Technical analysis of ETH/USD for Feb 5, 2020


Crypto Industry News:

The Indian Government’s political think tank, NITI Aayog, has released its national Blockchain strategy document called “Blockchain – Indian Strategy,” which explains the various uses of Blockchain technology in India, as well as some findings from ongoing pilot projects.

NITI Aayog was created to achieve the goals of sustainable development by supporting the involvement of Indian state governments in the shaping of economic policy.

The programming document is targeted at stakeholders such as government, business leaders and citizens to demystify the concepts associated with Blockchain technology. It aims to create a specific national action plan for Blockchain technology.

The think tank explains that the general features of DLT technology can be a paradigm shift in India’s economic policy and highlights the rethinking of current government involvement. For example, the programming document states that for land and real estate transactions, there may be a DLT-based system that would prevent a government entity from registering.

The second part of the strategy, which will be released in the coming weeks, will focus on recommendations for establishing India as a Blockchain ecosystem, including regulatory and policy issues, creating a national policy infrastructure and the procurement process for government agencies to apply Blockchain technology.

Technical Market Overview:

The ETH/USD pair has bounced from the lower channel line located around the level of $182.20, but no new high has been made yet. The momentum has decreased already, so the odds for the move lower are increasing. Any violation of the level of $185.37 will open the road towards the next target for bears located at the level of $178.25- $176.95, but no new high above the level of $193.98 must be made in the meantime.

Weekly Pivot Points:

WR3 – $231.75

WR2 – $211.10

WR1 – $202.50

Weekly Pivot – $183.58

WS1 – $174.98

WS2 – $155.68

WS3 – $147.65

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 –

Source:: Technical analysis of ETH/USD for 05/02/2020:

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