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Crypto Industry News:
The Central Bank of India received an order from the Supreme Court of the country in relation to his proceeding regarding a ban on conducting activities related to cryptocurrencies and ordered him to consider complaints.
During a recent session of the ongoing hearing on the activities of the Reserve Bank of India (RBI) on August 21, the court ruled that officials did not adequately respond to cryptocurrency industry concerns about its activities.
RBI banned banks from supporting cryptographic operators, such as stock exchanges, in July 2018 - effectively stopping such platforms from continuing to operate in India. Today there has been harsh criticism from Supreme Court judge Rohinton Wave Nariman. As Crypto Kanoon, who was present at the trial, summed up on Twitter, Nariman gave RBI just two weeks to justify his actions.
Discussing the final result of the interrogation that has already ended, Crypto Kanoon concluded:
"The case took the most unpredictable turn. Judge Nariman orders the RBI to respond to representation in an appropriate manner. I offer to postpone the case for 2 weeks, as I heard, let the answer come after the RBI has reconsidered the ban. RBI agreed "- we read.
The case arises at the same time as the Indian government is considering making cryptocurrencies illegal for all citizens. In July, a government committee recommended the Delhi movement to ban all tokens except the official digital version of the rupee. Then the expert estimated that the country, if it signed the ban, would lose a market worth about 13 billion dollars.
Technical Market Overview:
The BTC/USD pair has moved towards the lower channel boundary located at the level of $8,700. So far the bulls are defending this level, but any breakout lower will be a clear signal that the downside momentum is accelerating. The nearest technical support is seen at the levels of $9,912 and $9,676. Still, the larger timeframe trend remains up, but to regain control over the market, the bulls have to break through the 50% Fibonacci retracement located at the level of $10,840.
Weekly Pivot Points:
WR3 - $13,461
WR2 - $12,432
WR1 - $11,161
Weekly Pivot - $10,133
WS1 - $9,200
WS2 - $8,268
WS3 - $7,027
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 of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.
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