Technical analysis of ETH/USD for 06/09/2019

Crypto Industry News:

Technology giant from Cupertino also noticed the considerable potential in "mobile payments". Apple, because we are talking about it already in 2014 launched the Apple Pay service enabling payments via smartphones.

The global expansion of the payment service from Apple has meant that since its launch, the company has become a really big player in the field of mobile payments. However, digital payments are evolving fairly quickly. So what could Apple's next step be?

Jennifer Bailey, vice president of Apple Pay, said the company is "watching" cryptographic currencies, although consumers should not expect anything soon.

"We find it interesting. In our view, they have interesting, long-term potential, but we focus primarily on what consumers are enjoying today" said Bailey in an interview at a private meeting in San Francisco.

This statement clearly illustrates that, although Apple has not been associated with any cryptocurrency project so far, the company pays attention to the technology behind bitcoin, ethereum, and other decentralized currencies.

"If you look at payment solutions via QR code, if you look at the long-term potential of the cryptographic currency, I think you will still see this change over time" - she added.

It would seem, therefore, that although Apple is currently not planning to include in its offer services related to cryptocurrency payments, as time goes by and the popularity of digital assets increases, it does not exclude such a possibility.

Technical Market Overview:

The ETH/USD pair is still has hit and reversed from the short-term descending trendline around the level of $182.00 and then made a new local low at the level of $168.60. The price went down through the technical support located at the level of $172.82. Despite the fact, that the wave Z of the overall corrective cycle might have been completed already, the bulls are not showing any strength on the market yet, which is why the price is trading below the trendline. If, however, the level of $182.00 is clearly violated, the next target for bulls is seen at the level of $187.04 and the uptrend is resumed then.

Weekly Pivot Points:

WR3 - $214.26

WR2 - $203.46

WR1 - $183.94

Weekly Pivot Point - $173.24

WS1 - $152.37

WS2 - $142.84

WS3 - $121.31

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. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.

analytics5d71f1fc9d82c.jpg

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