Crypto Industry News:
Officials in Hong Kong agree that the semi-autonomous Chinese territory needs to welcome more market players to maintain its status as a global financial hub, which has been eroded by years of strict COVID restrictions and a widespread crackdown on dissidents.
In August this year Hong Kong authorities for the first time gave two cryptocurrency exchanges - HashKey Exchange and OSL - permission to engage in retail trading of digital assets. This comes two months after the Hong Kong Securities and Futures Commission dealt with applications for mom-and-pop investing licenses.
"We don't intend to be a cryptocurrency trading hub, but we recognize cryptocurrency trading as an important part of the virtual asset ecosystem," said Julia Leung, the Commission's director general. As she emphasized, a well-balanced regulatory system is crucial to building trust in the industry.
The new cryptocurrency retail guidelines have received praise from across the industry.
Technical Market Outlook:
The BTC/USD pair recover rally had been made yet. The bulls keep trying to bounce from the lows and trigger a bigger correction, but the current local bounce high was made at the level of $26,743. The level of $25,560 will now act as the technical support, but the key technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.
Weekly Pivot Points:
WR3 - $26,439
WR2 - $26,243
WR1 - $26,125
Weekly Pivot - $26,047
WS1 - $25,929
WS2 - $25,851
WS3 - $25,655
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.