Crypto Industry News:

Craig Wright filed a copyright registration in the United States for the Whitepaper of Bitcoin by Satoshi Nakamoto.

Court documents show that the copyright office in the US received Wright's registration as the author of the whitepaper, as well as most of the original code used to build Bitcoin. An Australian entrepreneur has long claimed to have written a cryptocurrency plan under a known pseudonym.

A press release on May 21 stresses that US officials have received confirmation that Wright is indeed Satoshi Nakamoto, but this news was met with skepticism by some commentators on the cryptography community.

According to a press release, Wright takes steps to establish himself as the creator of Bitcoin "after he was scared to see that his original Bitcoin project was devastated by groups of developers." It is believed that Wright plans to assign copyright registrations to the Bitcoin Association.

The businessman is currently the main researcher at the nChain startup. He is known for attracting controversy - the main cryptographic platforms have recently begun boycotting Bitcoin SV, Bitcoin Cash hard-fork, which the entrepreneur supports.

Technical Market Overview:

The BTC/USD pair has been trading inside of a tight narrow range located between the levels of $7,617 - $8,155. The volatility is now limited as the traders wait for a breakout in either direction. From the Elliott Wave Principle point of view, the market is now in the wave B of the overall corrective cycle after the bottom of the wave A was made at the level of $6,986. It means, there is still wave C to the downside missing in order to complete the corrective cycle in wave 2, so the breakout should be to the downside.

Weekly Pivot Points:

WR3 - $10,110

WR2- $9,180

WR1 - $8,627

Weekly Pivot - $7,705

WS1 - $7,135

WS2 - $6,315

WS3 - $5,743

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss just above the high at the level of $8,309 in anticipation of the wave C of the overall corrective structure. Please pay attention to the technical support at the level of $7,584 as any violation of this level will accelerate the sell-off towards the next technical support at the level of $7,032.