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Crypto Industry News:
China is the world leader when it comes to searching for "Facebook Libra" on Google a month after the publication of the white book of stablecoin.
According to data from Google Trends, counting from July 18, China is the first on the list of countries that google's new Facebook cryptocurrency project - they have the highest percentage of search queries for Libra, with the maximum value of query popularity of 100.
The top five include Uruguay, second with a value of 56, Trinidad and Tobago, Saint Helena and Argentina.At the same time, the same query is surprisingly low in the United States - the estimated value of the query is 16. Accordingly, Facebook's country of origin on the list is ranked 33rd.
Technical Market Overview:
The ETH/USD pair has bounced towards the level of $226.17 after the technical support located at the level of $190.94 has held the bearish pressure. The downward momentum is decreasing, so there is a chance for another leg up towards $226.17 or even $244.63 despite the bearish Doji candlestick pattern made at the top of the recent wave up. Please notice, that according to the Elliott wave count, the corrective cycle in the wave 2 might have been completed and the market is ready for another impulsive wave up.
Weekly Pivot Points:
WR3 - $421.78
WR2 - $368.25
WR1 - $298.00
Weekly Pivot - $241.50
WS1 - $169.20
WS2 - $118.90
WS3 - $41.01
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 cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.
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