Crypto Industry News:
Steve Forbes, chairman, and editor-in-chief of Forbes Media has published an open letter to Mark Zuckerberg. In the Forbes letter, he strongly encouraged the Facebook cryptographic initiative, stressing Libra's potential to become one of the greatest inventions in the world that could eventually replace the US dollar as a global currency.
At the same time, to become "one of the true breakthroughs in history", Libra must be supported by gold as a basic condition, Forbes argued in the letter, opposing the current Facebook plan to support the coin with a basket of currencies.
According to Forbes, Libra's "device" will be what will make it "the most desirable medium of exchange in the world" because it can be used in everyday transactions as well as in long-term investments.
In his communication, Forbes also warned Zuckerberg that Libra's consultants would most likely criticize the idea of gold support. Forbes finally persuaded Zuckerberg to consider changing Libra's name to "Mark", referring to the unlucky history of the term "Libra". In particular, he reminded that "weight" refers to the weight measurement of the destroyed Roman Empire. On the other hand, the sign of the German empire which was abandoned 20 years ago for the euro and is now "to be won", notes Forbes.
Technical Overview:
The BTC/USD has been having trouble to rally upward again after the 16% correction occurred last week. The price is still trading inside of a tight consolidation zone and there was no rally since then whatsoever. The key short term support is seen at the level of $10,318 and the short-term key technical resistance is seen at the level of $11,307. So far there are no signs of any trend resumption.
Weekly Pivot Points:
WR3 - $16,315
WR2 - $14,938
WR1 - $12,895
Weekly Pivot - $11,624
WS1 - $9,683
WS2 - $8,320
WS1 - $6,345
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 larget correction is just around the corner, as all the major impulsive waves have been completed.
