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Technical analysis of ETH/USD for July 24, 2019
Crypto Industry News:
In Brazil, the state of Bahia has launched the Blockchain app to track the public tender process for government contracts.
The Blockchain-based solution, called the Online Bid Solution (SOL), was developed by Cayenne Technology and Design. The offers will be reportedly completely transparent and secure thanks to the use of this technology.
According to the government of Bahia, the intended beneficiary of SOL is the Brazilian agricultural industry. The solution was designed to help connect agricultural organizations in Bahia with suppliers and employees throughout Brazil, as well as ensure transparency of the bidding process. Stan Bahia said that more than 1,000 organizations are expected to use SOL.
The application, already available in the Play Store and the Apple Store, will be used by approximately 1,100 agricultural associations and cooperatives in the states of Bahia and Rio Grande do Norte, under Bahia Productive and Governo Cidadao, financed from a loan agreement between state governments and the World Bank.
Technical Market Overview:
The ETH/USD pair has moved lower after a failure to break through the 50% Fibonacci retracement at the level of $234.38. The last low was made at the level of $199.67 and it does not look like the bulls are able to regain control over the market soon. The technical support made after the swing low at the level of $190.94 is getting closer and closer, so there is a high probability it will be tested soon as well.
Weekly Pivot Points:
WR3 – $294.64
WR2 – $266.38
WR1 – $246.13
Weekly Pivot – $217.90
WS1 – $196.02
WS2 – $167.35
WS3 – $146.40
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 material has been provided by InstaForex Company – www.instaforex.com
