Crypto Industry News:
The UK cryptocurrency industry will weather the crisis. Meanwhile, the former chief legal officer of Copper Technologies Ltd. has founded a company aimed at helping crypto companies deal with increasingly strict regulations regarding the marketing of their services in the UK.
Currently, Gateway 21 Ltd., as the new entity is called, is applying for consent from the British Financial Conduct Authority (FCA) to conclude investment transactions. Once a company obtains FCA authorization, it will be able to approve financial promotions from cryptocurrency companies.
Carly Nuzbach Lowery, who self-finances the company's operations, expects that Gateway 21 will be able to operate fully this year, before the new regulations begin to be enforced. It is already known that the company will operate under its holding company Ashlar Block Ltd., which also houses the consulting division that Lowery founded to advise cryptocurrency companies in other areas.
Let us explain that on October 8 this year The UK's financial promotions regime will be expanded to include cryptocurrency service providers, meaning companies offering digital asset services in the UK will have to meet higher standards and disclose even more information to customers.
Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $27,464 and then reversed lower after the extremely oversold market conditions were hit on the H4 time frame chart. The bulls had bounced from the technical support located at the level of $26,691 and are ready to move even higher. The momentum is strong and positive on the H4 time frame chart, so the bulls are temporary in charge of the market. The technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $27,464.
Weekly Pivot Points:
WR3 - $27,226
WR2 - $26,918
WR1 - $26,783
Weekly Pivot - $26,570
WS1 - $26,435
WS2 - $26,222
WS3 - $25,875
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.