Technical analysis of ETH/USD for 21/06/2019

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Crypto Industry News:

The Federal Revenue Office of Brazil (RFB) has published new rules that require cryptoclutting exchanges to inform him about user transactions in order to identify tax evasion.

The guidelines explain how Brazil’s cryptocurrency trading platforms should adopt new rules to report on the movements of users’ cryptographic funds to the office and how to meet the requirements of Normative Instruction 1.888 / 2019 published in May this year.

In particular, the RFB requires that cryptocurrency exchanges operators based in Brazil provide information on all transactions carried out under their system, while platforms based abroad must provide such information whenever the monthly value of the operation, individually or in aggregate, exceeds 30,000 Brazilian realities (7,750 dollars).

In addition to transaction volumes, exchange operators must also provide data such as the nationality of the digital currency owner, his place of residence or permanent residence and which cryptographic assets were used in the transaction.

As required, all information required must be provided within a specified time, i.e. “11:59:59 in Brasilia, the last calendar month following the month in which the operation took place”. The new rules will come into force in September 2019.

When RFB announced that it creates requirements for cryptocurrencies, Ismair Junior Couto, the legal director of the Bitcoin Banco Group – the largest Brazilian cryptocurrency broker – said that the initiative had long been awaited. He added that Bitcoin Banco introduced provisions providing the required information to the authorities.

Technical Overview:

The ETH/USD pair has made a new local high at the level of $284.50 as it broke through the technical resistance zone. From the Elliott Wave Theory point of view, the corrective structure in wave 4 is still possible, albeit it will be a big corrective pattern, so it will likely be a different cycle anyway. Nevertheless, the top of the wave (b) of the irregular correction is still on the table as long as the market trades below the wave 3 top at $288.61.

Weekly Pivot Points:

WR3 – $345.37

WR2 – $311.54

WR1 – $291.71

Weekly Pivot – $256.95

WS1 – $239.45

WS2 – $203.99

WS3 – $185.39

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 uptrend wave is the wave 4, which is a corrective wave and after is completed, the uptrend should resume.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 21/06/2019:

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