Crypto Industry News:
The social media giant, Facebook, today published the white book of its long-awaited project of financial infrastructure based on cryptocurrencies and Blockchain.
According to the document, Facebook's global stablecoin, referred to as "libra", will operate on the native and scalable Blockchain Libra and will be supported by a reserve of assets allegedly "designed to give it the internal value" and limit fluctuations in value. These assets consist of a basket of bank deposits and short-term government securities that will be kept in the Libra reserve for each token issued.
The new cryptocurrency will be managed by a non-profit Swiss consortium - "Libra Association" - which includes members of Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber.
Facebook allegedly plans to expand the association to about 100 members until Libra was launched in the first half of 2020.
The Libra Association is managed by the Libra Association Council. Board members are initially founders, each of whom runs a validator network node and was required to make a minimum investment of $ 10 million to seal the position. Each investment worth 10 million dollars provides the entity with one vote.
Facebook also revealed the release of Libra Investment Token - a user-oriented cryptocurrency distinct from the global libra - which can be bought or distributed in the form of a dividend for the founding members of the association and accredited investors.
Technical Overview:
The BTC/USD pair has made a new local top at the level of $9,457 and it might be the temporary top for the wave 3 of the overall impulsive wave progression. The sub-waves 1 and 2 were completed and now sub-wave 3 and wave 4 are unfolding. The downside is pretty much limited to the level of $8,800 and that might be the target for the wave 4 correction. Please notice the market has broken above the trendline resistance but has trouble to stay above it for a longer period of time.
Weekly Pivot Points:
WR3 - $11,709
WR2 - $10,500
WR1 - $9,878
Weekly Pivot - $8,649
WS1 - $7,945
WS2 - $6,737
WS3 - $6,016
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 current uptrend wave is wave 3, which is an impulsive wave, so this is the best wave to trade. The target for wave 3 is seen at the level of $9,826.
