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Crypto Industry News:
According to former President of the European Central Bank, Jean-Claude Trichet, Bitcoin has no currency characteristics and is purely speculative. Trichet said this at the Caixin conference in Beijing.
During the event, Trichet also expressed doubts that cryptocurrencies could become the future of money. He said that Bitcoin lacks the features of a real currency:
"I am definitely against Bitcoin and I think we are a bit carefree. [...] The currency itself is not real, with the features it must have," he said.
Trichet also explained that he believes that buying cryptocurrency is in many respects just speculation. He also claimed that even if the cryptographic resource is allegedly backed by a real resource, it still observes a lot of speculation, which it described as "unhealthy."
Trichet added that he is also not a fan of Stablecoin Libra, proposed by Facebook, and noted that he prefers special drawing rights (SDRs) issued by the International Monetary Fund. Like Libra's plans, SDRs are supported by a basket of currencies, including the US dollar, euro, pound sterling, renminbi and yen.
He also said that although the world could leave banknotes and coins behind it, cryptocurrencies cannot be the way forward.
Technical Market Overview:
The BTC/USD bounce was capped at the level of $8,836 which is the lower boundary of the narrow horizontal zone that was recently broken. The momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396.
Weekly Pivot Points:
WR3 - $10,032
WR2 - $9,933
WR1 - $9,413
Weekly Pivot - $9,012
WS1 - $8,510
WS2 - $8,085
WS3 - $7,592
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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
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