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Technical analysis of ETH/USD for Mar 20, 2020
Crypto Industry News:
The Canadian Center for Financial Transaction Analysis and Reporting (FINTRAC) announced that it will soon implement new anti-money laundering (AML) and terrorist financing (CTF) laws. The guidelines on virtual currencies will also be updated.
In the published departmental report, FINTRAC emphasizes that establishing “improved AML / [CTF]” for cryptocurrency companies is “the main priority in the near future”.
In the FINTRAC report, it emphasizes the challenges associated with the adoption of new technologies, such as cryptocurrency, by businesses and consumers – adding that while most changes resulting from new technologies are incremental, “many of them have a revolutionary impact.”
The updated legal framework will include new reporting requirements for transactions in virtual currencies, extending FINTRAC’s regulatory mandate to better cover the activities of foreign companies operating with cryptocurrencies.
The Canadian Financial Supervisory Authority plans to conduct “extensive national consultations with stakeholders and a rigorous implementation phase”. FINTRAC adds that it hopes to work with industry representatives to consider changes to the new framework.
The new regulations, adopted in June 2019, require companies operating cryptocurrencies to register and report large amounts of identifying information from the clients whose transactions they process.
For each attempt or successful transaction or transfer in excess of $ 1000 Canadian, companies must record the type and amount of each virtual currency involved, the sending and receiving addresses involved in the transaction, the source of the virtual currency, and entities involved in the transfer.
Technical Market Overview:
The ETH/USD bulls had managed to push the price above the local technical resistance located at the level of $134.12 and made a new local high at the level of $142.78. Currently, the bulls are still trying to bounce towards the next target located at the level of $153.44 as the momentum is increasing. On the other hand, the technical support is located at the level of $110.33 and $100.00. The deepest low was made at the level of $89.01 and might be soon visited again if the coronavirus pandemic fears intensity again.
Weekly Pivot Points:
WR3 – $312.98
WR2 – $261.92
WR1 – $190.92
Weekly Pivot – $137.43
WS1 – $68.38
WS2 – $14.40
WS3 – $1
Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.
The material has been provided by InstaForex Company – www.instaforex.com
