Crypto Industry News:

The Iranian president proposed the creation of a Muslim cryptocurrency as one of many ways to oppose US economic dominance.

Speaking at an Islamic conference in Malaysia, Iranian President Hassan Rouhani called on Muslim nations to strengthen financial and trade cooperation and to reduce dependence on the US dollar, according to a report by the financial media.

As Rouhani argued, US economic sanctions are "the main tools for dominating hegemony and intimidation" of other nations. Rouhani proposed establishing a special banking and financial system among Muslim nations that use local currencies to trade. Local reports confirm that Rouhani proposed creating a cryptocurrency as part of this effort.

"The Muslim world should develop measures to protect against the dominance of the US dollar and the US financial regime," he said.

The conference was also attended by leaders of major Muslim countries, including Turkey, Qatar and Malaysia, while Saudi Arabia and Pakistan withdrew from the conference.

The idea of the Iranian president has reportedly met with support from Malaysia itself, because the country's prime minister, Mahathir Mohamad, supported the initiative, according to a local press release. The official noted that for the first time Iran and Turkey are considering the possibility of creating an alternative to the US dollar.

"We can use our own currencies or have a common currency," he said.

Meanwhile, Turkish President Recep Tayyip Erdogan has clearly criticized the Islamic Cooperation Organization, arguing that the platform connecting the Muslim world has shown "lack of implementation." Erdogan also emphasized that Muslim countries should focus on Islamic financing, suggesting the creation of a special working group.

Technical Market Overview:

From the Elliott wave point of view, the last impulsive rally might be labeled as wave 1 of the new upward move. If it is so, then the most important level is the low of the Pin Bar located at $6,365 and this level can not be violated by bears. Currently, the market is developing the corrective structure and it is consolidating the recent gains in a narrow range located between the levels of $6,938 - $7,162. The moves up should be continued once the correction is over.

Weekly Pivot Points:

WR3 - $8,020

WR2 - $7,786

WR1 - $7,335

Weekly Pivot - $7,151

WS1 - $6,714

WS2 - $6,500

WS3 - $6,073

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.