Crypto Industry News:

TrustToken has published its latest stablecoin, TrueCAD, which is linked to the Canadian dollar.

TrustToken has also created many other stablecoins, such as TrueUSD (US Dollars), TrueGBP (British Pounds) and TrueAUD (Australian Dollars). Each of them is supported in a supposed ratio of 1: 1 with associated fiat currencies.

For now, the owners can use these four stablecoins in the TrustToken application and expect them to be listed on the stock exchanges. As the TrustToken team assures, this will happen in the coming weeks or months. Note, moreover, that some of their products are already traded on the best stock exchanges, such as Binance, Huobi and OKEx.

Stablecoins are digital tokens that are secured by a separate asset, such as a mineral or currency, or are stabilized by an algorithm. What's more, stablecoins can take many different forms and do not necessarily require support from fixed assets.

Technical Market Overview:

The BTC/USD pair has made another higher high at the level of $5,840, just a little below the technical resistance at the level of $5,846. According to the Elliott Wave scenario, this is still a part of the corrective wave B in the making, so the market should reverse soon. Moreover, the move up has been made in three waves only, so any violation of the level of $5,528 will confirm the corrective wave B scenario is valid and the wave C to the downside will have to be made afterward.

Weekly Pivots:

WR3 - $6,630

WR2 - $5,993

WR1 - $5,751

Weekly Pivot: $5,379

WS1 - $5,117

WS2 - $4,744

WS3 - $4,481

Trading recommendations:

The level of the recent high at $5,840 is a good level to enter a short term sell position with a target at the level of $5,348 or even below ( it all depends on the form of the corrective cycle in the wave C). The longer-term outlook is still bullish, but currently, the market entered a corrective cycle.