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Technical analysis of ETH/USD for Aug 29, 2019
Crypto Industry News:
The Santiago Stock Exchange (STE), Central Securities Depository (DCV) and Global Trade Directory (GTD) announced the creation of a new Blockchain association.
The company BNamericas informs that STE, DCV and GTD have created a consortium for creating Blockchain financial applications, which is reportedly the first of its kind in Latin America.
The agreement provides for the creation of a Blockchain business network: infrastructure to connect public clients around the world via nodes that will provide access to various applications running on the Hyperledger platform.
“Since 2017, we have been cooperating with other securities depositories around the world in the application of Blockchain to the services of our industry, to which is added a project that we are implementing with the central bank of Chile to include this technology in the issue of its financial instruments “- says the Director-General of the Central Securities Depository, Fernando Yanez.
After signing the contract, the three institutions will create a technical committee whose task will be to design the system within six months, consulting the members of the alliance. After this phase, a team of programmers will be employed to build a Blockchain-based platform in about 18 months.
Technical Market Overview:
The ETH/USD pair spiked down after days of trading inside of a narrow range and broke below all the local technical supports at $177.07 and $172.82. So far the sell-off has stopped at the level of $164.81 and there is a clear bullish divergence present on the market between the AO oscillator and the price. The next important technical support is seen at the level of $145.45.
Weekly Pivot Points:
WR3 – $218.26
WR2 – $210.07
WR1 – $196.01
Weekly Pivot Pont – $185.93
WS1 – $171.02
WS2 – $161.63
WS3 – $146.97
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
