Crypto Industry News:
One of the largest banks in South Korea is planning to intensify regulations regarding bills associated with cryptographic exchanges.
The "special measures" proposed by Shinhan Bank would involve the involvement of staff in the analysis of transactions on accounts. It is believed that the bank hopes to distance itself from claims that it helps financial criminals as the number of frauds related to exchanges increases.
Later, in July, the bank also hopes to launch a monitoring system that uses artificial intelligence and deep learning to quickly and accurately identify fraudulent transactions: "We have created a comprehensive plan to eliminate telecommunications and financial fraud [...] We will continue to implement preventive measures in the future customers have not been harmed, "said spokesman Shinhan Bank.
These measures arise because cryptographic exchanges continue to fall victim to hackers - including the South Korean Bithumb platform. This market has suffered several serious attacks. In March, over three million EOS (with the then value of USD 17.5 million) were stolen from the hot portfolio. The bigger attack that took place last summer was the theft of 17 million dollars in 11 cryptocurrencies, mainly Bitcoin and Ethereum.
Technical Overview:
The ETH/USD pair is testing the technical support at the level of $275.41, but the bearish pressure is big. Only a clear, impulsive and sustained breakout above the level of $290.08 would be a signal for the uptrend to resume. Otherwise, the correction might be unfolding and evolve into a more complex and time-consuming pattern. The next technical support is seen at the level of $259.80.
Weekly Pivot Points:
WR3 - $16,315
WR2 - $14,938
WR1 - $12,895
Weekly Pivot - $11,624
WS1 - $9,683
WS2 - $8,320
WS1 - $6,345
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, which is a corrective wave and after is completed, the uptrend should resume.
