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Technical analysis of ETH/USD for Feb 11, 2020
Crypto Industry News:
In a large-scale Ask-Me-Anything (AMA) session that took place on February 7, CEO of Binance Changpeng Zhao announced major plans for the cryptocurrency exchange in 2020. One of the least explained plans was the emergence of a new product called Binance Cloud, which apparently will be presented in the next 10 days.
The exact use of Binance Cloud was not explained because Zhao remained laconic during AMA. The company is currently looking for a Senior Cloud Engineer to join the cloud engineering and architecture team.
The stand describes “large-scale, massive parallel and highly available computing systems on an advanced cloud computing platform” and requires someone who can “improve, scale and automate this business-critical cloud-based architecture.”
The way it translates into a consumer product remains unclear, although the answer will be given in a few days. After AMA, Zhao continued on Twitter, publishing cloud GIFs to increase speculation.
Earlier, however, we will see BNB futures contracts with a 50x leverage launched on February 10. Binance is also opening gates for fiat currencies, including Russian rubles, Norwegian krone, and Croatian kuna, while purchases using cryptocurrencies are now available with Russian credit cards.
Technical Market Overview:
The recent swing high on the ETH/USD pair had been made at the level of $229.61 and since then the price started a corrective cycle to the downside. This wave down had been made after the Shooting Star candlestick pattern has been made around the top. Currently, Ethereum has been trading above the level of $215.30, close to the upper channel line, which provides support for the price, but if the bearish pressure intensifies, then the price might get back to the channel zone around the level of $200. That would be the first indication of a deeper corrective cycle to come soon.
Weekly Pivot Points:
WR3 – $294.29
WR2 – $261.49
WR1 – $246.98
Weekly Pivot – $213.30
WS1 – $200.82
WS2 – $167.15
WS3 – $155.55
Trading Recommendations:
There is a possibility that the 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. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
