09.12.201910:14 Forex Analysis & Reviews: Technical analysis of BTC/USD for 09/12/2019:

Crypto Industry News:

The Ukrainian government has approved the final version of the Money Laundering Act that will address virtual assets and virtual asset service providers (VASPs) in accordance with the FATF guidelines.

The Council, the legislative body of Ukraine, has published the final version of the law, which recognizes virtual assets as a means of thesaurization, while recognizing their potential use in financial crimes such as money laundering, fraud and terrorist financing.

The new law provides some guidelines on how the government intends to monitor and regulate cryptocurrency trading. One guideline focuses on individual cryptographic transactions worth less than $ 1,300, from which the government will only collect the sender's public key for financial monitoring purposes.

However, when the transaction exceeds this amount, the government will apply verification to both the sender and recipient. This process will include identity verification as well as verification of the nature of the business relationship.

For VASP, the threshold is over $ 1,600. In this case, the VASP should provide authorities with information if traders are registered in jurisdictions that do not comply with anti-money laundering recommendations, when traders are family members when traders are foreigners, and when there are cash transactions.

Leading cryptocurrency exchange Binance is working with the Ukrainian authorities to establish regulations related to cryptocurrencies in this country. Binance has signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine to work together on the legal status of cryptocurrencies. Binance CEO Changpeng Zhao (CZ) said in November that the legalization of cryptocurrencies and the adoption of progressive regulations could play a key role in ensuring positive economic growth as well as attracting additional investment.

Technical Market Overview:

The BTC/USD pair did not make any important move during the weekend as it has been trading in a narrow range located between the levels of $7,322 - $7,579. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. Currently, the market participants wait for a clear breakout in either direction.

Weekly Pivot Points:

WR3 - $8,491

WR2 - $8,082

WR1 - $7,829

Weekly Pivot - $7,397

WS1 - $7,107

WS2 - $6,723

WS3 - $6,444

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.