Technical analysis of ETH/USD for August 19, 2019

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Crypto Industry News:

The Australian Tax Office (ATO) has sent warning letters to investors who have placed most of their retirement savings in cryptocurrencies.

As part of ATO’s efforts to alert against high-risk investment strategies related to pensions, 18,000 Self-Managed Superfund holders, a type of retirement account managed privately by individuals, have been punished with up to 4,200 Australian dollars for violations, local media reports.

While the letter was addressed to every SMSF holder who owned over 90 percent of his retirement savings in a single asset – mainly in real estate – ATO also identified cryptocurrencies as a high-risk investment.

For clarity, the agency warns not about the asset class itself, but about excessive exposure to any asset. The Australian Securities and Investment Commission (ASIC) has expressed a similar view:

“Watch out for services offering the establishment of an SMSF for exposure to cryptocurrencies. Running an SMSF requires not only considerable time, skill and responsibility, but can also pose a risk to retirement savings.”

Technical Market Overview:

The ETH/USD pair has bounced from the level of $172.72 and broken through the technical resistance at the level of $190.94. The bulls have managed to move the prices higher towards the level of $196.76, which is a technical resistance for the price. 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. 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

Source:: Technical analysis of ETH/USD for 19/08/2019:

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