Technical analysis of ETH/USD for 26.07.2019

Crypto Industry News:

Facebook's general manager, Mark Zuckerberg, says the company will devote "as much time as it will need" to satisfy the regulators and others before launching the Libra cryptocurrencies project.

Speaking during quarterly conversations on earnings, the founder of the social media giant tried to ensure investors that Facebook would act responsibly, developing Libra, an ambitious cryptographic project revealed last month as a potential payment method for people without a bank account.

The company initially stated that it intends to introduce currency in the first half of 2020, but the withdrawal by regulators and politicians undermined this deadline.

In response to the question about the time frame, Zuckerberg said that Facebook's approach to Libra is "an attempt to conduct a very open dialogue" and that, unlike a few years earlier, when a company could simply launch a new product, today Facebook is trying to determine in detail what ideas and values should have any services.

Technical Market Overview:

The ETH/USD pair has moved higher after the market bounced from the level of $199.67 and now the price is testing the 38% Fibonacci retracements again. The technical support made after the swing low at the level of $190.94 is getting closer and closer, so there is a high probability, that if the bulls will not break through the rest of the Fibonacci retracement, it will be tested soon as well.

Weekly Pivot Points:

WR3 - $294.64

WR2 - $266.38

WR1 - $246.13

Weekly Pivot - $217.90

WS1 - $196.02

WS2 - $167.35

WS3 - $146.40

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.

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