Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 13 February 2020

Crypto Industry News:
President Donald Trump's suggestion is hoping to re-consolidate the Secret Service with the Treasury Department to streamline investigations into cybercrime and financial crime.

Established in 1865, the Secret Service was created as a department at the Ministry of the Treasury to protect the US currency against counterfeiting. In 2002, the Secret Service was moved to the Department of Homeland Security - a move that Trump now wants to undo.

The administration says it will "bring new improvements" in the investigation of financial crimes that have evolved and are becoming increasingly difficult to combat:

The $ 4.8 billion budget request also mentions cryptocurrencies in the discussion on the role of the Treasury Office for Terrorism and Financial Intelligence (TFI), which, he notes, over the past two years:

"It cut off the flow of billions of dollars to Iran, disrupted networks that ensured access to oil and funding for the violent Syrian regime, and extended sanctions to punish Russian aggression and corrupt oligarchs affiliated with the Kremlin."

The document notes that the administration intends to continue investing in economic tools that can support US foreign policy interests and help combat new threats such as the use of cryptocurrencies in money laundering and terrorist financing.


Technical Market Overview:
The ETH/USD pair has broken through the technical resistance located at the level of $229.81 and made a new high at the level of $275.45. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $320. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
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. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.






Performed by Sebastian Seliga
Analytical expert
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