Technical analysis of ETH/USD for Nov 20, 2019

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Crypto Industry News:

The Italian brand Lamborghini luxury sports cars will use Salesforce Blockchain to authenticate classic Lamborghini cars. Salesforce, one of the largest global customer relationship management companies, announced that Lamborghini can now track, certify and authenticate historic cars faster and more securely using the Blockchain platform.

Launched in May 2019, the Hyperchanger based Blockchain Salesforce platform will now be implemented to create a trusted network between multiple participants to check certification during the resale of Lamborghini.

Typically, when Lamborgini is resold, the vehicle undergoes 800 or 1000 certification checks that take place at the Lamborghini headquarters in Sant’Agata Bolognese, Italy, according to press releases.

The process requires Lamborghini to work with a huge network of resources, such as photographers, auction houses, dealerships, workshops and media sources – to record the full history and verify all parts and service history of each vehicle.

The companies emphasize that every Lamborghini vehicle will now be delivered with consistent service history, including important details, such as previous owners and renewals. The new system also aims to protect Lamborghini cars against potential counterfeiting, because all authentication controls are managed by Lamborghini and its partner network.

Technical Market Overview:

The bears at ETH/UDS pair have managed to push the price lower towards the key short-term technical support located at the level of $172.91 and made a new local low just below it, at the level of $171.55. 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 20/11/2019:

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