Crypto Industry News:

The Brazilian government will consider a bill that requires all local public administration units to promote new technologies, such as Blockchain. The new law, PL 3443/2019, was submitted by a group of ten federal officials from various political parties and states in the lower chamber of the National Congress of Brazil, the Chamber of Deputies on 11 June.

As specified in the title of the document, the proposed bill provides for "digital delivery of public services in public administration - a digital government". The draft law, if approved, will require federal and state government departments to use new technologies, such as artificial intelligence and Blockchain, to improve public services, the publication says.

The bill was signed by the federal deputy Tiago Mitraud, a member of the classical liberal and libertarian Brazilian political party The New Party (Partido Novo, NOVO), as well as officials from other parties, including the Brazilian Socialist Party (PSB), among others.

Technical Market Overview:

The ETH/USD pair has reversed after hitting the 61% Fibonacci retracement at the level of $264.31 and tested the technical support at the level of $251.08. Moreover, this move up has been made in three waves only, so it will be considered as a corrective for now. The most important level from the Elliott Wave theory now is the top at $247.79 as any violation of this level will invalidate the impulsive scenario.

Weekly Pivot Points:

WR3 - $291.72

WR2 - $280.83

WR1 - $249.36

Weekly Pivot Point: $237.71

WS1 - $207.19

WS2 - $196.25

WS3 - $166.76

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.