Crypto Industry News:
The Thai government is preparing a new regulatory framework for cryptocurrencies to minimize risk and improve investor protection.
The Bank of Thailand (BoT) will publish a consultation paper in January that will define "red lines" for the crypto industry, governor Sethaput Suthiwartnarueput said in a press interview.
"We want to make sure we strike the right balance between enabling financial innovation and managing risk," the official said.
The new rules will provide adequate safeguards for consumers as "the risk is currently underestimated," Sethaput said.
The central bank is working with the Thai Securities and Exchange Commission and the Ministry of Finance to identify crypto industry-specific restrictions. For example, "cryptocurrencies cannot become legal tender," Sethaput noted.
The governor stressed that despite the potential recognition by local authorities of digital assets as an investment product, their extreme volatility poses a threat to the financial system. He added that the authorities would also work together to adopt appropriate collateral for future securities.
Technical Market Outlook
The BTC/USD pair can't get any steady upward momentum and all of the yesterday's gains had been lost already. The nearest technical support is seen at the level of $46,719 and $46,115. The nearest technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. The momentum is currently hovering just below the level of fifty on the RSI (14) indicator. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $41,678 would change the outlook to bearish again.
Weekly Pivot Points:
WR3 - $56,908
WR2 - $54,309
WR1 - $52,119
Weekly Pivot - $49,669
WS1 - $47,511
WS2 - $44,768
WS3 - $42,652
Trading Outlook:
The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).
