Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 24 October 2019

Crypto Industry News:
Changpeng Zhao, president of Binance's leading cryptocurrency exchange, called Russian President Vladimir Putin the most influential person in the Blockchain industry.

On October 22, Zhao, also known in the cryptographic community as CZ, pointed to Russian President Vladimir Putin as the most influential person in Blockchain space. Zhao also said he believes that the bill on regulating digital money can be adopted in the Russian Federation in the near future.

Zhao also revealed that Binance may in some cases pass on user information to Russian financial regulators and warned those involved in crime to stay away from the trading platform, noting:

"As a rule, we do not share information with any supervisory authorities en masse. But in individual cases - yes, [...] therefore, if you are involved in a crime, you do not register with Binance." - we read.

Zhao concluded his statements by telling how he sold his home in 2014 to buy Bitcoins before falling from $ 600 to $ 200, despite which he kept them to this day when the BTC price is currently $ 8,100. History was a way to explain his belief that the world's most popular cryptocurrency will see impressive growth by the end of this year.


Technical Market Overview:
As anticipated before, the level of $151.30 has been hit during the dynamic and sudden down move towards the lows. The bulls have managed to bounce a little, but the move up is very shallow and the market might resume the downtrend anytime. Moreover, the price is still trading below the long-term trendline resistance, so the odds for the down move are even stronger. In the case of a breakout lower, the next target is seen at the level of $127.04. The nearest technical resistance is seen at the level of $168.15.

Weekly Pivot Points:
WR3 - $203.55
WR2 - $195.01
WR1 - $184.09

Weekly Pivot - $175.68
WS1 - $163.10
WS2 - $154.16
WS3 - $142.73


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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
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