Technical analysis of ETH/USD for 08/07/2019:

Crypto Industry News:

The leading cryptocurrency stock exchange Binance announced that it is switching from the Omni protocol to the ERC-20 protocol in customer portfolios for Stablecoin Tether, according to the official announcement.

To make a difference, Binance claims that in the case of payouts and deposits in Tether, on July 4, 30-minute shutdowns were scheduled to commence at 08:00 AM (UTC).

The communication stresses that the Ethereum ERC-20 protocols will now be a standard, and exchange users will not be able to withdraw the Omni-based tether; however, Tether with the Omni protocol can still be deposited by sending a link to the old Tether protocol in Binance.

The Poloniex cryptographic exchange announced yesterday also support for ERP-20 based Tether deposits. Poloniex also offers deposit and withdrawal options for Omni protocols, along with Ethereum and Tron. According to Poloniex, using the Ethereum protocol for withdrawals and deposits is faster and cheaper than relying on the Omni network.

Technical Market Overview:

The ETH/USD pair has managed to break through the technical resistance at the level of $304.22 and made a new local high at the level of $310. This means that step by step the bulls are regaining the control over the market and are pushing the prices higher after the corrective cycle had been completed. The next target for bulls is seen at the level of $324.09, which is the wave (B) top. Any violation of this level will open the road towards the swing high located at the level of $362.60.

Weekly Pivot Points:

WR3 - $360.95

WR2 - $335.54

WR1 - $324.79

Weekly Pivot - $298.87

WS1 - $285.22

WS2 - $258.89

WS3 - $247.45

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, which is a corrective wave and after is completed, the uptrend should resume.

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