Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 27 December 2019

Crypto Industry News:
Mike Blandina, a former PayPal and Google veteran, has become the new CEO of Bakkt's largest cryptocurrency trading platform.

After the departure of president of the founder Kelly Loeffler, who was appointed to the US Senate in early December, Blandina was promoted to the position of CEO when he joined Bakkt as Product Director in April 2019. According to the announcement of the parent company Bakkt, Intercontinental Exchange, nomination entered into force on December 20.

Together with the new CEO, Bakkt also appointed Adam White, former director of the US Coinbase Cryptographic Exchange, as the company's new president. White has worked at Bakkt as Chief Operating Officer since joining the company in November 2018. He is also known to have started his career testing experimental aircraft as a US aviation officer, as announced in the announcement.

While Blandina will continue to direct Bakkt's strategic direction, payment products and markets, as well as regulatory issues, as Bakkt's new CEO, White will focus on digital asset markets, trust and trade, Jeffrey Sprecher, founder and CEO of ICE said in a statement.


Technical Market Overview:
The ETH/USD pair has made a local high at the level of $131.03, but bears have taken this opportunity to sell more Ethereum and pushed the prices lower towards the level of $123. Currently, the price is about to test the technical support located at the level of $122.13 and if broken, then the next target for bears is seen at the level of $118.65 and $116.15. The bears are still in control of the market, but for now, the swing low at the level of $115.05 is safe. Nevertheless, any violation of this low will invalidate the current Elliott wave scenario and will likely make the move down to extend towards the level of $114.00.

Weekly Pivot Points:
WR3 - $170.20
WR2 - $155.54
WR1 - $143.98

Weekly Pivot - $129.41
WS1 - $117.21
WS2 - $102.45
WS3 - $89.76


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.






Performed by Sebastian Seliga
Analytical expert
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