Crypto Industry News:
Representative of the central bank of Germany, Burkhard Balz, during a conversation in the European Parliament said that cryptocurrencies are not a threat to financial stability. The information was published on the institution's website.
Burkhard Balz, a board member of Deutsche Bundesbank, stated that "crypto-tokens are not currently a threat to monetary or financial stability". In addition, he also noted that "gaps may occur when they go beyond the scope of the powers of the regulatory authorities or in the absence of international standards".
This idea is in line with statements of Spanish law enforcement officials who have indicated that Bitcoin ATMs are a loophole in European Union anti-money laundering legislation. Balz also warned in his speech that any increase in the popularity of cryptographic assets requires careful investigation. Nevertheless, he also expressed high hopes related to the digital transformation caused by artificial intelligence, DLT technology and cloud services, saying:
We are not talking about "evolution", adapting banking to the needs and desires of the digital generation - we are talking about a real "distortion" that can change the financial sector for good.
Technical Market Overview:
The ETH/USD pair has made another wave down towards the new swing lows located at the level of $190.94. This might have been the last of the corrective waves down and the market might be ready to resume the uptrend. The key technical resistance to confirm the move up is seen at the level of $259.81.
Weekly Pivot Points:
WR3 - $421.78
WR2 - $368.25
WR1 - $298.00
Weekly Pivot - $241.50
WS1 - $169.20
WS2 - $118.90
WS3 - $41.01
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 current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.
