Crypto Industry News:

The social media giant, Facebook, said it would change its position regarding ads for cryptocurrencies and solutions based on Blockchain technology, less than a year and a half after successfully closing the door to cryptographic ads.

The unambiguous ban on Facebook, imposed in January 2018, did not last long. In June 2018, the company announced that all advertisers would need to obtain "prior written consent", which would allow companies to choose which to feel safe. However, now, according to Facebook's statement, the company will go a step further.

Facebook will continue to block the ads of some cryptocurrency companies, but for ICO and companies that contain information about ICOs on their pages, the target door will still be closed. Cryptocurrency exchanges "will also require prior approval" if they want to advertise.

The time of announcing Facebook is probably not accidental. As previously reported, a number of reputable media sources, from the New York Times to the Wall Street Journal, said Facebook was working on a stablecoin secret project that would allow users to receive rewards for their Facebook activity or to buy products and services through a new platform using the new token.

Technical Market Overview:

The BTC/USD pair has made another higher high at the level of $6,345, but this high was marginal only and was made on lower momentum than the previous ones. According to the Elliott Wave scenario, the high was labeled as a part of the irregular corrective cycle in wave 4, namely the wave B of this cycle. It means, that to complete the cycle the market needs to unfold the wave C to the downside and then will be ready for another impulsive wave up.

Weekly Pivot Points:

WR3 - $7,123

WR2 - $6,689

WR1 - $6,362

Weekly Pivot - $5,868

WS1 - $5,578

WS2 - $5,080

WS3 - $4,863

Trading Recommendations:

The bigger time frame charts are now indicating a possible trend change from bearish to bullish, so only a buy positions should be open on the local corrective pull-backs with a potential target for all trades is still seen at the level of $6,505. Please notice, the momentum is decreasing, so the corrective move down can happen anytime soon (wave C of the correction in the wave 4).