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Technical analysis of ETH/USD for Oct 23, 2019
Crypto Industry News:
You can now earn a master’s degree in Blockchain and Distributed Ledger Technology (DLT) at the University of Malta. The financial media announced the creation of a new Master’s degree on October 21, noting also that about 35 students were enrolled in the course.
Joshua Ellul, director of the master’s program and chairman of the Malta Digital Innovation Authority, said at the DELTA Summit in Malta that 15 companies had already contacted the course students. He also explained the justification that led to the creation of the program:
“We noticed a huge problem between technicians and lawyers and professionals. There were communication problems between us. We thought: it would be an ideal place for master’s studies, which would serve the multidisciplinary purposes of various specializations” – he said.
In the summer of 2018, the University of Malta cooperated with the Malta Information Technology Agency (MITA) to establish a scholarship fund of EUR 300,000 for Blockchain and DLT technology. The course description on a special page on the university website explains the scope of the course as follows:
“The Multidisciplinary Master in Blockchain and Distributed Ledger Technologies aims to attract students with a first-degree bachelor’s degree in ICT, business or law. […] The program provides both an interdisciplinary view on Blockchain and DLT as well as a specialization in information and communication technologies, law or business. ”
Technical Market Overview:
The ETH/USD pair has made a false breakout above the local high at the level of $175.76 and above the short-term trendline as well, so price reversed suddenly after the Bearish Engulfing candlestick pattern was made. The bears have managed to push the prices toweards the key short-term technical support located at the level of $164.98 – $162.50 and the momentum has increased on the way down. Please keep an eye at the level of $163.98 because it is the key short term technical support for bulls and if clearly violated, then the next support is seen at the level of $151.30.
Weekly Pivot Points:
WR3 – $203.55
WR2 – $195.01
WR1 – $184.09
Weekly Pivot – $175.68
WS1 – $163.10
WS2 – $154.16
WS3 – $142.73
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
