resistance located at the level of $304.22. If this level is clearly violated, then the next target for bulls is the technical resistance at $324.09.

Weekly Pivot Points:

WR3 - $16,315

WR2 - $14,938

WR1 - $12,895

Weekly Pivot - $11,624

WS1 - $9,683

WS2 - $8,320

WS1 - $6,345

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, which is a corrective wave and after is completed, the uptrend should resume.

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