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Technical analysis of ETH/USD for Jan 13, 2020
Crypto Industry News:
Mark Zuckerberg, CEO of Facebook, said the digital world needs supervision, listing government regulations as a potential solution, and calling community self-governance “another, and maybe even a better way.”
“One of the main questions for the next decade is: how should we manage the large new digital communities that the internet has enabled,” said Zuckerberg in a Facebook post.
In a rather long post on his social media page, Zuckerberg described his goals for the coming decade in detail, detailing several topics, including digital management – an area that also applies to the digital ecosystem in cryptographic space.
Zuckerberg pointed to social media operations, including Facebook, basically saying that an ecosystem cannot exist without compromising on ideals.
“As between freedom of expression and security, between privacy and law enforcement, or between creating open systems and blocking data and access. It is rare that there is always a” right “answer, and in many cases, it is just as important that decisions are made in a way that seems legitimate to the community. From this perspective, I don’t think that private companies are making so many important decisions about fundamental democratic values, “he said.
Technical Market Overview:
During the weekend, the ETH/USD pair has made another rally towards the swing high located at the level of $146.94 but did not broke through. The bears have managed to push the price lower towards the level of $141.00 and this is where the Ethereum is trading in during the early Monday hours. The Bearish Engulfing candlestick pattern might be responsible for creating the Double Top price reversal formation, so all the bulls must now keep an eye on the next market move. The nearest technical support is seen at the level of $139.90 and $138.10.
Weekly Pivot Points:
WR3 – $163.70
WR2 – $155.20
WR1 – $149.53
Weekly Pivot – $140.92
WS1 – $136.16
WS2 – $127.09
WS3 – $122.67
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
