Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 30 October 2019

Crypto Industry News:
The head of the Chinese think tank said that the Chinese central bank will be the first to successfully introduce the digital currency.

According to the Chinese news magazine, Huang Qifan, vice president of China Center for International Economic Exchanges (CCIEE), is convinced that the Chinese central bank will win the race for the first central currency of the central bank (CBDC).

Qifan's comments appeared at the Bund's inaugural financial summit in 2019 in Shanghai. According to Qifan's publication, he was dissatisfied with the current dependence on US SWIFT and CHIPS payment systems, which currently depend on cross-border renminbi exchange. His complaints were based on both US sanctions and platform technical limitations.

"SWIFT is an outdated, inefficient and expensive payment system. Since SWIFT was established 46 years ago, this technology has been updated slowly and performance has been relatively low," he said.


Technical Market Overview:
Despite the slight breakout above the level of $188.93, the bullish attempt to rally on the ETH/USD pair has been capped at the level of $192.16 and a Harami candlestick pattern was made. The market has entered a corrective cycle with a low made at the level of $172.91 and as long as it trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94.

Weekly Pivot Points:
WR3 - $249.74
WR2 - $225.62
WR1 - $207.85

Weekly Pivot - $177.85
WS1 - $161.54
WS2 - $131.99
WS3 - $115.01


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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