Technical analysis of ETH/USD for 09/07/2019:

Crypto Industry News:

Saeed Zarandi, an Iranian assistant minister for industry, trade, and supply, said the US Congress was working to stop Iran from accessing cryptocurrencies and extracting Bitcoins, according to a local news service.

According to Zarandi, Congress considers the cryptocurrency as a tool to avoid sanctions and for money laundering, and therefore attempts to pass a law against Iran's access to them, complicating national legislation.

Commenting that the issue of cryptocurrencies remained unresolved in Iran, Zarandi reportedly said that Iran's ministries are working with the Central Bank of Iran to regulate the cryptocurrencies and their use in the country.

In December 2018, the Chamber and the Senate introduced bills directed against the illegal financing of Iran, including cryptocurrencies. So far, none of them has been passed.

At the end of January, the Iranian central bank announced plans to set up a national cryptocurrency at a conference in Tehran. Although theoretically similar to Petro in Venezuela, this new currency, PayMon, apparently did not take on much importance.

Recent news suggests that the Iranian government itself is ambivalent to miners. At the end of June, the Iranian authorities confiscated about 1,000 machines used to extract Bitcoins. This occurred after the Ministry of Energy announced that it was planned to cut off power to suspicious mining activities that benefited from subsidized electricity in the country.

Technical Market Overview:

The ETH/USD pair has made a new local high at the level of $317.30. 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.


The material has been provided by InstaForex Company -