Crypto Industry News:
The social media giant Facebook acquired the trademark "Libra" for its secret cryptocurrency project, according to the information from the financial media, who claims that a source familiar with this issue has confirmed that Facebook is recruiting financial companies to develop its own cryptocurrency, and the codename and product name is Libra. In addition, documents published by the United States Patent and Trademark Office, which were filed in June 2018, disclose that the company has clearly acquired the rights to the Libra trademark.
More specifically, while the owner of the application is a limited liability company called JLV, the LLC address indicated is the same as the official Facebook communication address. According to the publication, the trademark was previously in the possession of a tax company that has recently changed its name to Lucca. Earlier this week, there were reports that Facebook is also seeking investment for $ 1 billion on its alleged stablecoin and other financial media wrote that Professor Christopher Catalini of the Massachusetts Institute of Technology (MIT) is working on the development of the Facebook coin.
Technical Market Overview:
The BTC/USD pair has made another higher high overnight which is in line with the long term technical analysis I posted yesterday. The main conclusion is, that after the key technical resistance zone at the level of $5,500 - $5,733 has been violated and tested from below, the next target for Bitcoin is seen at the minimum level of $6,505. This is why the Elliott Wave scenario has been updated and it shows, that the market still has the room to move higher as the recent high might be only the high of the wave 3 of the overall impulsive wave, so there is wave 4 missing and wave 5 missing to complete the whole upward cycle.
Weekly Pivot Points:
WR3 - $7,123
WR2 - $6,689
WR1 - $6,362
Weekly Pivot - $5,868
WS1 - $5,578
WS2 - $5,080
WS3 - $4,863
Trading Recommendations:
The bigger time frame charts are now indicating a possible trend change from bearish to bullish, so only a buy positions should be open on the local corrective pull-backs. For all of the break-out traders, the nearest level to open the buy stop order is located at the top of the resistance zone at $6, 274. The target for all trades is still seen at the level of $6,505.
