27.02.202008:36 Technical analysis of ETH/USD for 27/02/2020:

Crypto Industry News:

Billionaire Vladimir Potanin received the permission of the Russian central bank to launch his own Blockchain-based platform and token for use by consumers, financial media reports.

Vladimir Potanin, who has recently become the richest man in Russia according to Forbes ranking, wants to expand his Blockchain platform by launching his own cryptographic token. Digital units will allow customers to buy metals, airline tickets and transfer ski passes from his companies.

Ironically, messages appear shortly after we reported that the FSB has opted for the central bank to potentially ban cryptocurrency as a means of payment.

Potanin has expressed his intention to develop cryptographic tokens several times. He wanted to help customers buy metals using tokens. Now he can implement his plans after obtaining the green light from the Bank of Russia.

The platform's goal is to reduce formalities and brokers, as well as to speed up transaction time.

The Blockchain Potanina platform, called Atomyze, will also be present in Switzerland and the United States, but will only be available to institutional clients.

Atomyze is expected to enter into force by the end of 2020 when the Russian law on digital financial assets will pass through the State Duma and enter into force. Potanin says his tokens would have a great impact on metals. Its nickel and palladium mining giant, Norilsk Nickel, will be the first to try tokens supported by palladium, copper and cobalt. Other platform testing companies include Traxys SA, Trafigura Group and Umicore SA. Nickel, who is the world's largest palladium producer, will be the first to issue Potanin tokens.

Headquartered in Zugu, Switzerland, Atomyze has developed a Blockchain platform based on Hyperledger Fabric and is currently in trial mode.

Technical Market Outlook:

The ETH/USD pair has broken through the key short-term technical support located between the levels of $225.12 - $229.81 as anticipated. The new low was made at the level of $209.85, but the bulls are now trying to bounce a little and test the level of $225.12 from below. The weak and negative momentum supports the bearish outlook. The fear of coronavirus is spreading across the financial markets and the cryptocurrency market is involved as well, together with stocks and risky currencies.

Weekly Pivot Points:

WR3 - $334.89

WR2 - $309.29

WR1 - $291.76

Weekly Pivot -$264.76

WS1 - $245.87

WS2 - $220.22

WS3 - $202.34

Trading recommendations:

The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.

Exchange Rates 27.02.2020 analysis

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

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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