Technical analysis of ETH/USD for Jan 6, 2020

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Crypto Industry News:

The National Intellectual Property Administration (NIPA) in China continues to clarify the guidelines for Blockchain patent applications, which will come into force on February 1.

At the end of December 2019, NIPA announced revised guidelines on patent applications for new emerging technologies, such as Blockchain, Artificial Intelligence, Big Data, and rules and business methods.

Examples of revised guidelines are methods and devices for secure communication between Blockchain nodes. The patent application of the invention proposes a method and device for communicating with a Blockchain node that solves the problem that Blockchain business nodes leak privacy data when communicating with each other. The guidelines read:

Before the business node in the Blockchain chain establishes the connection, it can determine whether to establish a connection according to the CA certificate transferred in the communication request and the pre-configured CA trust list. This reduces the risk of private data leaking from business nodes and improves the security of data stored in the Blockchain chain.

Analysts said the change in guidelines is a direct response to the needs of developing new industries such as Blockchain. It also reflects China’s strategic direction of strengthening intellectual property protection by being more friendly to patent applicants in these emerging fields – all of which seem to herald the long-awaited digital renminbi.

Technical Market Overview:

The ETH/USD pair has broken out from the trading range after the level of $138.10 had been clearly violated. The local high has been made at the level of $139.90 so far, so just under the Weekly Pivot Resistance level 1 located at the level of $140.35. The momentum behind the move up looks strong, so there is still a chance to continue the rally towards the next target located at the level of $143.81. The nearest technical support is seen at the level of $136.77.

Weekly Pivot Points:

WR3 – $152.72

WR2 – $144.64

WR1 – $140.53

Weekly Pivot – $132.09

WS1 – $127.41

WS2 – $119.97

WS3 – $115.08

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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

Source:: Technical analysis of ETH/USD for 06/01/2020:

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