Technical analysis of ETH/USD for 22.07.2019

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Crypto Industry News:

Jeremy Allaire, CEO of Circle, will take part in lunch with the director-general of Berkshire Hathaway, Warren Buffett, chief executive of Tron, Justin Sun and creator of Litecoin, Charlie Lee.

On July 19, Allaire accepted Sun’s invitation on Twitter to join the $ 4.6 million lunchtime expectation with the famous Bitcoin skeptic to discuss issues in the cryptography industry.

Three minutes after Sun published the invitation, Allaire wrote on Twitter that he had the honor to join, adding that the meeting would be a great opportunity for both Buffett and the cryptographic community so that they could learn from each other.

Lunch, first announced in early June after CEO Tron won the charity auction, is to be held on July 25 at Quince, a restaurant awarded with three Michelin stars in San Francisco. Allaire will be one of seven friends who will be able to accompany Sun during lunch with Buffett.

Allaire, co-founder, and general manager of Goldman Sachs, recently hoped that the Libra Facebook cryptographic project would trigger the development of a national approach to digital asset regulation. He previously insisted that the cryptographic space would require regulatory certainty, adding that the existing definition of cryptocurrencies is too broad.

Technical Market Overview:

The ETH/USD pair has tested the 50% Fibonacci retracement yet another time, but still, bulls were not strong enough to break through this level. The move-up looks quite strong, but to confirm the bottom for the wave Z and the termination of the whole corrective cycle, the bulls must break through the rest of the Fibonacci levels and head higher towards the key technical resistance seen at the level of $259.81.

Weekly Pivot Points:

WR3 – $294.64

WR2 – $266.38

WR1 – $246.13

Weekly Pivot – $217.90

WS1 – $196.02

WS2 – $167.35

WS3 – $146.40

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

Source:: Technical analysis of ETH/USD for 22.07.2019

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