Technical analysis of ETH/USD for 13/09/2019

Crypto Industry News:

The team behind Ethereum Classic activated a hard fork called Atlantis to improve altcoin functionality and compatibility with Ethereum.

The message was posted on Twitter by one of the ETC directors, Yaz Khoury. Khoury congratulated the project saying:

"Congratulations to @eth_classic on the successful activation of Atlantis Hardfork! It was one of the longest debates that led to consensus, along with a policy of immutability. I learned a lot about the beauty of decentralization and a dispersed community," he writes.

ETC successfully made the hard forks according to the previously estimated time - between September 12 and 13, 2019 - at block height 8,772,000.

"The community had a number of meetings to discuss the schedule, scope and commitment, and we decided the direction and time of Atlantis release," said ETC Labs in June.

This hard fork is designed to improve security while addressing community concerns. It is also considered a "rush-free update" that will ensure ETC compatibility with Ethereum, making it easier to work with fraternal Blockchains.

After the announcement of the planned fork, ETC received support from a number of industry players, including the OKEx cryptocurrency exchange. The exchanges revealed their support on September 10, also warning that they would deal with related technical issues and resume service once the ETC main network is stable.

Technical Market Overview:

The ETH/USD market as the price is still locked inside a narrow horizontal trading zone located between the levels of $172.82 - $183.43. Recently, the price has started to move slightly down again, towards the lower range boundary located at $172.82. In order to regain control of the market, the bulls will have to make a new swing high again and head towards the level of $193.52 in an impulsive fashion, otherwise, the bears might push the prices lower towards the support at $172 and $164.81 again. The larger time frame trend is still bearish and despite the potential termination of the wave 2 of the higher degree, the market participants still did not make the price to rally significantly.

Weekly Pivot Points:

WR3 - $207.64

WR2 - $195.13

WR1 - $188.15

Weekly Pivot - $176.09

WS1 - $169.04

WS2 - $156.97

WS3 - $149.69

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 lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

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