Technical analysis of ETH/USD for Feb 19, 2020

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Crypto Industry News:

A successful tokenization attempt may lead to major changes in Russia’s cryptocurrency legislation.

The Central Bank of Russia (CBR) today announced the end of pilot Blockchain tokenization using a platform developed by Nornickel as part of its regulatory sandbox. The bank then proposed to change Russian law on digital assets to bring it into tokenization platforms.

The platform is open to all organizations and allows them to issue hybrid tokens supported by a resource basket. It is said that this technology expands financing opportunities for enterprises, while also providing new investment opportunities for users.

The head of the CBR fintech department, Ivan Zimin, noted that it was one of the largest projects supported by the sandpit. He was particularly excited about the possibility of issuing hybrid tokens, believing that they could “quickly adapt to the requirements of companies and users.”

Zimin also revealed that the bank proposed a regulatory change based on the results of the pilot project:

“Following the results of the pilot program, the Central Bank of Russia proposed amendments to the draft federal law” On digital financial assets “that are required to integrate and develop these solutions in the growing market of digital assets,” he said.

The platform was developed by Nornickel, one of the largest mining companies in the world. The corporation previously developed a palladium tokenization platform and began testing the digital asset trading platform in December 2019.

Technical Market Overview:

The ETH/USD pair has broken through the short-term trendline resistance located at the level of $266 and shoots up towards the recent swing high. Nevertheless, the high has not been hit yet as the rally was capped around the level of $285.55. The local counter-trend corrective cycle might start any time soon and the first target for bears is seen at the level of $275.41 – $272.02 zone.

Weekly Pivot Points:

WR3 – $358.03

WR2 – $324.90

WR1 – $285.60

Weekly Pivot – $248.62

WS1 – $213.91

WS2 – $176.19

WS3 – $141.12

Trading Recommendations:

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. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be the wave 1 of the overall wave 3.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 19/02/2020:

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