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Technical analysis of ETH/USD for 23/12/2019:

Crypto Industry News:

Paul Gosar, an Arizona congressman, presented a bill ultimately aimed at ensuring regulatory transparency of the cryptocurrency industry in the United States, according to an article by Forbes. The 2020 Cryptocurrency Act sets out which federal agencies should regulate each type of crypto asset.

One of the key things introduced by the bill is the definition of three types of cryptographic assets; cryptocurrency goods, cryptocurrencies, and crypto securities.

Cryptocurrency goods are defined as economic goods or services, stored on Blockchain, convertible and which the market serves regardless of who produced them.

Cryptocurrencies are defined as representations of the US currency or Blockchain-based synthetic derivatives. This includes reserve-secured stablecoins and currencies identified by decentralized oracles or smart contracts.

Crypto-securities include all debt, equity and derivative instruments in the Blockchain chain, other than those that are serviced and registered as money complaint companies.

Each type of crypto-asset would fall under the jurisdiction of another regulatory authority that would act as a "Federal cryptographic regulator" or "Federal regulator of digital resources" for this type. Unsurprisingly, the Futures Commissions Commission (CFTC) would be the agency responsible for cryptocurrency goods, and the Securities and Exchange Commission (SEC) would deal with crypto securities. FinCEN would then be left to settle cryptocurrencies.

Although it remains to be seen how far the bill will go, it will probably receive support from the cryptocurrency industry, which has been demanding clarity for some time.

Technical Market Overview:

The ETH/USD pair has moved higher towards the level of $136.98, but made a local high only at the level of $134.16 so far and is trading currently around the Weekly Pivot located at the level of $129.41. The move-up has been so far made only in three waves, so it is a typical counter-trend move and might terminate soon. The nearest technical support is seen at the level of $127.91 and the nearest technical resistance is seen at the level of $136.98.

Weekly Pivot Points:

WR3 - $170.20

WR2 - $155.54

WR1 - $143.98

Weekly Pivot - $129.41

WS1 - $117.21

WS2 - $102.45

WS3 - $89.76

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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The material has been provided by InstaForex Company - www.instaforex.com