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Technical analysis of ETH/USD for Aug 20, 2019
Crypto Industry News:
The Japanese cryptocurrency exchange Rakuten Wallet began trading a year after acquiring Everybody’s Bitcoin.
Rakuten Wallet, which is a subsidiary of the Japanese e-commerce giant Rakuten, said that spot trading with three cryptocurrencies – Bitcoin, Ethereum and Bitcoin Cash – has already entered into force. In the future, developers plan to release an application for iOS and Android, the use of which will be mandatory for deposits and withdrawals.
“Customers who already have a bank account with Rakuten Bank will be able to easily open an account with Rakuten Wallet simply by entering the required information in the online application form”- we read in a press release.
Rakuten acquired Everybody’s Bitcoin in August 2018 for $ 2.4 million. The management originally announced the upcoming premiere in April this year, but progress seemed to stall. The stock market joins the rapidly growing ecosystem in the Japanese market, and many competitors are fighting for a piece of domestic cryptocurrency trading.
Last month, Tokyo announced it wanted to create a cryptocurrency-based counterpart to SWIFT, the global payment settlement network, as part of a G7-approved move.
Technical Market Overview:
The bulls on the ETH/USD market have managed to move the prices higher towards the level of $197.70, which is a 38% retracement of the previous swing down. So far the bulls did not have the strength to break through this level, but if they will, then the next target is seen at the level of $215.63. There are two more retracements to hit as well and they are located at the level of $205.68 and $213.45. The immediate technical support is now located at the level of $190.94.
Weekly Pivot Points:
WR3 – $257.46
WR2 – $236.43
WR1 – $213.67
Weekly Pivot – $193.41
WS1 – $171.74
WS2 – $150.23
WS3 – $128.88
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 global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.
The material has been provided by InstaForex Company – www.instaforex.com
