Elliott Wave analysis of ETH/USD for 17/04/2019

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Crypto Industry News:

David Solomon, CEO of Goldman Sachs, categorically dismissed the claim that the bank had ever planned to open a cryptographic trade office and found that previous media reports suggesting otherwise were incorrect. Solomon presented his comments during the hearing before the US House of Representatives’ Financial Services Committee.

Goldman Sachs’ alleged plans to create a cryptographic unit by the end of June 2018 were originally included in Bloomberg’s December 2017 publication. In September 2018, anonymous sources informed Business Insider that the project had been suspended. A few days later, the company’s financial director, Martin Chavez, told reporters that the latest news was “fake news.”

Technical Market Overview:

The ETH/USD pair has not hit the target at the level of $151 due to the bullish divergence at the H4 timeframe. The market has completed the ABC corrective structure at the level of $152.43 and bounced higher towards the technical resistance at the level of $166.52. This is the top of the wave b of the lesser degree, so any breakout higher will likely mean a further move upwards towards the level of $173.50. This is rather important technical resistance and any violation of this level will be a first clue that the correction is completed and a new up move is unfolding.

Weekly Pivot Points:

WR3 – $201

WR2 – $192

WR1 – $173

Weekly Pivot – $164

WS1 – $148

WS2 – $138

WS3 – $120

Trading Recommendations:

The best trading strategy for the daytraders is is to buy the breakout of the level of$166.53 with a target at the level of $173.50.

The best trading strategy for this market for swing traders is to trade with the longer-timeframe trend, which is now an uptrend. The good level to place a buy order was just above the level of $152. This point of view is valid as long as the technical support at the level of $151 is broken.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott Wave analysis of ETH/USD for 17/04/2019

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