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

Crypto Industry News:

The digital currency proposed by Walmart - the American giant of supermarket chains - should not hit such a big resistance in regulatory matters as Libra, the virtual currency proposed by Facebook.

Walmart's cryptocurrency may be attractive to democratic legislators who want to find an alternative financial infrastructure for people who do not regularly use banks.

Libra and Walmart's cryptographic offer differ in scale: Facebook has global intentions that Walmart does not seem to share.

Walmart's proposal is unlikely to receive Congressional consent, as Walmart's currency can be seen as a threat to small banks and credit unions.

As for the details of Walmart's proposed currency, it can be in the form of a card with a stored value associated with the US dollar, just like a rechargeable gift card.

Walmart does not intend to implement its cryptocurrency in the near future. A spokesman for Walmart said he did not plan to immediately use the newly filed patent application entitled "Digital currency system and method via Blockchain", which was published on August 1. As indicated in the patent, Walmart appears to apply for standard stablecoin.

Technical Market Overview:

The ETH/USD pair has made a new local high at the level of $238.58 during the failed breakout above the 50% of the Fibonacci retracement of the last wave down. Nevertheless, the price reversed back down again and hit the technical support at the level of $221.50 before a local pull-back was made. Currently, the market is consolidating the recent gains in a narrow price range, but the momentum is clearly decreasing, so any breakout below the green zone will be considered bearish. Please notice, that the corrective cycle in wave 2 of the higher degree might have been completed already. The nearest technical support is seen at the level of $216.67.

Weekly Pivot Points:

WR3 - $260.89

WR2 - $241.83

WR1 - $232.61

Weekly Pivot - $214.73

WS1 - $206.31

WS2 - $187.76

WS3 - $178.82

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 sooner or later. We are waiting for a breakout above the level of $235.42 to confirm the bullish momentum.

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