Crypto Industry News:

According to a Russian television station, a bill was passed to the parliament by which crypto trade could be completely outlawed. Thanks to the act, the Russians could also regulate digital assets to the detriment of their owners.

Federal Assembly members propose severe penalties for using cryptocurrencies. These regulations suggest a fine of 500,000 to 2 million rubles for users who make large profits on electronic currency, while those who use crypto for illegal activities could be sent to prison for up to 7 years. Although the bill does not prohibit the complete use of digital assets, analysts believe that approval of this idea by the government will cause that running stock exchanges and trading on the fiat-crypto line through any Russian financial institution will be a violation of the law.

One should remember about the recent change in the position of the Russian authorities towards the crypto industry, where the Russian Central Bank published a bill prohibiting the issue of cryptocurrencies, citing the threat associated with them.

Recently, the Russian Federal Ministry of Economic Development has submitted a draft of another law, this time enabling the legalization of cryptocurrencies and all solutions based on blockchain technology. However, its introduction would be based on special regulations. This would mean that the Russian Central Bank would be the only body regulating this sector, which would significantly reduce the crypto industry in Russia.

Technical Market Outlook:

The BTC/USD pair has been trading under the blue trend line in a narrow zone between the levels of $8,656 - $8,836 after the bounce from the level of $8,567 was made. The bounce is so far very shallow and the next the nearest resistance is located at the level of $8,919 and $9,013. On the other hand, the next technical support is seen at the level of $8,464 and $8,357.The momentum remains weak and negative, so the odds for another wave down are high.

Weekly Pivot Points:

WR3 - $10,568

WR2 - $10,245

WR1 - $9,478

Weekly Pivot - $9,098

WS1 - $8,333

WS2 - $7,968

WS3 - 7,231

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.