Crypto Industry News:
The largest bank in the United States, JPMorgan Chase (JPM), expects to release its own JPM Coin cryptocurrency by the end of 2019.
Umar Farooq, Head of Digital Treasury Services and Blockchain Technology at JPMorgan, revealed the company's intention to launch JPM Coin pilot tests with selected clients at the end of the year in the event that the relevant regulatory authorities approve such a bank operation.
According to Farooq, JPMorgan noted an increase in interest from global clients in the potential benefits of the JPM Coin banking project disclosed in mid-February 2019. In particular, JPMorgan's customers in the US, Europe, and Japan have expressed interest in JPM Coin's ability to accelerate transactions related to trading in securities and bonds.
In this regard, Farooq said that the bank's stablecoin has the potential to immediately provide bonds through Blockchain technology. The JPM director also revealed the bank's positive attitude towards digital securities, predicting that many shares will become digital in five to 20 years.
Technical Overview:
The ETH/USD pair has made another higher high at the level of $335.96, so the old wave scenario has been invalidated and the alternative count is now present on the chart. In this count, the market is in the wave (3) cycle, so there are wave (4) and wave (5) needed to complete the cycle. The main technical support is seen at the level of $320.84 and the invalidation level is seen at $278.14.
Weekly Pivot Points:
WR3 - $399.14
WR2 - $359.00
WR1 - $340.76
Weekly Pivot - $299.53
WS1 - $285.30
WS2 - $243.70
WS3 - $227.28
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 4, which is a corrective wave and after is completed, the uptrend should resume.
