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Crypto Industry News:
Documentation submitted to the lower house of the Indian Parliament - Lok Sabha - revealed an investigation into the unfair practices of bitcoin companies.
The official question was asked by center-left MP Mohammed Faizal, to which Minister of State for Finance and Corporate Affairs Anurag Thakur answered.
Faizal asked the Minister of Corporate Affairs three questions about cryptocurrency companies in India. First, he asked if the government was aware of the growing number of reports of "fraud and unfair practices by bit coin companies"
He also asked whether these cryptographic companies "repeatedly violate the principles set out by the Ministry of Corporate Affairs without submitting annual balance sheets", finally asking for details of any action taken against criminals.
In reply, Minister Thakur confirmed that the cryptographic companies mentioned by Faizal "are not defined in the Companies Act." He also notes that only two companies using Bitcoin have registered in the Register of Companies of the Ministry of Corporate Affairs - Zeb IT Services and Unocoin Technologies.
In addition, Thakur notes that "allegations of infringement were filed under various provisions of the Company Act" against Zeb IT, adding that the company is now "in liquidation". The corporate affairs minister states that Unocoin is current in his conclusions, adding that the ministry has not received any complaints about Unocoin.
Technical Market Overview:
The ETH/USD pair keeps trading inside of the narrow horizontal range as bears seem to be still in full control of the market. On the other hand, bulls had managed to push the price back into the descending channel, but the technical resistance located at the level of $134.12 was too strong for the breakout. Currently, the market is trading around the level of $119, way below the level of $124.00 which is short-term technical resistance. The technical support is located at the level of $100.00. The last low was made at the level of $89.01 and might be soon visited again.
Weekly Pivot Points:
WR3 - $312.98
WR2 - $261.92
WR1 - $190.92
Weekly Pivot - $137.43
WS1 - $68.38
WS2 - $14.40
WS3 - $1
Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.
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