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Technical analysis of ETH/USD for Nov 26, 2019
Crypto Industry News:
Thai legislators plan to reform cryptocurrency regulations after expressing concerns that the country has become uncompetitive. As reported by the local English-language information service Bangkok Post, the Thai regulator, the Securities and Exchange Commission (SEC) wants to reconsider its cryptographic policy in 2020.
The reason, he says, is the poor use of the certification and licensing system by cryptocurrency companies. Since the entry into force last year, only five companies have completed certification, and only two of them have been launched. There are now corrections, but the SEC has not yet provided the exact details of changes to current practices.
“The regulatory body must be flexible to apply rules and regulations in line with the market environment. For example, legal provisions should not be outdated and should meet market needs, especially for new products with digital resources, and should be competitive in a global market,” he said. Ruenvadee Suwanmongkol, Secretary-General of the SEC.
Thailand imposes severe penalties on those who try to sell digital tokens without proper SEC approval. These include possible fines of at least 500,000 baht ($ 16,540), as well as two-year prison sentences.
Technical Market Overview:
The ETH/USD pair has bounced from a new lower low at the level of $130.72 and the bulls had started the local corrective cycle. The bounce has been capped at the level of $151.37 which is the technical resistance now. The down move continues and there is no sign of reversal yet. The downside momentum is now increasing and the next target for bears is seen at the level of $120.00.
Weekly Pivot Points:
WR3 – $213.59
WR2 – $198.67
WR1 – $165.68
Weekly Pivot – $151.03
WS1 – $118.96
WS2 – $103.42
WS3 – $72.28
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
