Technical analysis of ETH/USD for Sept 18, 2019

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Crypto Industry News:

American ACC (Army Contracting Command) from New Jersey has issued a pre-order notice for cryptocurrency investigation service providers.

According to ACC, an analytical solution in the field of cryptocurrency is sought for use by the U.S. Army Criminal Investigation Command (USACIDC) for use in criminal investigations and other missions. The notice states that the contractor must provide an online cloud service – independent of hardware or software – that can help law enforcement authorities identify and prosecute entities using cryptocurrencies for illegal purposes, such as fraud, extortion and money laundering.

The contractor should provide the source of the cryptocurrency transactions, offering the opportunity to analyze many cryptocurrencies from Bitcoin to other major cryptocurrencies. Other requirements include providing “real-time tracking of Bitcoin transactions and other cryptocurrency transactions”, including service assignment and identification, as well as the ability to identify transaction patterns and interact with other entities.

In autumn 2018, the Diar publication revealed that US government agencies have tripled their investments in Blockchain intelligence companies this year. The vast majority of government contracts in 2018 were reportedly concluded with the New York analytical company Blockchain Chainalysis, which has since signed contracts with government agencies for a total amount of USD 5.3 million.

Technical Market Overview:

Another higher high has been made on the ETH/USD pair at the level of $214.24. All targets for the wave (3) has been hit, so now the market might start the corrective cycle of the wave (4). The momentum is still increasing as well, so the rally might continue even higher after the wave (4) is completed, just as Elliott Wave theory scenario proposed last week The nearest technical support is seen at the level of $202.70 and then at $186.70.

Weekly Pivot Points:

WR3 – $212.96

WR2 – $200.24

WR1 – $196.12

Weekly Pivot – $184.92

WS1 – $179.10

WS2 – $168.22

WS3 – $163.07

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 lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

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

Source:: Technical analysis of ETH/USD for 18/09/2019

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