13.03.202009:01 Forex-elemzések és áttekintések: Technical analysis of ETH/USD for 13/03/2020:

Crypto Industry News:

Adam Kokesh, the first libertarian presidential race candidate in the US in 2020, appointed Alastair Caithness as his chief policy adviser on Blockchain. The purpose of this role will be to work on developing a sovereign cryptocurrency known as AmeriCoin.

Further, Caithness will focus on developing cryptocurrency associated with all federal government assets. These include significant resources of US government land, energy, gold, wood and minerals, reports the Associated Press.

Kokesh aims to create a new decentralized monetary system based on AmeriCoin. Citizens will receive universal basic income and compensation for existing government tax policies through AmeriCoin. According to the candidate, institutional inequalities such as these prevent citizens from achieving their own vision of success in American society or the so-called American Dream.

The professional origin of Caithness is marked by the development of the oil and gas security token called ZiyenCoin, which focuses on the development of Blockchain and Internet of Things in the oil sector.

Technical Market Overview:

The ETH/USD pair broke out of the main channel and made a new swing low at the level of $89.01 and there is no sign of the downtrend reversal despite the oversold market conditions. The bulls are trying to bounce higher towards the level of $134.12 where the lower channel line is as well and maybe they will be able to make a Bullish Engulfing candlestick pattern. The next target for bears is seen at the level of $76.89 and this is the multi-year low for Ethereum.

Weekly Pivot Points:

WR3 - $280.41

WR2 - $266.81

WR1 - $233.00

Weekly Pivot - $218.78

WS1 - $185.21

WS2 - $170.40

WS3 - $159.54

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.