Technical analysis of ETH/USD for Nov 19, 2019

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Crypto Industry News:

Venezuelan President Nicholas Maduro announced that the Christmas bonus for pensioners from the country will be paid to them in the national Petro cryptocurrency. The local press daily Venepress wrote on Twitter about Maduro’s comments on November 17.

This is not the first time Venezuela is pushing Petro into the portfolio of retirees. In December last year, the country automatically converted pensioners’ bonuses for this year into Petro.

The cryptographic resource in question was first introduced for pre-sale in February last year and raised concerns among foreign observers from the very beginning. At the end of August last year, Petro was sharply condemned as an opaque “feat” supported by a centralized and indebted unit.

Still, the national cryptocurrency and cryptocurrencies as a whole are increasingly supported by the government.

Member of the National Assembly of Venezuela, Francisco Torrealba, on November 13 said he believes that all currencies will be replaced by cryptocurrencies. Speaking of Venezuela, Torrealba claimed that the country is facing great changes, and Maduro is making a “great contribution” to the country by creating Petro.

Technical Market Overview:

The ETH/USD pair has been trading inside of the narrow corrective range since the 27th of October and still. 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. Nevertheless, the bears have managed to push the price lower towards the key short-term technical support located at the level of $172.91. If this level is clearly violated, then the sell-off might start and extend the move towards the level of $169.68, which is a 61% Fibonacci retracement of the whole up move.

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

Source:: Technical analysis of ETH/USD for 19/11/2019:

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