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Crypto Industry News:
The president of the Russian central bank said that talks about the issue of the national digital currency (CBDC) are underway.Financial media report that the head of Bank of Russia Elvira Nabiullina told the audience gathered at a student conference in the Russian city of Skolkovo that CBDC cannot be issued at this time. However, she added that numerous central banks around the world - including Russia - are exploring this possibility.
She stressed the need to first check the actual reliability of the blockchain technology that underlies many proposed CBDC models. It was only as a result of such research and their positive results that this type of e-currency could be issued. She added that such a solution requires "reliability". In her opinion, such technologies, which are to become the basis for the functioning of the state, must be "mature".
In the further part of her speech, Nabiullina wondered if her country was even ready to implement such a cashless solution in it. She noticed that although some jurisdictions have already made significant steps in this direction and in practice they eliminate cash, there are still places in the world where cash is still irreplaceable and necessary. She added that she knows that people value the anonymity of entering into transactions.
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.
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