Crypto Industry News:
The governor of the Central Bank of Russia, Elvira Nabiullina, during a press conference, fueled the FUD regarding the state of cryptocurrency regulation in this country. When asked about the rise in digital content, Nabiullina made the following comments, as reported by a local news service:
"You know that our approach to cryptocurrencies is, to put it mildly, skeptical. There is a significant risk for retail investors and a significant volatility in this type of asset. Moreover, cryptocurrencies are opaque as they are often used for illegal or criminal activities. We cannot accept cryptocurrency investments. We are trying to prevent the Russian financial infrastructure from using crypto transactions. It's quite doable. "
Nabiullina's comments surfaced the day after conflicting reports pointed to the possibility of a complete ban on cryptocurrency exchanges in Russia. Cryptocurrency concerns have even reached the presidential office - Vladimir Putin has issued an alert regarding digital assets.
In this context, the former Soviet Union countries remain much more prone to financial crimes than their western neighbors. This is because the privatization of state-owned enterprises from the collapse of the USSR concentrated power in the hands of individuals who then had sufficient "capital" to buy shares - mafias, gangs and black market participants.
Technical Market Outlook
The BTC/USD pair had broken above the short-term trend line resistance around the level of $48,388. The nearest technical support is seen at the level of $45,376 and $44,310. The key short-term 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 - $54,041
WR2 - $52,052
WR1 - $49,081
Weekly Pivot - $47,204
WS1 - $44,065
WS2 - $42,187
WS3 - $39,115
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).
