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Crypto Industry News:
The French National Assembly voted for the introduction of more severe license regulations for new cryptocurrency companies in order to harmonize local regulations with proposed European Union standards. Voting was adopted by 109 votes (60.5%) for, at 71 (39.5%) against. The act now goes to President Emmanuel Macron, who has 15 days to approve it or send it to parliament.
If the new law is adopted, it will force cryptocurrency service providers based in France to comply with more severe regulations regarding counteracting money laundering, showing segregation of customer funds, compliance with new guidelines for reporting to regulatory bodies, and providing more detailed information on the risk and conflicts of interests , to strengthen consumer protection.
The Act will not apply to 60 cryptographic companies registered in Financial Markets Authority (AMF), the National Polish Financial Supervision Authority. These companies will continue to comply with AMF principles, until the probable adoption of their own EU regulations regarding cryptocurrencies together with the Act on cryptographic asset markets (MICA).
Therefore, more stringent regulations would apply only to cryptographic companies that have been registering since July.
Technical Market Outlook:
The BTC/USD pair has failed to break above the 50 MA on H4 time frame chart ($23,885), reversed lower and is currently trading back inside a narrow range seen between the levels of $23,044 - $23,885. The intraday technical support is seen at the level of $23,114 and $22,775, so any breakout below this levels will be considered bearish. The market is now developing the correcitve cycle and the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $24,000
WR2 - $23,709
WR1 - $23,535
Weekly Pivot - $23,417
WS1 - $23,234
WS2 - $23, 126
WS3 - $22,835
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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