Crypto Industry News:
Donald J. Trump, in his first public comments on the cryptocurrency since becoming President of the United States, wrote on Twitter that he "is not a fan" of cryptocurrencies, adding that they are not money and referred to their volatility in relation to the dollar.
Trump also criticized the cryptocurrency project on Facebook - Libra - in subsequent tweets, saying that "it will have a small position or reliability" and suggests that US regulators will subject the social media giant to regulation:
"If Facebook and other companies want to become a bank, they must apply for a new bank card and become the subject of all bank regulations, just like other banks, both domestic [...] and international." - he said.
US regulators and legislators have drawn attention to Libra - both the US Senate's banking committee and the financial services planning committee are holding hearings next week with the chairman of Blockchain on Facebook, David Marcus.
The Senate committee had previously expressed concerns about Facebook's history regarding user data and privacy by writing an open letter to the company in May. Marcus responded to the letter earlier this week, telling lawmakers that Facebook did not collect any personal financial data himself.
Technical Market Overview:
The BTC/USD pair has hit the key technical support at the level of $9,826 on its way to the south. There is only one more technical support, located at the level of $9,672 that could hold the move down. From the Elliott wave theory point of view, the 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.
