Technical analysis of ETH/USD for Feb 12, 2020
Crypto Industry News:
Pawnhub cryptographic loan startup has just become the first fully licensed and insured cryptocurrency lender in Hong Kong. Pawnhub also has offices in Switzerland, Great Britain, Taiwan and Thailand.
Pawnhub has big plans to become one of the leading cryptocurrency companies in the Asia-Pacific region. Asian nations have a high degree of technological efficiency and enthusiasm for cryptocurrency and blockchain projects.
Many Asian nations are home to some of the largest cryptocurrency markets, and have some of the most forward-looking cryptocurrency-friendly recipes. Singapore, Japan, South Korea and Hong Kong have adopted laws that make their jurisdiction more attractive for online startups.
Pawnhub’s expedition into the cryptocurrency loans space can be a big deal. The cryptocurrency industry has become one of the fastest and most profitable sub-sectors of the overall investment climate for crypto assets over the past 2 years.
The company was able to obtain a government license in Hong Kong and also announced that it would work with a leading US cryptographic asset storage company to offer insurance of up to $ 100 million, anywhere in the world, to cover its clients’ Bitcoins.
Pawnhub is just one of the virtual currency lending companies that appeared in the headlines of newspapers. This industry has recently become the center of attention, as one of the few successful sectors that developed during the crypto-winter.
Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $247.20. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $250. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.
Weekly Pivot Points:
WR3 – $294.29
WR2 – $261.49
WR1 – $246.98
Weekly Pivot – $213.30
WS1 – $200.82
WS2 – $167.15
WS3 – $155.55
The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.
The material has been provided by InstaForex Company – www.instaforex.com