Technical analysis of ETH/USD for 23/08/2019

Technical analysis of ETH/USD for 23/08/2019

Crypto Industry News:

The Security Service of Ukraine (SBU) arrested power plant operators for mining cryptocurrency at the nuclear power plant facility in Juzhnoukrainsk. The UNIAN English-language Ukrainian information site reported the details of the arrest. According to this article, cryptocurrency miners threatened the security of the nuclear facility through the internet connection of their mining installation – apparently leaked classified information about the power plant security system. SBU detectives obtained a search warrant and conducted an investigation. They found unauthorized computer equipment and seized a converter, fiber optic cable and partial network cable. A similar situation occurred in February 2018, when many engineers from the Russian Federal Nuclear Center were arrested for trying to extract Bitcoins using one of the largest supercomputers in the country. According to reports, the computer was able to perform 1000 trillion calculations per second and is intentionally disconnected from the Internet for security reasons.

Technical Market Overview:

The ETH/USD pair has tested the short-term trendline resistance from below, around the level of $196.76. So far the test was a failure as the higher prices were neglected and the price got back to the middle of the range.. The next technical support is located at the level of $178.81 and might be tested soon as there are no signs of increased bullish activity. The nearest technical resistance is now located at the level of $196.76, just below the 38% Fibonacci retracement at $197.90.

Weekly Pivot Points:

WR3 – $257.46

WR2 – $236.43

WR1 – $213.67

Weekly Pivot – $193.41

WS1 – $171.74

WS2 – $150.23

WS3 – $128.88

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 global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.

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