Technical analysis of ETH/USD for Oct 10, 2019

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Crypto Industry News:

Donating cryptocurrency donations to political parties received the approval of Japanese Interior Minister and Communications Minister Sanae Takaichi at a press conference.

According to a local media report, Takaichi said political cryptocurrency donations do not have to be disclosed under the Political Funds Control Act, as opposed to cash and securities. Therefore, cryptographic donations can also be made without restrictions.

“Cryptographic resources are not subject to any of the above [regulations] and do not limit donations” – said the minister.

As cryptographic donations become more and more popular, Japanese political parties will have to deal with taxonomy and govern themselves, Takaichi continued. Because this will limit the political activity of politicians, the problem will be discussed by every party and group.

The Japanese cryptocurrency industry is strictly regulated by the Financial Services Agency (FSA), which did not approve any opening of exchanges in 2018 and only 16 in 2017.

Technical Market Overview:

The ETH/USD pair has broken through the technical resistance located at the level of $185.05 and rallied up towards the 50% Fibonacci retracement that was violated as well. Currently, the bulls have managed to hit the 61% of the Fibonacci retracement located at the level of $195.88, but it might not be the end of the up move as the momentum is increasing. Any violation of the level of $195.88 will lead to another leg up towards the technical resistance seen at the level of $202.70 and $215.73. The confirmation of the bottom of the wave (C) at the level of $151.30 will take place when bulls will break through the wave (B) top at the level of $223.50.

Weekly Pivot Points:

WR3 – $200.05

WR2 – $192.33

WR1 – $180.15

Weekly Pivot – $172.02

WS1 – $159.46

WS2 – $151.65

WS3 – $138.64

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 10/10/2019

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