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Technical analysis of ETH/USD for Oct 25, 2019
Crypto Industry News:
According to financial media, none of the 21 founding members of the Libra Association, except Facebook, have yet spent any money to support stablecoin.
Since the Libra Association Council was announced on June 2019, no financing agreement for the founding partners has been concluded so far, inform the media, citing several anonymous sources. With the release of the White Paper, Libra in June, Facebook announced that each of its founding members must make at least a $ 10 million investment to take a stand and ensure council vote.
According to media sources, members did not discuss fees at the Libra Association’s first general assembly last week. While the association declined to comment on the matter, the report claims that the project did not receive any financial support from a source other than Facebook itself.
The Libra Association, a non-profit consortium responsible for managing the stablecoin project, organized its inaugural meeting in Geneva on October 14. Originally supported by 28 founding members, Libra has recently lost seven partners, namely PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago, and Booking, who have decided to leave the consortium.
After these events, David Marcus, head of Calibra’s Facebook cryptographic portfolio, said that the withdrawal of seven companies has no effect on the project.
Technical Market Overview:
The ETH/USD pair has made a Pin Bar candlestick pattern at the very end of the recent sell-off towards the level of $152.26. The bulls used this opportunity to bounce a little, but so far were capped below the technical resistance located at the level of $163.11. The momentum has increased slightly to the upside, but the market is still trading below the local technical resistance and below the short-term trendline resistance. In the case of a further slide, the next technical support is located at the level of $147.94.
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
