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Crypto Industry News:
In the announcement published on the Japanese support site Binance, the stock exchange revealed that it would limit access to the stock exchange for the inhabitants of Japan on an indefinite date. The announcement states that the restriction is being implemented gradually and the details will be disclosed later.
There are currently no restrictions and Japanese users can use the exchange normally.
Binance was based in Japan as soon as he left China. As previously reported, the stock exchange has moved to Malta following an official warning from Japanese regulators due to the lack of a national license to operate the stock exchange.
Since then, several headquarters have registered with the regulatory authority. Huobi, a rival of Binance, obtained a license in January 2019, and the BitBox exchange of the Japanese corporation LINE secured it in September.
It is possible that Binance has encountered similar regulatory difficulties despite not being in this country. The Kraken crypto exchange ceased to provide services to Japanese residents in April 2018, citing the rising costs of doing business - potentially due to the requirement to obtain a license.
Technical Market Overview:
The ETH/USD bulls keep consolidating just under the recent swing high at the level of $170.72 and it looks like they are preparing for another wave up. The target is seen at the level of $172.91. Nevertheless, this price rally looks like a classic pump made on extreme volumes, which indicates that some part of the market participants has been actively selling the ETH on the way up. So far the rally has ended with a High-Tide Doji candlestick pattern and since then the bears are trying to push the prices lower to test the broken levels. The next technical support is seen at the levels of $156.77, $150.94 and $146.94.
Weekly Pivot Points:
WR3 - $163.70
WR2 - $155.20
WR1 - $149.53
Weekly Pivot - $140.92
WS1 - $136.16
WS2 - $127.09
WS3 - $122.67
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. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.
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