Crypto Industry News:
Crypto trading platforms in India still struggle to open accounts with financial institutions, according to media publications. While there is no cryptocurrency ban in India, banks are said to operate under the advice of the Reserve Bank of India (RBI), avoiding cryptocurrency exchanges.
In May, the RBI clarified its position on the matter, stating that there is no ban on banks from operating crypto exchanges. Indeed, the Supreme Court of India has overturned a previous RBI rule that prevented banks from offering accounts to cryptocurrency trading platforms.
Lack of access to banking services causes major disruptions, such as limiting the scope of instant settlements.
As banks exercise restraint, crypto exchanges in India are starting to consider alternative payment service providers. Working with payment processing companies is becoming a suitable substitute for platforms looking to continue to offer cryptocurrency / fiat pairs.
Smaller payment platforms like Mumbai-based Airpay reportedly provide instant transfer services for Binance-owned exchanges such as Coinswitch and WazirX. However, given the estimated 15 million cryptocurrency investors in India, such payment channels are likely to be insufficient.
To deal with the situation, major platforms such as WazirX must suspend crypto / fiat trading on certain days, allowing only peer-to-peer (P2P) transactions. Some other exchanges reportedly resort to manual settlement of bank deposits and withdrawals.
Technical Market Outlook:
After the BTC/USD pair was capped at 61% Fibonacci retracement located at the level of $36,610, the bears managed to push the prices back under the technical support seen at $33,602. The new local low was made at the level of $32, 565. The momentum is decreasing and it is hovering around the neutral level of fifty points. Please notice the price is approaching the short-term trend line support as well. Any violation of the level of $32,565 will likely push the momentum back into the negative territory. The key mid-term technical support is still located at $29,187.
Weekly Pivot Points:
WR3 - $42,645
WR2 - $39,211
WR1 - $35,772
Weekly Pivot - $32,390
WS1 - $29,147
WS2 - $25,680
WS3 - $22,298
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
