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Technical analysis of ETH/USD for Feb 4, 2020
Crypto Industry News:
The Japanese social network Line, the largest in the country, announced the introduction of the digital currency “Link” on the Japanese market planned for April. The token was previously available in all countries except Japan and the United States.
Line first used Blockchain in early 2018 when it announced plans to launch the cryptocurrency exchange in its Chat application.
After long negotiations with Japanese regulators, Line launched the Bitbox stock exchange in July 2018, but outside of its application, excluding Japanese and American users. In October 2018, Line launched the Link cryptocurrency and put it on Bitbox along with the initial trading pairs with Bitcoin, Ethereum and Tether. However, the token was still not available on the Japanese domestic market, which Line initially intended to operate.
Since its international premiere, LVC – a subsidiary of Line operating in the field of digital currency and Blockchain – has prepared itself to introduce coins to the Japanese market. It was associated with cooperation with the Japan Virtual Currency Exchange Association (JVCEA), which has a preparation process for introducing new digital currencies.
LVC is currently preparing the system for Link’s Japanese debut, the exact date of which will be announced in due time. Placing Link on the Bitmax cryptocurrency exchange is also planned, although details are still being finalized.
Technical Market Overview:
The ETH/USD pair has been trading around the recent high made at the level of $193.52 at the top of the ascending channel upper line, but recently the bears have managed to push it a little lower towards the level of $185.37 which is technical support for the price close to the lower channel line. The momentum has decreased already, so the odds for the move lower are high now. Any violation of the level of $185.37 will open the road towards the next target for bears located at the level of $178.25- $176.95.
Weekly Pivot Points:
WR3 – $231.75
WR2 – $211.10
WR1 – $202.50
Weekly Pivot – $183.58
WS1 – $174.98
WS2 – $155.68
WS3 – $147.65
Trading Recommendations:
There is a possibility that 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. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
