Crypto Industry News:
According to the official announcement, Binance, the leading cryptographic exchange, plans to perform a scheduled system upgrade tomorrow, which will prevent deposits, withdrawals, and trading for about six to eight hours.
Yesterday, the general manager of the stock exchange, Changpeng Zhao (CZ), announced that the platform is now planning a full resumption of payments and withdrawals that were suspended as a result of a serious break-in to the platform. According to today's post, the system upgrade will start tomorrow, May 15, at 03:00 UTC, during which time deposits, withdrawals and commercial services will not work.
In the tweet accompanying the CZ post, he noticed that "during trade downtime, as usual, we will inform about the progress at least every 2 hours".
Technical Market Overview:
The ETH/USD pair has made another wave up and the new swing high was made at the level of 228.33, so the Elliott Wave scenario has been updated. The new scenario assumes the impulsive move up has not been completed and there is plenty of room to the upside as the market is still making the wave (3) of the lower degree. The momentum increased significantly as this is typical for wave three. The next target is seen at the level of $252.00
Weekly Pivot Points:
WR3 - $255.44
WR2 - $227.68
WR1 - $210.10
Weekly Pivot - $184.14
WS1 - $165.18
WS2 - $137.00
WS3 - $119.84
Trading Recommendations:
The market is still making the wave three of the overall impulsive structure, so the best trading strategy for daytraders is to open the buy orders during the local pull-backs to trade the corrective move towards the technical support levels. Any violation of the technical support at the level of $190.95 will invalidate the bullish impulsive scenario.
