Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 17 December 2019

Crypto Industry News:
The international IT company Advanced Micro Devices (AMD) has joined the Blockchain Game Alliance and has entered into two new partnership agreements to help use technology in the industry.

The published press release revealed that the chip giant is working with Blockchain Robot Cache and ULTRA technology providers - both are working on developing and servicing Blockchain-based online gaming markets. These markets aim to establish new, secure purchasing options and distribution channels for game publishers and users.

Blockchain Game Alliance (BGA) is an organization involved in adopting Blockchain technology in games by promoting the creation of common standards, facilitating networking and knowledge sharing, and encouraging collaboration and implementation of best practices.

AMD is reportedly the first major hardware manufacturer to join the Alliance, which owns the token creator Enjin Fig and veteran of Blockchain EverdreamSoft games.

According to the press release, both markets will integrate AMD graphics cards and processor technology for a variety of purposes, including back-end servers and Blockchain infrastructure. Apparently, AMD Ryzen processors and Radeon graphics cards have been designed to ensure optimal cryptographic computing performance.

AMD claims that its processor and GPU technology will serve as a powerful engine for Blockchain and gaming loads. The hardware manufacturer will also provide solid security protection that will help protect digital content from a range of online attacks.


Technical Market Overview:
The ETH/USD has fallen out of the parallel channel around the level of $134.80 and since then is moving lower. The swing low made on the 25th of November located at the level of $130.68 has been violated as well and the bears have made another swing low at the level of $127.91 (at the time of writing). If the bearish pressure won't stop, then the next main target for bears is seen at the level of $116.00. The complex corrective cycle is still unfolding to the downside.

Weekly Pivot Points:
WR3 - $160.13
WR2 - $155.12
WR1 - $147.83

Weekly Pivot - $142.21
WS1 - $135.13
WS2 - $130.72
WS3 - $123.35


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

Attachment 1951




Attachment 1952
Performed by Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2019