Technical analysis of ETH/USD for Nov 12, 2019

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Crypto Industry News:

Chinese Internet giant Tencent intends to open a virtual bank based on Blockchain technology after the Hong Kong Securities Commission (SFC) has approved the new license.

Speaking on Friday at the Blockchain World Summit in Wuzhen, China, Yige Cai, Blockchain Director at Tencent, said the company’s virtual bank has received a green light from SFC. According to the Chinese side of Sina Finance, the company will create a team supporting a banking platform based on Blockchain.

“Hong Kong’s new regulations and the oversight of transactions related to digital assets confirm the importance of Blockchain technology and digital assets, which is good news for the entire industry,” Cai said at his summit.

To date, SFC has granted licenses to virtual banks to 12 entities. The list includes Infinium Limited, a company owned by Tencent and ICBC, and two other Hong Kong institutional investors.

Tencent renamed Infinium to Fusion Bank in July after receiving a license in May. According to the Cai report, he did not reveal any further details about the virtual bank, while highlighting Tencent’s existing Blockchain technology projects, including supply chain financing for McDonald’s global restaurant chain.

Technical Market Overview:

The bearish pressure intensifies on the ETH/USD market after the local short-term trendline was put to the test as the bears started to move lower. A breakout below this line is now being tested from below and it is worth to notice that the breakout opens the road towards the technical support at the level of $172.91, which is the key technical support for bulls. It all depends now on how the breakout will be played: whether it was a fake or a genuine one.

Weekly Pivot Points:

WR3 – $209.10

WR2 – $200.93

WR1 – $194.92

Weekly Pivot – $187.29

WS1 – $180.68

WS2 – $172.07

WS3 – $166.48

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

Source:: Technical analysis of ETH/USD for 12/11/2019:

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