Technical analysis of ETH/USD for Aug 30, 2019

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Crypto Industry News:

Neil Wals, head of the United Nations Office on the Program on Drugs, Crime and International Cybercrime, warned that cryptocurrencies significantly hinder the fight against money laundering.

Wals expressed the view that criminals using cryptographic resources include global networks of child sexual abuse, which he believes are more widespread than most people are aware of.

He believes that cryptocurrencies are a veil that can facilitate crime. The news comes after treasury secretary Steven Mnuchin said in July that government agencies would prevent Bitcoin and other cryptocurrencies from becoming “equivalent to Swiss bank accounts.”

Also in July, Danny Scott, CEO of the Bitcoin Stock Exchange on the Isle of Man, CoinCorner, said that the conviction of the president of the now-defunct darknet market – Silk Road – shows that the use of Bitcoin by criminals is a thing of the past, suggesting that this tool is not used for illegal transactions.

In addition, the latest research by the New York analytical company Blockchain Chainalysis shows that only 8.1% of all cryptographic assets sent to cryptocurrency mixers are related to illegal activity, and only 2.7% come from darknet markets.

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 price is trading in a narrow consolidation range again with a new local low made at the level of $162.78. No follow-through was made, but the next important technical support is seen at the level of $145.45. Please notice the wave (c) might be completed soon.

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

Source:: Technical analysis of ETH/USD for 30/08/2019:

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