Crypto Industry Outlook:
Ukraine is a world leader in the Global Crypto Adoption Index 2020, according to a study published by Chainalysis in early autumn. Even so, cryptocurrencies remain a gray area in the economy. Since 2014, Ukrainian authorities have been trying to implement cryptocurrency laws that would transform the country into a competitive jurisdiction for cryptocurrency business, but these efforts have yielded no results. Finally, just a few months ago, the Ukrainian government introduced a new law on digital assets to legitimize the sector - and this time the attempt could be successful.
The fintech strategy of the Ukrainian central bank, the NBU, has committed itself to legalizing the activity using cryptocurrencies. According to the document, by 2025, crypto assets will fully enter the legislative field and a transparent infrastructure will be created that will allow it to operate in the market.
The new law seems to provide a solid roadmap and delegate responsibilities. It is explicitly stated that the governmental Ministry of Digital Transformation will be the primary regulator controlling and monitoring all activity involving crypto assets. When it comes to tracking suspicious cryptocurrency transactions, the department has already agreed to work with the analytical company Crystal Blockchain BV, developed by the Bitfury Group.
Technical Market Outlook:
After the local low was made at the level of $438.18 the market broke out of the descending channel and moved higher towards the level of $466.63. The outlook remains bullish and the next target for bulls is the swing high located at the level of $476.29. The nearest technical resistance is seen at the level of $459.47. Only if a daily candle closes below $360 level, then the bears will have full control of the market and might push the prices deeper below this level.
Weekly Pivot Points:
WR3 - $507.71
WR2 - $490.25
WR1 - $463.71
Weekly Pivot - $448.80
WS1 - $421.33
WS2 - $405.66
WS3 - $377.90
Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.
