Crypto Industry News:
On March 11, co-founder of the decentralized TorusLabs platform, Zhen Yu Yong (Zen), wrote on Twitter that he was diagnosed with the COVID-2019 coronavirus.
Zen called for persons who may have had contact with him during the ETHLondon hackathon, which took place from February 28 - March 1, or the Ethereum Social Conference (ECC), which took place from March 3 - March 5 in Paris, to take " additional precautions and/or examination. "
The coronavirus threat in recent weeks has affected several major cryptocurrency conferences. Paris Blockchain Week 2020 has recently been moved to December 9, after France has banned large indoor meetings since the end of February. However, the ECC was exempted from the ban because it had fewer than 5,000 participants.
The coronavirus also influenced the London Blockchain week, which had very low attendance, and the presentations that were initially to take place on stage were quickly reorganized as live webinars.
Public concerns about the spread of the disease also had a significant impact on the attendance of yesterday's CryptoCompare summit on digital content in London.
Technical Market Overview:
The ETH/USD pair just broke below the technical support located at the level of $178.35 - $176.95 and is heading lower. The low was so far made at the level of $168.92 and there is no sign of the downtrend reversal despite the oversold market conditions, but the bulls are trying to bounce higher towards the level of $209.00 (major technical resistance zone). The next target for bears is seen at the level of $156.23 and $154.24.
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:
The larger timeframe wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.
