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14.08.201908:03 Forex Analysis & Reviews: Technical analysis of ETH/USD for 14/08/2019:

Crypto Industry News:

The famous American boxer Mike Tyson leads a new entertainment platform powered by Blockchain for a new generation of players.

On August 13, VentureBeat announced that the new venture - called "Fight to Fame" - will use Blockchain technology to support a new, multi-faceted platform that aims to launch aspiring players to success via social media, reality TV, film, games, and live matches establishments.

While Tyson will be the founder and chairman of the Fight to Fame sports and competition committee, the project also counts Farzam Kamalabadi as his CEO, two-time Emmy Award winner Tim Smithe, and Stan Larimer as an expert on cryptocurrency and Blockchain.

"As an experienced player, I want to mentor future generations, especially future action stars, and ensure that there is a path to professional success and fair compensation. Building a global platform for them is my passion" - says Tyson.

To increase engagement and to benefit from the project for both competitors, fans and the company, the economy of fan tokens will be launched.

Kamalbadi and Smithe have noticed that for industry titans like the Ultimate Fighting Championship (UFC), players often leave with only 15% after charging all fees.

More details about the planned ICO Fight to Fame will be provided in the future; tokens apparently grant plant and voting rights to holders and form part of the Blockchain-based economy transparent to the entire ecosystem.

Technical Market Overview:

The ETH/USD pair has broken out of the descending channel around the level of $208.50 and now is trying to continue the rally higher towards the level of $221.50, which is the technical resistance. The low was made at the level of $196.98 and it was labeled as wave (c) of the wave (2) of higher degree, which indicated, the market might be ready to continue the trend. In order to do this, the price action must be more impulsive and move towards the nearest technical resistance and break through it. Otherwise, the corrective move to the downside will evolve into a more complex and time-consuming pattern. So far there is no sign of bullish engagement in order to regain control of the market price and the move up is starting to look like a failure. The nearest technical support is seen at the level of $205.77.

Weekly Pivot Points:

WR3 - $274.14

WR2 - $256.36

WR1 - $233.10

Weekly Pivot - $214.72

WS1 - $193.28

WS2 - $173.99

WS3 - $150.66

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 $238.68 to confirm the bullish momentum.

Exchange Rates 14.08.2019 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2021
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