Technical analysis of ETH/USD for Nov 6, 2019

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Crypto Industry News:

Coca Cola bottlers implement Blockchain technology to manage their transactions between the parties. Coke One North America (CONA) – a technology company that manages IT operations for the Coca-Cola bottling plant – uses the Blockchain solution developed by the German SAP programming company for the supply chain management. CONA manages the platform to oversee many franchises that produce, bottle and ship nearly 160,000 Coca-Cola product orders per day. Andrei Semenov, senior manager at CONA, said in an interview:

“There are many transactions that are inefficient for many companies and entities. They go through intermediaries; they are very slow. We felt that we could improve it and save some money.”

With Blockchain, CONA expects to shorten the time needed to reconcile orders from 50 days to just a few days. The inter-organizational, transparent register in DLT technology will provide real-time insight into transactions carried out by all bottling plants on the network that generate more than USD 21 billion in revenues annually.

Technical Overview:

The ETH/USD pair has erased the recent losses and now the bulls are in control of the price as they try to test the technical resistance zone located between the levels of $193.52 – $196.61. Nevertheless, the market continues a corrective cycle with a low made at the level of $172.91, but as long as ETH/USD trades above the level of $163.11 there is still a chance for another impulsive wave up. The nearest technical resistance is seen at the level of $193.52 and the nearest technical support is seen at the level of $179.94. The key technical support is located at the level of $172.91.

Weekly Pivot Points:

WR3 – $203.38

WR2 – $197.53

WR1 – $186.87

Weekly Pivot – $181.92

WS1 – $171.26

WS2 – $165.71

WS3 – $155.07

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 06/11/2019

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