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Technical analysis of ETH/USD for 09/08/2019:

Crypto Industry News:

Robinhood International, a subsidiary of the US Stock Exchange and Robinhood cryptocurrency trading application, has been approved to act as an intermediary in the United Kingdom. According to a post published on the company's blog, a subsidiary of Robinhood, received approval from the main UK regulator, the Financial Conduct Authority (FCA).

Robinhood said FCA's permission would allow the company to make the investment platform available to British clients, adding that this step would be a key step towards democratizing finance for all. The Robinhood team in London is already growing, and the company is looking for new employees in the areas of operations, compliance, user research, and marketing.

Robinhood also appointed the former Treasury Chief of TransferWise, Wander Rutgers, as President of Robinhood International. Rutgers, who recently worked at Plum Fintech, a provider of personal savings assistant solutions, will manage British business and oversee the new Robinhood office in London.

The company offers free cryptocurrency trading. In February 2018, the Robinhood mobile shopping application launched a zero-fee for Bitcoin and Ethereum for the first batch of users in the US. Earlier this year, Robinhood received a BitLicense license to offer cryptography services in New York from the New York State Financial Services Department.

Technical Market Overview:

The ETH/USD pair has made a breakout below the technical support at the level of $221.50 and made a new local low at the level of $213.75. This level is very close to the 61% retracement of the last wave up, which is located at the level of $212.28 and might be a pivotal level for the correction. So far the price is moving inside of the channel, but any breakout higher will be the first signal that the bulls are back in control of the market. The nearest technical support is seen at the level of $210.04.

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.


The material has been provided by InstaForex Company -