Crypto Industry News:

Venezuela plans to support its national Petro cryptocurrency 30 million barrels of oil. Venezuelan President Nicolas Maduro announced that oil reserves are in domestic storage tanks and are ready for immediate commercialization to serve as "liquid, physical and material coverage" for Petro. The president announced news on public television, according to Reuters.

Although Maduro has not yet provided any details about how the sale of oil stocks would work to support Petro, another Reuters report noted that the Venezuelan government initially planned to support cryptocurrency with five billion barrels of oil.

According to the publication, the sharp decline in Petro's support was caused by US sanctions against the Venezuelan state oil company PDVSA. The company allegedly reduced oil production in 2019 due to the sanctions mentioned above.

News appears in connection with the new wave of Petro promotion by the government. On November 17, Maduro announced that Venezuelan pensioners would receive a Christmas bonus at Petro. Similar initiatives had taken place earlier when, at the end of November 2018, Venezuela automatically converted the monthly pensioners' premium into Petro.

Launched in February 2018, Petro has become the world's first oil-backed cryptocurrency in the world. The coin was allegedly designed to attract foreign investment as well as to avoid sanctions from the US government.

Technical Market Overview:

The BTC/USD pair has made another lower low at the level of $7,335 and is about to test the key short-term technical support located at the level of $7,234. The bears are in full control of the market and the level of $8,298 will now act as technical resistance. The down move is still continued then and so far there are no signs of any kind of a reversal.

Weekly Pivot Points:

WR3 - $9,580

WR2 - $9,281

WR1 - $8,860

Weekly Pivot - $8,570

WS1 - $8,114

WS2 - $7,825

WS3 - $7,365

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.