Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 28 January 2020

Crypto Industry News:
According to a notification from the Ukrainian Ministry of Finance, the Ukrainian authorities will be able to "block cryptographic portfolios" in order to take over illegally acquired assets.

Oksana Markarova, Minister of Finance of Ukraine, reportedly said that the State Financial Monitoring Service of Ukraine (SFMS) will be responsible for tracking the sources of funds in the cryptocurrency portfolios of citizens.

As part of regulatory policy, SFMS will not only be able to get information about the origin of cryptocurrencies but also detect how these funds were spent, said Markarova in a report published on the official website of the Ukrainian Ministry of Finance.

In particular, SCFM claims to have access to an "analytical product" that allegedly allows investigators to look at the origin and use of cryptographic resources. According to Markarowa, there have been many "successful cases" of investigations through him.

According to the statement, the new SCFM liability will be part of the new cryptocurrency law that was approved by the Ukrainian government in December 2019.


Technical Market Overview:
The ETH/USD has been fighting over the short-term trendline resistance and it looks like the bulls are winning so far. If bulls will successfully breakthrough this trendline, then the swing high located at the level of $178.12 might be tested soon. It is worth to keep an eye on the current developments on the Ethereum market, nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.

Weekly Pivot Points:
WR3 - $187.66
WR2 - $177.62
WR1 - $172.55

Weekly Pivot - $163.44
WS1 - $158.80
WS2 - $148.63
WS3 - $143.46


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
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