08.01.202009:37 Forex Analysis & Reviews: Technical analysis of ETH/USD for 08/01/2020:

Crypto Industry News:

The South Korean cryptocurrency exchange Bithumb founded its own research and development (R&D) center. According to the published announcement, the initiative makes Bithumb the first company from the Blockchain and cryptocurrency research center in South Korea. Bithumb expressed high hopes for the impact of the research center on the company:

The new research and development center will employ around 30 people and will start operations this month. The Bithumb research team will examine the system architecture design to strengthen Blockchain public transaction analysis and cryptocurrency private key security.

The architecture research team will focus on high-performance transaction matching systems that can respond to large concurrent orders. Bithumb also plans to analyze Blockchain chains to extract cryptocurrency trading transactions and develop a system for generating user addresses that allow deposits and withdrawals on the exchange.

The exchange plans to develop security improvement technologies related to encryption, function separation and implementation of verification systems that allow secure storage and use of private keys. The Bithumb research team will also work on high availability and efficient data exchange between chains and databases. In addition, employees were entrusted with the task of building an application programming interface for the cryptocurrency trading platform and modernizing the matching mechanism.

Technical Market Overview:

The ETH/USD pair has been seen testing the higher channel boundary located around the level of $144.00 with a local high made at the level of $146.95. The momentum behind the move up looks strong, so there is still a chance to continue the rally towards the next target located at the level of $150.95. The nearest technical support is seen now at three levels: $139.90, $138.10 and $136.77. This move up might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern.

Weekly Pivot Points:

WR3 - $152.72

WR2 - $144.64

WR1 - $140.53

Weekly Pivot - $132.09

WS1 - $127.41

WS2 - $119.97

WS3 - $115.08

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

Exchange Rates 08.01.2020 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 © 2007-2020
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