Facebook, Inc. (NASDAQ:FB) Libra Partner Mastercard Is Building Its Own Cryptocurrency Team

Facebook, Inc. (NASDAQ:FB) Libra Partner Mastercard Is Building Its Own Cryptocurrency Team

Facebook, Inc. (NASDAQ:FB) Libra Partner Mastercard Is Building Its Own Cryptocurrency Team

Mastercard (MA) reportedly is assembling its own cryptocurrency team. The payments stock is a partner in the Facebook (FB) Libra digital currency project. Meanwhile Bitcoin is attempting to rally after its worst week in 2019.

Mastercard is recruiting staff with expertise in the “cutting-edge intersection of payments and cryptocurrencies,” according to the New York Post. Employees will be tasked with monitoring cryptocurrency ecosystem trends and developing new products.

Mastercard Senior Vice President Seth Eisen said looking at blockchains and cryptocurrencies is part of the firm’s activities to find new ways to create value.

The payments firm is making the move as it “wants to be known as more than a card company; it wants to be a technology company,” according to CreditCards.com analyst.

Facebook Libra In Focus

Meanwhile the Facebook Libra cryptocurrency is on the agenda when a delegation of U.S. lawmakers visits Switzerland in the coming days.

House Financial Services Chairwoman Maxine Waters and five other lawmakers will meet with Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger. Waters has previously been critical of Facebook’s cryptocurrency project.

The California Democrat has compared the social media giant to scandal-ridden Wells Fargo (WFC) and Equifax (EFX), and warned Facebook could “wield immense power that could disrupt” governments and central banks if Libra takes off.

President Donald Trump and top administration officials also have voiced concerns about Facebook Libra, as has Fed chief Jerome Powell. The Federal Reserve recently announced plans to provide a FedNow faster payments service, with Libra plans spurring the central bank to action.

In the face of criticism, Facebook has already signaled changes to the Libra stablecoin project and stressed that it will work with regulators.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 193.32.

The projected lower bound is: 174.66.

The projected closing price is: 183.99.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 48.7163. This is not an overbought or oversold reading. The last signal was a buy 9 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.58. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 26 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -45. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 22 period(s) ago.

Rex Takasugi – TD Profile

FACEBOOK INC A closed down -2.360 at 183.810. Volume was 40% below average (neutral) and Bollinger Bands were 11% wider than normal.

Open     High      Low     Close     Volume___
185.450 186.000 182.390 183.810 10,087,592
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 185.30 192.02 168.92
Volatility: 39 32 41
Volume: 13,090,596 16,331,987 19,732,568

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FACEBOOK INC A is currently 8.8% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of FB.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on FB.O and have had this outlook for the last 14 periods.

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