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Elliott Wave analysis of ETH/USD for 19/04/2019
Crypto Industry News:
The founder and CEO of Tron, Justin Sun, claimed that in his opinion the Tron ecosystem would “officially collaborate” with Ethereum later this year. Sun spoke during the interview on the podcast The Crypto Chick.
More specifically, Sun said that, according to him, “even in the course of this year, we will see that the Throne is cooperating, officially cooperating with Ethereum.” In answer to the question about the last tweets of Ethereum co-founder Vitalik Buterin on the subject of Tron, Sun stated: |I think that in the future we will be working with many Ethereum developers, as well as with companies built on Ethereum to improve this industry”.
Technical Market Overview:
The ETH/USD pair has hit the technical resistance level at 173.50 and reversed quickly towards the technical support at the level of 166.53. Any breakout below this level of support would indicate that a possible short-term top is already in place and the market will now penetrate the lower price levels in order to complete the corrective cycle.
Weekly Pivot Points:
WR3 – $201
WR2 – $192
WR1 – $173
Weekly Pivot – $164
WS1 – $148
WS2 – $138
WS3 – $120
Trading Recommendations:
The daytraders should have closed the buy orders at the level of 173.50 as this was the take profit level for the up move. No open trades for now for daytraders.
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
