Technical analysis of ETH/USD for Jan 14, 2020

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Crypto Industry News:

The development organization Ethereum Classic warns the public about a possible fraud that is trying to exploit users the day after altcoin has finished its hard fork.

In today’s tweet published by ETC Cooperative, it was stated that they removed the alleged fraud called “EAgharta” referring to the ETC hard fork “Agharta”.

“Needless to say, EAgharta is a complete scam, probably from the same people who did something very similar in Atlantis. ETC Agharta did not cause the emergence of new” Agharta tokens. “They are just trying to deceive you,” they wrote in a tweet.

It seems that the hard fork encouraged the scammers behind EAghart to try to use this event and market the fake “Agharta” tokens. To warn users, ETC Cooperative published a screenshot of EAgharta’s Twitter and its requests to users to “safely apply for Ethereum Classic #Agharta.”

Technical Market Overview:

The ETH/USD pair has made another small rally above the swing high located at the level of $146.94 and made a local high at the level of $149.91 (at the time of writing the analysis). The Bearish Engulfing candlestick pattern that was responsible for creating the Double Top price reversal formation has been invalidated, but the high was made on lower momentum than the previous one, so there is a negative divergence between the momentum and market behavior. The nearest technical support is seen at the level of $139.90 and $138.10, the next technical resistance is seen at the levels of $150.95 and $151.37.

Weekly Pivot Points:

WR3 – $163.70

WR2 – $155.20

WR1 – $149.53

Weekly Pivot – $140.92

WS1 – $136.16

WS2 – $127.09

WS3 – $122.67

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 14/01/2020:

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