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Technical analysis of ETH/USD for Nov 14, 2019
Crypto Industry News:
The Central Bank of Tunisia denies reports of the introduction of its own digital currency. In a weekly announcement, the central bank suppressed “unfounded” rumors that it was the first monetary body to issue the central bank’s digital currency (CBDC), claiming that PoC’s “unrelated project” was out of context:
? The Central Bank of Tunisia has not established any kind of relationship with any domestic or foreign supplier to create any digital currency. The Bank is examining the opportunities and threats associated with these new technologies, especially in terms of cyber security and financial stability. ”
He admitted that he was considering CBDC because he said he was examining “all existing alternatives.” But there are no immediate plans to launch E-Dinar.
Last week, the Russian state news agency announced that the Central Bank is working with Universa Blockchain to develop and issue a digital currency. The announcement was to take place at the FOREX Club Tunisia event. However, the Central Bank said that no announcement was ever made. Instead, he pointed to a demonstration of the CBDC test project during the FOREX event, which was the root of the misunderstanding.
“This PoC (Proof of Concept) test was taken out of context and became a marketing operation in which the BCT name was misused,” reads the bank’s statement.
Technical Market Overview:
A recent breakout below the short-term trendline on the ETH/USD pair was short-lived and currently, the price reversed after hitting the level of $188.35 (the bottom of the trendline). It is worth to notice that the move lower 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
