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Crypto Industry News:
France is ready to approve the first ICO operators and other cryptographic companies thanks to the new regulatory approach to the sector.
According to media reports, the new regulations - which are to come into force later this month - will allow companies involved in cryptography to voluntarily submit to national standards of capital requirements, consumer protection and taxation in exchange for the regulator's green light.
Anne Marechal - executive director of legal affairs at the Financial Markets Authority (AMF) - told reporters that a bold crypto-regulatory program should make France a forerunner in this field: "France is a precursor. We will have a legal, tax and regulatory framework [...] We are talking with three or four candidates for ICO "- she said.
In addition to ICO, AMF is in talks with several cryptographic platforms, depositaries and fund managers, revealed Marechal.
Technical Market Overview:
The BTC/USD pair has bounced higher towards the technical resistance located at the level of $9,913 as the wave B is unfolding. 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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