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Technical analysis of ETH/USD for Jan 24, 2020
Crypto Industry News:
The Gemini US cryptocurrency exchange has completed the SOC 2 Type 2 rating, confirming the security of the operation. This means that Gemini is the only cryptocurrency exchange that has demonstrated this level of security compliance:
“Type 2 is the highest level of security compliance that any organization can demonstrate,” said Gemini risk chief Yusuf Hussain.
In preparation for the SOC 2 Type 2 assessment, Gemini carried out a SOC 2 Type 1 audit in 2019, carried out by the audit giant Deloitte. Hussain mentioned that the giant also took control of Gemini SOC 2 Type 2. Gemini Stock Exchange attaches great importance to compliance and security, in order to win the trust of customers, he explains.
Indeed, Gemini released an advertising campaign a year ago in which one of several slogans appearing on buses and boards was “Krypto needs rules.” Given the importance of protection, Gemini’s risk chief said: “Incorrect operation in the security industry will result in a direct loss of client funds.”
Hussain also said that the SOC 2 Type 2 exam includes the Gemini trading and investment platform as well as custody services.
Technical Market Overview:
The ETH/USD has hit the level of $157.37 which is just a tad above the 50% Fibonacci retracement located at the level of $156.19 (low was made at the level of $156.55 at the time of writing the analysis). The bears are clearly in control of the market and the downward momentum is increasing. There is a visible Bearish Flag price pattern at the H4 chart (thick orange line), so if the bearish pressure intensifies again, then the next target for bears is seen at the level of 151.37.
Weekly Pivot Points:
WR3 – $219.38
WR2 – $198.31
WR1 – $181.78
Weekly Pivot – $161.46
WS1 – $144.93
WS2 – $123.85
WS3 – $107.13
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 cleary broken.
The material has been provided by InstaForex Company – www.instaforex.com
