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Crypto Industry News:
During a controversial debate on a huge incentive package in response to a coronavirus pandemic, Democrats in the US House of Representatives pondered the introduction of a digital dollar to streamline payments to US citizens outside the traditional financial system.
The preliminary version of the bill for March 23 proposes the creation of digital wallets for US citizens to be maintained by the Federal Reserve in the section entitled "Direct payments of incentives for families".
The section provides for $ 2,000 monthly payments for each adult earning less than $ 75,000 a year, at which point payments decrease. These payments will last until the recovery of the economy.
Although the proposal indicates a check delivery option, it would require federal reserve member banks to maintain digital dollar wallets for all customers. This version of the bill seems to come from the office of the House Marshal Nancy Pelosi.
The bill is huge, and all existing versions have over a thousand pages and are aimed at $ 1.8 billion distribution.
Both on March 22 and 23 Democrats in the Senate blocked the republican version of the bill (which did not mention digital dollars). Democrats have criticized the bill for favoring large enterprises at the expense of ordinary citizens.
After closing March 23, Marshal Pelosi was expected to present a counter-offer in the form of a $ 2.5 trillion bill.
Technical Market Outlook:
The ETH/USD pair has bounced from the trend line support around the level of $119.00, tested the local technical resistance located at the level of $136.62, but did not break through it. If bulls will not break through this level, then the price will likely drop towards the trend line support again. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $110.33. The key short-term technical support is seen at the level of $89.35 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.
Weekly Pivot Points:
WR3 - $202.93
WR2 - $178.10
WR1 - $150.26
Weekly Pivot - $126.31
WS1 - $100.57
WS2 - $71.34
WS3 - $47.20
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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