Crypto Industry News:
The New York Financial Services Department (NYDFS), a state financial regulator, has created a new department that will be responsible for licensing and regulating activities related to cryptography.
In a statement, the NYDFS announced the creation of a Research and Innovation Division that "will house a branch of the Department responsible for licensing and supervising virtual currencies, and will assess new efforts to use technology to eliminate financial exclusion."
NYDFS requires companies involved in the issue and trading of digital assets to receive a special type of registration called BitLicense. This process aims to ensure that a business associated with cryptography adheres to certain standards regarding the disclosure and protection of consumer data, however, it is perceived by some in the cryptographic space as limiting for the industry.
In addition to the announcement of the new department, today's statement includes a number of nominations for the department. The new department will be run by Matthew Homer, who before the job in NYDFS was the head of politics and researched the fintech company Quovo. Homer also has experience at the Federal Deposit Insurance Corporation and the United States Agency for International Development.
Earlier this week, the Fidelity cryptographic wing, Fidelity Digital Assets Services (FDAS), reportedly filed a motion in NYDFS to obtain a license to operate in New York. If the application is approved, FDAS will be able to provide digital asset storage services in this state.
Technical Market Overview:
The short-term trendline on the BTC/USD market has been clearly violated and tested from the below almost immediately, but the bulls were not strong enough to break through it. The next target is seen at the level of $9,070, but so far the bears went to the level of $9,459 before the price has bounced. It looks like the bulls want to test the technical resistance at the level of $10,166 again and if the test is successful, then the next target is seen at the level of $10,636,
Weekly Pivot Points:
WR3 - $13,488
WR2 - $12,221
WR1 - $11,392
Weekly Pivot - $10,218
WS1 - $9,394
WS2 - $8,128
WS3 - $7,356
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.
