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Technical analysis of ETH/USD for Nov 18, 2019
Crypto Industry News:
Director of the US Financial Crime Agency (FinCEN) Kenneth Blanco said anti-money laundering (AML) laws will be strictly enforced in the cryptocurrency world.
Financial media said Blanco made it clear that cryptocurrency companies involved in monetary services would have to comply with AML regulations and share information about their clients.
Speaking at a conference led by Chainalysis, a New York blockchain analysis company, Blanco told the audience that the so-called travel rule also applies to digital currencies and that the government expects crypto companies to comply with it.
“This [travel rule] applies to CVC [convertible virtual currencies] and we expect you to follow the rules, period. […] That’s what we expect. You will follow them. I don’t know what a shock it is. It’s nothing new.”
In accordance with the currently known travel principle, the Anti-Money Laundering (FATF) guidelines require regulatory authorities and virtual asset service providers to collect and share transaction personal data. The recommendation imposes on the cryptocurrency sector the same standards that the banking sector usually uses.
Blanco also pointed out that FinCEN has been investigating compliance with the travel principle since 2014, adding that this is the most frequently mentioned infringement amongst digital currency money service companies.
Technical Market Overview:
The ETH/USD pair has been trading inside of the narrow corrective range since the 27th of October and still, no major move has been done. The bulls and bears are just fighting inside of this range despite a clear market rally on the last days of October. All the bullish attempts to continue the rally are being capped around the level of $188.93 and on the other hand, all bearish spikes down are being bought back up around the level of $175.00. This price action will not last forever of course, so, for now, all the traders must be a little bit more patient than usual.
Weekly Pivot Points:
WR3 – $203.37
WR2 – $196.19
WR1 – $190.39
Weekly Pivot – $183.21
WS1 – $177.25
WS2 – $170.00
WS3 – $164.35
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
