Crypto Industry News:
A G7 task force is being set up to investigate how central banks can regulate cryptocurrencies, such as Facebook's Libra. Concerns arose regarding the compliance of cryptocurrencies with anti-money laundering rules, consumer protection principles, and other regulatory issues. The G7 task force will be headed by Benoit Coeure, who sits on the board of the European Central Bank: "We want to combine openness to innovation with regulatory firmness. It's in everyone's interest" - said Francois Villeroy de Galhau, the head of the French central bank.
The global reaction to Libra is diverse. Jerome Powell, head of the US Federal Reserve, said he saw the potential benefits and risks of the new project. Meanwhile, the president of the US Financial Services Committee urged Facebook to suspend development until an investigation was conducted.
Technical Overview:
The ETH/USD pair has made another higher high at the level of $320.84 and then suddenly reversed to the level of $291.20. This kind of aggressive and dynamic volatility is nothing new on the crypto market, so it does not mean the trend will reverse now, but there is a possibility of a top for the wave (b) of the Irregular Flat correction to be made final. However, if the market will make another higher high the count will be invalidated. The main technical support is seen at the level of $288.61.
Weekly Pivot Points:
WR3 - $399.14
WR2 - $359.00
WR1 - $340.76
Weekly Pivot - $299.53
WS1 - $285.30
WS2 - $243.70
WS3 - $227.28
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 4, which is a corrective wave and after is completed, the uptrend should resume.
