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Technical analysis of ETH/USD for 29/07/2019
Crypto Industry News:
According to a published press release, the Greek billionaire and television director Alka David and his Swiss consortium launched the SWX Coin token supported by cannabis.
According to the announcement, the consortium also launched the Swissx Bank of Cannabis to handle the token. The stock exchange will be based in Gstaad, Switzerland, and soon the Caribbean headquarters will be announced. The token is supposedly based on Blockchain Bitcoin, and a single unit is directly related to the median of the global premium cannabis flower price.
Initially, the bank and its coin will probably manage all Swissx financial transactions with its partners in the United States, Europe, and the Caribbean, but the coin was designed to be a transparent system for all transactions. Swissx also claims that Prime Minister Kitts-Nevis Denzil Douglas joined the bank’s board.
SWX will supposedly be used to pay farmers and will be exchangeable for cash at any time.
Technical Market Overview:
The ETH/USD pair keeps trading inside of a narrow price range between two levels of $189.91 – $223.38. The bulls did not make any decision regarding the possible move higher, so the bullish momentum is decreasing as the price goes nowhere fast. In order to continue the move upwards, the bulls must break through the Fibonacci retracement levels located at $223.38, $233.77 and $244.16. Oterwise, the market will stay inside of the trading range or will be pushed lower by bears to test the technical support at the level of $189.91 again.
Weekly Pivot Points:
WR3 – $247.21
WR2 – $236.28
WR1 – $220.47
Weekly Pivot – $209.37
WS1 – $191.97
WS2 – $182.25
WS3 – $161.51
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.
The material has been provided by InstaForex Company – www.instaforex.com
