18.07.201907:45 Forex Analysis & Reviews: Technical analysis of ETH/USD for 18/07/2019:

Crypto Industry News:

The cryptocurrency exchange in the United States - Coinbase - suddenly imposed a minimum UK £ 1,000 deposit on account holders in the UK, which was confirmed by the company's staff in private e-mails.

Coinbase, which previously allowed UK users to deposit funds through the national Faster Payments payment system, has now suspended the service. Instead, users must use the standard international transfer option by sending funds via SWIFT, subject to a minimum payment of £ 1,000.

Coinbase support staff did not disclose in the e-mails the reasons for this sudden change, which ends the agreement in force since August last year

SWIFT payments usually last up to five business days, which in Great Britain gives you ten days' delay in making a deposit. This problem causes further complications for UK users seeking legal access to cryptocurrency markets.

Technical Market Overview:

The ETH/USD pair has bounced towards the level of $226.17 after the technical support located at the level of $190.94 has held the bearish pressure. The downward momentum is decreasing, so there is a chance for another leg up towards $226.17 or even $244.63. Please notice, that according to the Elliott wave count, the corrective cycle in the wave 2 might have been completed and the market is ready for another impulsive wave up.

Weekly Pivot Points:

WR3 - $421.78

WR2 - $368.25

WR1 - $298.00

Weekly Pivot - $241.50

WS1 - $169.20

WS2 - $118.90

WS3 - $41.01

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.