Technical analysis of ETH/USD for Sept 20, 2019

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Crypto Industry News:

The Turkish government announced plans to create a national Blockchain infrastructure to use DLT technology in public administration. The Ministry of Industry and Technology presented its vision during the Strategy 2023 presentation in Ankara.

Strategy 2023 highlights Blockchain and DLT as priorities for the coming year. The document refers to a survey carried out as part of the Startup Genome, which marks Blockchain as one of the fastest-growing technological trends, with a 101.5% increase in initial funds worldwide.

Strategy 2023 says that a new open-source platform for Blockchain technology will be created in Turkey. This initiative will examine various uses, such as land registration, academic certificates, and customs, to identify potential uses in the public sector.

The Ministry of Industry and Technology is also planning to cooperate with Turkish regulatory bodies to create a regulatory sandbox for Blockchain applications.

Technical Market Overview:

The ETH/USD pair has hit the level of 223.24 which is now a top for the wave 3 and then reversed in order to start the corrective wave 4. Moreover, the price has hit the technical resistance zone located between the levels of $221.50 – $225.12. 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 $215.73 (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

Source:: Technical analysis of ETH/USD for 20/09/2019

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