Crypto Industry News:
Russian Federation President, Vladimir Putin, expressed his criticism at the investment forum "Russian Calling" in Moscow. According to a local news site, the president made the following comments:
"Nothing is backed up and the volatility is colossal, so the risk is very high. We also think we need to listen to those who talk about this high risk," he said.
Putin called for more monitoring and regulation of cryptocurrencies and pointed out that some countries around the world are seeing significant adoption of digital currencies. Currently, cryptocurrency regulation in Russia is still in its infancy. While the government is considering introducing a central bank digital currency, at least eight federal laws and five legislative codes need to be changed for the digital ruble to take effect.
In addition, there are no cryptocurrency mining laws in the country. This has led some to argue that $ 2 billion in cryptocurrency mining revenue is generated annually in Russia, but no taxes are paid. Due to the lack of a legal framework, the use of cryptocurrencies has increased among ordinary Russians, with transactions exceeding $ 5 billion a year.
Technical Market Outlook
The Bitcoin bulls are ready to resume the up trend again, but for now the market is consolidating in a narrow range after the recent bounce from $53,333. The recent local high was made at the level of $59,195, so in order to confirm the up trend continuation bulls must break through the wave X high located at $60,013. The nearest technical support is seen at the level of $55,748 and $53,306. The larger time frame trend is still up.
Weekly Pivot Points:
WR3 - $65,476
WR2 - $62,564
WR1 - $59,328
Weekly Pivot - $56,242
WS1 - $53,008
WS2 - $49,857
WS3 - $46,541
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated. According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $52,943 is clearly broken on the daily time frame chart (daily candle close below $52,000).