Technical analysis of ETH/USD for 15/08/2019

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Crypto Industry News:

An online survey by ING banking giant shows that Austrians are most skeptical of Bitcoin and cryptocurrency in general. A survey in which respondents from 15 countries show that the positive attitude towards Bitcoin is also weakening in other countries.

Austrians are generally conservative in terms of investment, but they are very skeptical about cryptocurrencies, and only 13% see digital currencies in a positive light.

Attitudes towards cryptocurrencies have deteriorated since last year’s survey. This year, 17% of Austrians believe that cryptocurrency is the future of digital payments, compared to 20% last year. And now only 14% believe that this is a significant form of investment, unlike 17% last year.

Only 5% of Austrians would consider paying wages in Bitcoins. According to the study, Austrians know more than most nations about cryptocurrencies, but prefer to avoid risk and volatility as much as possible.

Of the 13 European nations (and Australia and the United States), most have seen a decline in their positive attitude towards crypto compared to last year. Turkey, Poland, and Romania were exceptions. 43% and 44% of respondents from Poland and Romania issued positive opinions about cryptocurrencies. In contrast, in Turkey, 62% are positive about crypto, and 36% will be happy to receive payment in Bitcoins.

However, Austrians see the value of Blockchain technology. Graz, an energy trading company, plans to use the DLT-based platform in the pursuit of zero-emission energy distribution.

Technical Market Overview:

The Elliott wave scenario at the ETH/USD pair has been updated as the last one had been invalidated due to the wave overlap. Currently, the top at the level of $238.68 is the wave XX high and the recent decline is the wave Z of the correction in progress. The target for the wave C might have been reached (1:1 market geometry principle), but if the momentum will keep strong, then the decline might deepen towards the level of $149.33. Please keep in mind, that there is a clear bullish divergence between the price and the momentum indicator at the daily time frame chart.

Weekly Pivot Points:

WR3 – $274.14

WR2 – $256.36

WR1 – $233.10

Weekly Pivot – $214.72

WS1 – $193.28

WS2 – $173.99

WS3 – $150.66

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 sooner or later. We are waiting for a breakout above the level of $238.68 to confirm the bullish momentum.

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

Source:: Technical analysis of ETH/USD for 15/08/2019:

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