Technical analysis of ETH/USD for 15/04/2019

Technical Market Overview:

The ETH/USD pair has bounced from the technical support at the level of $151 and is currently testing the local technical resistance at the level of $165.. Any violation of this level would lead to the test of the next technical resistance seen at the level of $170 and this might be the top for the unfolding wave b. Please notice, there is still one more wave to the downside missing, the wave c and only after this wave is completed, the uptrend should resume. The first target for the wave c is seen at the level of $151.

Weekly Pivot Points:

WR3 - $201

WR2 - $192

WR1 - $173

Weekly Pivot - $164

WS1 - $148

WS2 - $138

WS3 - $120

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade with the longer-timeframe trend, which is now uptrend. This point of view is valid as long as the technical support at the level of $151 is broken.

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The material has been provided by InstaForex Company - www.instaforex.com