1st June - Crypto Technical & Market Watch
Japan Hardens Rules for Cryptocurrency Storage and Trading
Japan has officially revised its laws to provide more clarity – and tighter controls – over cryptocurrency.
The legislation amending the Payment Services Act and Financial Instruments and Exchange Act was formally enacted on May 31 and will take effect in April of next year.
Among the notable changes, the act does away with the definition of “virtual currency” and replaces it with the broader term “cryptographic assets.”
Further, any company even storing cryptocurrency will be considered a “cryptographic asset exchange” and thus required to register and maintain what experts believe will be an expensive license.
Brazil Establishes Committee for Cryptocurrency Regulation
The Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil, and consists of representatives of the states elected every four years. The Chamber discusses and approves proposals for economic and social areas such as education, health, transport, and housing.
Bitcoin (BTC) spiked up above $9,000 on May 30 but quickly reversed direction and fell to a low of $8,034.31 within a few hours. Currently, the bulls are attempting to hold the price above $8,000. If the BTC/USD pair rebounds from the current levels and rallies above $9,053.12, it can reach the next overhead resistance of $10,000. It can slide to the next support at $7,413.46. The digital currency will lose momentum if this support also breaks.
Ethereum (ETH) spiked on May 30 and reached the overhead resistance zone of $300–$322.The bulls are currently attempting to hold the price above resistance zone.A breakdown can sink the ETH/USD pair to $225.39. If this support also breaks down, We do not spot a bullish pattern at current levels.
Ripple (XRP) attempted to scale above the overhead resistance zone of $0.45–$0.47919 on May 30 but failed. If successful, we might see another attempt to push the price above the overhead resistance zone and towards the target objective of $0.60.If the XRP/USD pair plummets below it can dip to the $0.37835–$0.35660 support zone. Traders can keep the stop loss on the long positions at $0.35.
Bitcoin Cash (BCH) is in an uptrend.A breakout of the channel is likely to propel it to $638.99. If the BCH/USD pair breaks down below $ 333.68,Below this support, a dip to the support line of the channel is probable. We will wait for a reliable buy setup to form before recommending a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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