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Technical analysis of ETH/USD for Nov 15, 2019
Crypto Industry News:
While the stablecoina Libra project is still confronted with the hostile attitude of regulators, Facebook is introducing a new fiat payment system called Facebook Pay.
The social media giant has announced that it is introducing Facebook Pay, a payment system designed to facilitate payments via Facebook, Messenger, Instagram and WhatsApp.
“People already use payments in our applications to shop, make donations and send money. Facebook Pay will facilitate these transactions while ensuring the security and protection of payment information,” said Deborah Liu, Facebook vice president of market and commerce .
Clearly trying to avoid further regulatory control, the company clearly states that Facebook Pay “is based on existing financial infrastructure and partnerships.” Similarly, it is clear that the payment service will be separated from the new Calibra wallet and Libra network.
Facebook Pay will be launched this week on Messenger and Facebook in the United States for “fundraising, in-game purchases, event tickets, personal payments in Messenger and purchases from selected sites and companies on the Facebook Marketplace.”
Facebook ends the ad with the belief that companies can “help businesses grow and enable people around the world to buy and sell things online.”
Technical Market Overview:
After the ETH/USD reversal from the level of $188.35 (the bottom of the trendline) the bears have managed to make a new local low located at the level of $179.00. 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. If the price will reach this level, then more then 50% of the last impulsive wave up will be retraced already, so the market might be ready to reverse.
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
