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Crypto Industry News:
According to the latest report for April 2019, the SFOX index currently reads the crypto marketplace as "moderately up." This is indicated by volume and volatility from the eight major cryptocurrencies: BTC, BCH, ETH, LTC, BSV, and ETC. Thus, the sentiment of March this year is maintained, which at that time was only slightly higher.
The value of the SFOX Multi-Factor Market index is determined on the basis of proprietary, measurable indicators and boils down to the analysis of three market factors: price dynamics, market sentiment and further development of the sector. The index is calculated using the proprietary formula that combines quantitative data about search traffic, blockchain transactions and moving averages.
Technical Market Overview:
The ETH/USD pair has made another leg down to the level of 170.05, but then quickly and shallowly bounced. The technical support at the level of 169.12 has not been tested again, but it can happen anytime as the bounce might be short-lived and the move down might be continued as the wave C unfolds. The next targets are seen at the levels of 166.53 and 165.46.
Weekly Pivot Points:
WR3 - 187
WR2 - 179
WR1 - 170
Weekly Pivot - 162
WS1 - 152
WS2 - 144
WS3 - 134
Trading Recommendations:
The next market movement is not that clear as we got two opposite scenarios, so it is not the best time to open any new positions and it will be better to stay aside until another trading setup occurs. For all traders that still keep the buy orders open, the next target is seen at the level of 203.28, but it is unlikely to be hit before the wave C unfolds. Any violation of the level of 172.02 again will only accelerate the sell-off towards the level of 166.53 or 165.46.
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