Crypto Industry News:
Lawmakers in Panama passed a law that will regulate cryptocurrencies, including Bitcoin, in the Latin American country.
In a tweet, Panama's Congressman Gabriel Silva said lawmakers had approved the "Panama Cryptocurrency Act" after the third debate. According to Silva, the law "will help Panama to become the center of innovation and technology in Latin America."
According to Panama's National Assembly, the law aims to regulate "the trading and use of cryptographic assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other regulations." However, Panama's President Laurentino Cortizo must sign the approved law before it becomes law.
In September 2021 - the same day El Salvador began to recognize Bitcoin as legal tender - Silva helped bring the bill into the National Assembly of Panama by introducing legislation to make the country "compatible with the digital economy, Blockchain and cryptocurrencies and the Internet."
Technical Market Outlook:
The ETH/USD pair has made a new swing low at the level of $2,717 and is currently trying to bounce higher, but it is not in hurry. In order to make a full V-shape reversal, the bulls must break above the last high seen at the level of $3,178, however, so far the local high was made at the level of $2,979. The nearest technical resistance is seen at $2,979 and the immediate technical support is located at $2,767 and $2,753. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $2,503. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.
Weekly Pivot Points:
WR3 - $3,297
WR2 - $3,159
WR1 - $2,964
Weekly Pivot - $2,841
WS1 - $2,649
WS2 - $2,518
WS3 - $2,324
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues with no problems whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.
