Crypto Industry News:
The Financial Stability Board (FSB) - an international organization that monitors the global financial system - has developed a global regulatory framework for cryptocurrencies. The guidelines, recommended for the top 20 economies of the world known as the G20, are based on the principle of "same business, same risk, same regulation".
On July 17, a public memo and two separate guidance documents were released. The document consists of two sets of recommendations: general recommendations for the regulation of cryptocurrencies and "revised general recommendations" for the "global stablecoin". It simply means any stablecoin that can be used in more than one jurisdiction.
The FSB states that cryptocurrency platforms must separate clients' digital assets from their own funds and clearly separate functions to avoid conflicts of interest, and regulators ensure close cross-border cooperation and supervision.
Technical Market Outlook:
The BTC/USD pair has briefly made a new swing high and yearly high at the level of $31,740 and then pulled-back from the extremely overbought market conditions on the H4 time frame chart. Currently the market is approaching the key short-term technical support seen at the level of $29,623. So far the bulls are bouncing up from the level, but in a case of a breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in sand for bulls). The intraday technical resistance is seen at the level of $30,447.
Weekly Pivot Points:
WR3 - $30,637
WR2 - $30,432
WR1 - $30,347
Weekly Pivot - $30,227
WS1 - $30,141
WS2 - $30,021
WS3 - $29,816
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.