Crypto Industry News:
The pending bill could still halt the rise of cryptocurrency in India. The Indian Parliament has not yet decided on the "Act on the prohibition of cryptocurrencies and regulation of the official digital currency" from 2019, reports Business Insider.
If adopted, the bill will introduce a unique regulatory framework for virtual currencies, tool tokens and commodity-protected tokens - likely creating a complex legislative apparatus.
On March 4, the Indian cryptographic community rejoiced when the Supreme Court of India ruled that the ban on the Reserve Bank of India (RBI) was "disproportionate and unconstitutional.
The circular prevented financial institutions from providing banking services to companies operating on the basis of cryptocurrencies. The ban was in force from April 2018 and was addressed to companies offering "any services related to virtual currencies".
Less than 24 hours after lifting restrictions, several Indian cryptocurrency exchanges have already resumed fiat deposit services - including Unocoin, Wazirx and CoinDCX. In response to the repeal, HashCash consultants also announced that this year they would invest $ 10 million in the Indian cryptographic industry.
Despite the RBI ban on cryptocurrencies, a recent survey by Statista shows that the population of India has the highest per capita usage of Darknet platforms in the world. The report shows that 26% of the 23,227 respondents aged 16 to 65 used technology that facilitates access to the dark network - more than double the global average of 12%.
Technical Market Overview:
The ETH/USD pair trades around the level of $200 after the swing low has been made at the level of $190.31. There is no sign of the downtrend reversal despite the oversold market conditions, but the bulls are trying to bounce higher towards the level of $209.00. The next target for bears is seen at the level of $188.93 and $185.37.
Weekly Pivot Points:
WR3 - $280.41
WR2 - $266.81
WR1 - $233.00
Weekly Pivot - $218.78
WS1 - $185.21
WS2 - $170.40
WS3 - $159.54
Trading Recommendations:
The larger timeframe wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.
