Crypto Industry News:
John McAfee is surprised again. Now he decided to set up his own McAfee Magic cryptocurrency exchange. As he wrote on Twitter, it will be a revolutionary platform.
What is this revolution based on? The website explains that the stock market is to allow manual and automatic trading in the cryptocurrency market. It is also friendly for novice traders who can use it on the copy trading service, so-called. "Shadow". What is it about? Well, young players on the stock market can copy transactions of more experienced investors. Their resources remain under their constant control. The assumption is probably to learn from the better ones.
Recently, an eccentric millionaire and founder of a famous cyber security company also said he had plans to issue his own cryptocurrency. For now, little is known about the project. The description remains quite enigmatic:
Technical Overview:
The ETH/USD pair has been moving inside of the ascending channel that originated from the level of $226.17, but after the recent local top was made at the level of $278.14 the price reversed and now is getting very close to the lower channel boundary around the level of $268. As long as the price is moving inside of the channel, the move up might continue, but this is still the wave (b) in progress. There is still wave (c) of the overall corrective cycle wave 4 missing. The next technical support is seen at the level of $259.66.
Weekly Pivot Points:
WR3 - $345.37
WR2 - $311.54
WR1 - $291.71
Weekly Pivot - $256.95
WS1 - $239.45
WS2 - $203.99
WS3 - $185.39
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 uptrend wave is the wave 4, which is a corrective wave and after is completed, the uptrend should resume.
