Crypto Industry News:

A bill that allegedly would ban the use of cryptocurrencies in India is disseminated by Blockchain's local legal experts in social media.

An unverified document published by technical lawyer Varuna Sethi seems to disclose a bill entitled "Ban cryptocurrencies and regulation of official digital currencies." Even if it is authentic, the bill will not be allegedly discussed during the monsoon session of the Indian parliament in 2019, according to one of the local industry figures.

The document, containing 18 pages, proposes to define the cryptocurrency as: "any information or code, number or token that is not part of any Official Digital Currency, generated by cryptographic means or otherwise, providing a digital representation of values"

The proposed law suggests that "digital rupiah" - digitally issued by the reserve bank of the country - would be approved by the central government as legal tender, while all currencies that meet the definition of cryptocurrencies would be completely banned: "No one can dig, generate, store, sell, spend, transfer, dispose or use cryptocurrencies in India" - we read.

The proposed ban does not apply to persons using DLT technology or other related technologies for experimental or research purposes, including in an educational context, provided that no cryptocurrencies are involved in the transaction.

Technical Market Overview:

The BTC/USD pair has almost hit the 61% Fibonacci retracement located at the level of $11,060 after a bounce from the level of $9,826. From the Elliott wave theory point of view, the whole move down is still in three waves, which is typical for the correction and the last leg of it has been labeled as wave Y. It means, the corrective cycle WXY might have been completed, so it is worth to wait for the market to confirm the bottom is in the place.

Weekly Pivot Points:

WR3 - $14,838

WR2 - $13,876

WR1 - $11,942

Weekly Pivot - $11,071

WS1 - $9,127

WS2 - $8,276

WS3 - $6,180

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.