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Crypto Industry News:
To address the aftermath of fires in Australia, the Binance Charity Foundation (BCF) donates $ 1 million BNB tokens to the Australia Bushfire Donations project.
In a BCF blog post - the philanthropic branch of the Binance cryptocurrency exchange - announced the launch of a new charity project called Australia Bushfire Donations, to which BCF donates $ 1 million in the native Binance Coins exchange. The funds raised under the project will be used to mitigate the destructive impact of fires across the continent.
As Australian fire donations are a Blockchain-based initiative, there is an assurance that all BNB donations and distribution will be verifiable to anyone. The BCF says it intends to reach as many local organizations as possible to donate received.
Binance CEO Changpeng Zhao called on the cryptographic community to support Australia, which is fighting forest fires - which have hit the south-east of the country most. Since October last year, over 20 people have been killed and nearly 2,000 homes have been destroyed. In the first week of January, more than 8.4 million hectares burned throughout the country.
Technical Market Overview:
The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to move the price towards the key technical support located at the level of $7,581 - $7,601. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.
Weekly Pivot Points:
WR3 - $8,248
WR2 - $7,819
WR1 - $7,642
Weekly Pivot - $7,179
WS1 - $6,988
WS2 - $6,550
WS3 - $6,318
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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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