Crypto Industry News:
The US Securities Commission has announced that it is looking for ways to expand the “accredited investor” classification, which may have serious implications for capital creation by companies that are not determined to meet the full public reporting requirements.
According to the announcement published on the SEC website, the regulatory authority is awaiting opinions on changes in its category of accredited investor. Currently, the SEC defines an accredited investor as a person with assets over USD 1 million or an entity controlling assets worth over USD 5 million. Other classification methods include being a board member of a company making an offer.
The question of who qualifies as an accredited investor has long been controversial. SEC’s exemptions allow companies to offer shares to such investors without having to meet all requirements. Theoretically, this is to protect everyday investors from predatory offers, but criticism of these classifications says that such exclusions simply help the rich get rich while prohibiting investors from making money.
The new changes would basically open the classification for new investors, including those whose professional qualifications and certificates suggest that they have sufficient knowledge to invest in private offers. Similarly, “competent employees” may have the same access to their companies’ offers as management currently has.
Technical Market Overview:
The ETH/USD has made a low at the level of $115.05 that ended up in a form of a Pin Bar/ Hammer candlestick pattern and might be labeled as a bottom for the wave (C) of the wave 2. Then the up wave has extended the move to the level of $133.62 and it was terminated by Bearish Engulfing candlestick pattern. From the Elliott wave point of view, it means the end of the corrective cycle at the mentioned level and a possibility for a new uptrend to start unfolding soon. So far, the bulls have managed to hit the level of $130.60 with a high made just at the level of the lower channel line at $133.62. If the uptrend resumes, the next target for bulls is seen at the level of $139.90.
Weekly Pivot Points:
WR3 – $160.13
WR2 – $155.12
WR1 – $147.83
Weekly Pivot – $142.21
WS1 – $135.13
WS2 – $130.72
WS3 – $123.35
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.
The material has been provided by InstaForex Company – www.instaforex.com