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Crypto Industry News:
Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said central bank digital currencies are inevitable. The financier, however, believes that the United States should not lead the way, given the role of the dollar as a global reserve currency:
"It's inevitable ... I think it's better for us to start doing it," he said.
Harker spoke in response to a question about the Federal Reserve's decision to create its own instant payments system - known as FedNow - announced in early August.
"I'm looking at the next five years after that. What's next? I think it's something around the digital currency," he says.
As the financial media recently reported, banks in the Federal Advisory Council have informed the Federal Reserve that the Libra cryptographic project will potentially create a "parallel banking" system - risking a potential decrease in the number of demand deposit accounts and the size of bank payments.
Technical Market Overview:
Another lower low was made after the BTC/USD pair has failed to rally above the level of $8,474, which is a technical resistance for the price. The bears have pushed the price back to the new lows and the technical support at the level of $7,935 has been tested again. There is still a chance for the wave (C) terminated already, but if the bears will keep making pressure on bulls then the price might reverse and target the level of $7,419. The upward momentum is decreasing, so are the chances for another leg higher, which is why it is worth to keep an eye on the current situation on Bitcoin.
Weekly Pivot Points:
WR3 - $11,446
WR2 - $10,627
WR1 - $9,093
Weekly Pivot - $8,403
WS1 - $6,727
WS2 - $6,011
WS3 - $4,444
Trading Recommendations:
Due to the short-term impulsive scenario invalidation, 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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