Crypto Industry News:

The Indian telecommunications service provider Reliance Jio Infocomm Limited (known as Jio) has committed to building what it describes as one of the largest Blockchain networks in the world.

Speaking at the company's 42nd AGM on August 12, President and Managing Director Shri Mukesh D. Ambani said Blockchain technology is one of the three main areas of expansion for Jio. Since its debut in 2015, the company has become one of the main Indian mobile networks, with a current user base of over 330 million people.

"Over the next 12 months, Jio will install one of the largest Blockchain networks in the world in India, with tens of thousands of nodes operating from day one " - Ambani promised.

His comments came at a time when India is opposed to a plan to ban cryptocurrencies while supporting Blockchain technology at the state level.

External commentators have joined the angry local cryptographic industry amidst central bank warnings that interacting with unsanctioned tokens such as Bitcoin may be a criminal offense in the future

Meanwhile, Ambani focused on the role of Blockchain in strengthening the position of Indian consumers, without delving into the subject.

"Using Blockchain, we also have the opportunity to invent a completely new data privacy model in which Indian data, especially customer data, is owned and controlled by Indians rather than corporations, especially international corporations " - he said.

Technical Market Overview:

The ETH/USD pair has broken out of the descending channel around the level of $208.50 and now is trying to continue the rally higher towards the level of $221.50, which is the technical resistance. The low was made at the level of $196.98 and it was labeled as wave (c) of the wave (2) of higher degree, which indicated, the market might be ready to continue the trend. In order to do this, the price action must be more impulsive and move towards the nearest technical resistance and break through it. Otherwise, the corrective move to the downside will evolve into a more complex and time-consuming pattern. So far there is no sign of bullish engagement in order to regain control of the market price and the move up is starting to look like a failure. The nearest technical support is seen at the level of $205.77.

Weekly Pivot Points:

WR3 - $274.14

WR2 - $256.36

WR1 - $233.10

Weekly Pivot - $214.72

WS1 - $193.28

WS2 - $173.99

WS3 - $150.66

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 2 of the higher degree and it might have been completed, so the uptrend should resume sooner or later. We are waiting for a breakout above the level of $238.68 to confirm the bullish momentum.