Elliott Wave analysis of ETH/USD for 18/04/2019

Crypto Industry News:

Enterprise Ethereum Alliance (EEA), in cooperation with leading international companies, including from Microsoft, launched a neutral Token Taxonomy Initiative (Token Taxonomy Initiative). The initiative will seek to define tokens in non-technical and cross-industry terms, seeking to increase the importance of corporate tokens. The EEA describes itself as an organization aiming at developing open Blockchain specifications.

The members of the initiative reportedly include the global consultancy firm Accenture, the main banks Santander and JPMorgan Chase, the incubator Blockchain ConsenSys, the auditor Big Four EY, technology companies Intel, Microsoft and IBM, the consortium Blockchain R3 and others.

The new Token Classification Initiative aims to establish a common set of terms and definitions for tokens - regardless of which Blockchain they come from - as a basis for companies and programmers.

Standardization, argues EEA director Ron Resnick, can unblock the smooth use of tokens serving as a set of goods, financial assets, securities and services in corporate applications based on Blockchain. Apart from explaining the concept and scope of the tokens model, the initiative will try to deal with use cases, taxonomy as well as terminology and technical specifications.

Technical Market Overview:

The ETH/USD pair has broken above the top of the wave b and the technical resistance at the level of 166.53 in impulsive fashion but did not reach the next technical resistance yet. So far the temporary top was made at the level of 170.21, but there is still a possibility that the target at the level of 173.50 will be reached.

Weekly Pivot Points:

WR3 - $201

WR2 - $192

WR1 - $173

Weekly Pivot - $164

WS1 - $148

WS2 - $138

WS3 - $120

Trading Recommendations:

The best trading strategy for the daytraders was to buy the breakout of the level of$166.53 with a target at the level of $173.50. If you are on this trade, you need to wait for the target to be hit now.

The best trading strategy for this market for swing traders is to trade with the longer-timeframe trend, which is now an uptrend. The good level to place a buy order was just above the level of $152. This point of view is valid as long as the technical support at the level of $151 is broken.

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

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