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Technical analysis of ETH/USD for 12/07/2019
Crypto Industry News:
The international giant, Visa, has registered a second investment in the cryptographic project, directing a $ 40 million funding round as part of the Anchorage project.
Visa reportedly led the round together with a large block-type venture capital company (VC) of Blockchain Capital to support the institutional crypto service Anchorage, which previously raised $ 17 million in the investment run by Andreessen Horowitz.
In the new round, both the amount of Visa and the private valuation of Anchorage were not disclosed, according to the publication. Both Visa and Anchorage are the founding members of the Facebook cryptocurrency project, Libra, which was officially disclosed on June 18.
The last round of financing is the second known Visa investment in a cryptographic company. The giant participated in a $ 30 million funding round in the Blockchain startup network in 2015 along with Nasdaq and Citi.
The new funding will be used as part of the Anchorage mission to provide an alternative to cold trust-based institutional trust services to ensure the security of customer assets. Instead, the company implements a system of multiple approvals and human reviews, as well as software based on biometrics to ensure safe crypto storage, notes the publication.
Technical Market Overview:
The ETH/USD pair is trading inside of a narrow horizontal range located between the levels of $259.81 – $275.41 as the market is waiting for a signal to resume the uptrend. The move down had been made in five waves, so it might indicate the whole corrective structure labeled as WXY in the wave 2 might have been completed already. To confirm this, the price must break back through the technical resistance located at the level of $272.02.
Weekly Pivot Points:
WR3 – $360.95
WR2 – $335.54
WR1 – $324.79
Weekly Pivot – $298.87
WS1 – $285.22
WS2 – $258.89
WS3 – $247.45
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.
The material has been provided by InstaForex Company – www.instaforex.com
