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Technical analysis of ETH/USD for Sept 19, 2019
Crypto Industry News:
German finance minister Olaf Scholz said lawmakers cannot accept parallel currencies like the stablecoin Libra proposed by Facebook.
According to financial media reports, the German deputy chancellor and finance minister said during a panel discussion in Berlin that Facebook’s planned cryptocurrency, Libra, would be clearly rejected.
“We cannot accept the parallel currency. […] We must clearly reject it” – he said.
According to a document made available to the media, German regulators are working closely with their European and international allies to ensure that stablecoins do not become an alternative to traditional currencies.
The German government has already spoken out against the Libra project. On September 13, German MP Thomas Heilmann said the government would block projects like Libra, claiming that the authorities were not planning to allow any significant private Stablecoins on the market, following in the footsteps of France.
Technical Market Overview:
The ETH/USD pair has hit the level of 215.74 which is now a top for the wave (3) and then reversed in order to start 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 (hit already) 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
