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Crypto Industry News:
Iran's authorities are struggling with the growing number of citizens turning to mine Bitcoins and using them as a way of dealing with an economy weakened by sanctions.
The Iranian Minister of Information and Communication Technologies, Mohammad Javad Azari Jahromi, said that the country has become a "heaven for miners," according to today's reports: "The "mining" activity is not legally banned, but the government and the central bank ordered the Customs Office to ban the import [of mining machinery] until the new regulations were introduced"- he said.
After tightening the sanctions introduced by the US, Tehran is now facing a hyperinflation spectrum. Revenues from oil exports have fallen by almost 90%, according to new data, unemployment is approaching 20%, and millions are below the national poverty estimates.
Subsidized electricity rates - currently at the level of half a cent per kilowatt - fuel the thriving community of cryptographic mines, but now it is about to change. Police raids on mining farms are broadcast on television to discourage citizens, and the Iranian Consortium of the Electricity Industry has revealed the intention of increasing electricity prices to 7 cents per kilowatt.
Apart from mining, cryptocurrencies appeared on the headlines of national newspapers because of the authorities' fear that the locals might use them to convert the rapidly devaluating rial to other currencies.
Technical Market Overview:
The BTC/USD pair has bounced higher towards the level of $10 721 which is technical resistance. The top of the wave B might be in place now. The Elliott wave count has been updated accordingly and now the preferred scenario is an ABC-X-ABC formation as the last leg of the wave Y. This means we might likely see one more leg to the downside as the bears are in full control of the market.
Weekly Pivot Points:
WR3 - $14,838
WR2 - $13,876
WR1 - $11,942
Weekly Pivot - $11,071
WS1 - $9,127
WS2 - $8,276
WS3 - $6,180
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 larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.
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