Previous Story
Technical analysis of ETH/USD for Nov 1, 2019
Crypto Industry News:
The leading cryptocurrency exchange Binance has quietly started trading the Russian ruble today, allowing users to deposit and withdraw in this currency. Less than two weeks after Binance’s plans to start trading fiat currencies from the Russian ruble, CEO of Binance Changpeng Zhao (CZ) revealed that ruble trading is now available.
Zhao noticed that the premiere of the Russian ruble was quietly released and stated that Russia is one of Binance’s largest exchange markets. CZ for the first time announced the start of trading ruble at the Russian Government-sponsored event, Open Innovations Forum in Moscow, October 21. Binance said then that the launch would take place in about two weeks.
In another interview with Forklog, the Russian-language cryptographic magazine, CEO of Binance revealed that Russia is one of the top 10 markets on Binance. When asked about the number of users from Russia, CZ suggested that the quantity is significant, saying:
“Russia is definitely in the top ten. Our user base is very similar to the geographical distribution of Bitcoin owners,” he said.
According to a recent Forklog survey, Binance is the most popular cryptocurrency exchange in Russia, Ukraine and Belarus, and almost 60% of respondents say they prefer Binance over other global cryptocurrency exchanges. Asked what could be the reason for such a high level of popularity in these regions, CZ said that Binance is trying to meet demand by tailoring its products to the local language.
Technical Market Overview:
the ETH/USD pair keeps trading in the lower part of the trading range after a Harami candlestick pattern was made around the level of $193.00. So far all the bullish attempts to rally were stopped by bears and the price of ETH/USD was making new local lows. The market has entered a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.
Weekly Pivot Points:
WR3 – $249.74
WR2 – $225.62
WR1 – $207.85
Weekly Pivot – $177.85
WS1 – $161.54
WS2 – $131.99
WS3 – $115.01
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
