Waiting for the breakout on ETH/USD
Updated
ETH/USD has been in consolidation for the last couple of weeks. We could see a continuation of consolidation up until March 8th as its triangle formation comes to an end. We remain bullish on ETH/USD as it has lagged behind the Bitcoin the last couple of weeks. A breakout beyond the triangle formation with a daily close above $900 should confirm further bullishness.
Resistance Levels:
961.00 - Upper Bollinger Band
877.75 - 20 Day Simple Moving Average
Support Levels:
838.65 - 100 Day Simple Moving Average
793.50 - Lower Bollinger Band
Resistance Levels:
961.00 - Upper Bollinger Band
877.75 - 20 Day Simple Moving Average
Support Levels:
838.65 - 100 Day Simple Moving Average
793.50 - Lower Bollinger Band
Comment
The SEC is attempting to regulate platforms as exchanges. We expect more volatility in the crypto market for the foreseeable future. Especially now that credit cards will be charged as cash advance. This is deja vu of when the forex market first began to get regulated. Credit cards were banned, no netting (hedging) in the US, Net Caps were raised for RFEDs, and max 50:1 leverage. We will start to see regulated ICO'S, but it will more costly and only available accredited investors (rich people). The remainder of the year should get more interesting as regulation continues along side blockchain adoption.
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