Technical analysis of ETH/USD for Oct 31, 2019


Crypto Industry News:

Chinese cryptocurrency mining giant, Canaan Creative, has applied to become a public company in the United States.

Canaan Creative filed an IPO with the US Securities and Exchange Commission (SEC) to raise $ 400 million, while planning to list on Nasdaq under the name CAN. Canaan reportedly submitted an $ 200 million IPO application to US regulators in July, but the formal F-1 form has been made public today.

If the company succeeds, Canaan, which is one of the three largest Chinese mining companies, next to Bitmain and Yibang International, may become the first Chinese mining company that is listed on the US Stock Exchange.

Bitmain has already made an offer for a stock exchange debut at the SEC in June 2019 after the expiry of its application for stock trading on the Hong Kong Stock Exchange in March.

Canaan’s biggest competitor, Bitmain, opened, he claimed, the world’s largest Bitcoin mining facility in Rockdale, Texas, which was completed through collaboration with the Rockdale Municipal Development District and Canadian technology company DMG Blockchain Solutions.

Clinton Brown, project manager of Rockdale for Bitmain, said that commissioning the facility is “essential to Bitmain’s global expansion plans” and that stable and efficient state energy resources will be fundamental to supporting what he believes is the inevitable scale of mining industry growth.

Technical Market Overview:

After a Harami candlestick pattern was made around the level of $193.00, all the bullish attempts to rally are being reversed by bears and the price of ETH/USD is making new local lows. The market has entered 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 – $249.74

WR2 – $225.62

WR1 – $207.85

Weekly Pivot – $177.85

WS1 – $161.54

WS2 – $131.99

WS3 – $115.01

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 –

Source:: Technical analysis of ETH/USD for 31/10/2019

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