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Technical analysis of ETH/USD for Jan 9, 2020
Crypto Industry News:
Coinbase said in a blog post that the Coinbase Pro mobile app is now available on the Android operating system. The Stock Exchange presented its Pro application for iPhone users (iOS) in October 2019.
Coinbase Pro on Android also announces updates to the already available version of the iOS application, including the possibility of deposits and withdrawals in cryptocurrencies and fiduciary currencies (USD, CAD etc.), as well as additional security features, says the blog. Coinbase has also updated its Pro iOS application to include these capabilities.
However, decentralized applications (DApps) may suffer in the coming days due to recent bans and restrictions. Google recently took the Ethereum and DApp Metamask wallet from its Google Play app store, claiming that the app contained “deceptive services.” Coinbase Pro, like other DApps, may also suffer from Apple App Store policies.
Technical Market Overview:
The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has dropped towards the technical support located at the level of $136.77 which is inside of the ascending channel. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.
Weekly Pivot Points:
WR3 – $152.72
WR2 – $144.64
WR1 – $140.53
Weekly Pivot – $132.09
WS1 – $127.41
WS2 – $119.97
WS3 – $115.08
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.
The material has been provided by InstaForex Company – www.instaforex.com
