Crypto Industry News:
Mexican senator Indira Kempis became famous when she proposed the introduction of a central bank digital currency (CBDC) last year. Now her attention is mainly focused on the Bitcoin cryptocurrency.
To address these challenges, the senator introduced a CBDC-focused bill aimed at creating a legal framework for the recognition and adoption of Bitcoin as an official means of payment. Initially, the project was met with resistance because, as Kempis noted, "nobody understood Bitcoin." However, as the discussion around the idea developed, it began to evoke both positive and negative emotions.
Kempis is interested in the position of other legislators on this project. He wants to create an opinion map that will inform Mexican citizens about their representatives' position on this innovative field of finance. It is worth emphasizing that Mexico is known for its dynamic technology sector and friendly financial regulations.
Although the debate on the project continues, the road to its implementation is still long. The Mexican Central Bank has a large influence on the legislative process. The Senate, in turn, is waiting for the official analysis and opinion from this institution. The previous head of the bank was a strong critic of Bitcoin, while the current governor does not comment on this topic at all. President Andres Manuel Lopez Obrador has made clear that Mexico will not adopt Bitcoin as its official currency, following in El Salvador's footsteps.
Despite these challenges, Kempis believes that the digital peso will be available in Mexico as early as 2024. She also announced her candidacy for president in 2024. Regardless of the election result, he intends to continue his Bitcoin advocacy, drawing inspiration from El Salvador's success.
Technical Market Outlook:
The ETH/USD pair had retraced 61% of the last wave down, pulled-back and then bulls re-tested the level again. The next target for bulls is seen at the level of $1,874, but currently, the bears are again testing the local technical support seen at the level of $1,755. The intraday technical resistance is seen at $1,853 and the intraday technical support is located at $1,755. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH, however the market is coming off the extremely overbought conditions. Any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 - $1,777
WR2 - $1,729
WR1 - $1,707
Weekly Pivot - $1,681
WS1 - $1,659
WS2 - $1,632
WS3 - $1,584
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
