Crypto Industry News:
The Liechtenstein government announced in a press release that it adopted new regulations on tokenization, virtual asset service providers and Blockchain.
According to the publication, the new Token and VT Service Providers Act, adopted on May 7, aims to improve investor protection, combat money laundering and ensure clarity. The announcement also cites tokenized securities and the way in which digital token systems can be used to tokenize real assets.
The new law allegedly regulates "transaction systems based on trust technologies," instead of explicitly referring to Blockchain, to ensure that it remains relevant in the event of the emergence of new technology. The author of the publication expects that tokenization will "create new opportunities in the areas of financial services, logistics, mobility, energy industry, industry and the media" in new token economies.
Finally, the communication states that the government is convinced that the new regulation will create an appropriate regulatory environment that counteracts risks, ensures regulatory transparency and facilitates the development of the tokens economy.
Technical Market Overview:
The ETH/USD pair has bounced from the level of 170 - 169 after testing it for three times. The up candle is quite big and promising, but it is too early to anticipate a trend reversal yet. First, the bulls have to break through the technical resistance level located at 181.57 - 183.34 and go straight north to test the recent highs. Please notice, the Elliott Wave count still indicates a possibility of a larger wave C to the downside to unfold in order to complete the corrective cycle.
Weekly Pivot Points:
WR3 - 187
WR2 - 179
WR1 - 170
Weekly Pivot - 162
WS1 - 152
WS2 - 144
WS3 - 134
Trading Recommendations:
The next market movement is not that clear as we got two opposite scenarios, so it is not the best time to open any new positions and it will be better to stay aside until another trading setup occurs. For all traders that still keep the buy orders open, the next target is seen at the level of 203.28, but it is unlikely to be hit before the wave C unfolds. Any violation of the level of 169.12 again will only accelerate the sell-off towards the level of 166.53 or 165.46.
