Technical analysis of ETH/USD for Oct 7, 2019

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Crypto Industry News:

The United States Financial Services Committee has invited Facebook COO, Sheryl Sandberg, to respond to the company’s plans for stablecoin Libra. According to the media report, one key condition has an invitation: the consent of CEO Mark Zuckerberg to appear before the committee before January 2020.

The committee, chaired by Representative Maxine Waters, recently announced its plans to prioritize the examination of Facebook’s proposal for Libra and its Calibra digital portfolio as part of the autumn 2019 program.

According to press sources, Sandberg will be asked about Libra as well as Facebook’s advertising policies. The social media titan reached a $ 5 million settlement in March with civil rights groups because of allegations that its advertising had facilitated discriminatory practices in the housing market.

If the testimony came to pass, Sandberg would be Facebook’s second director to testify before the Libra Committee. In mid-July, Calibra CEO David Marcus testified in matters such as anti-money laundering and other compliance measures, as well as public and government confidence in the company’s oversight and data collection measures.

As reported by the media dealing with cryptographic issues, Rep. Maxine Waters has proved to be one of the more skeptical legislators in the US in Libra, expressing her concern that the technology giant “has shown that it does not keep consumer data confidential on a similar scale to Equifax” and “allowed malicious Russian state entities to buy and target “to” allegedly influence the presidential election in the US in 2016. In mid-June, she asked Facebook to stop working on Libra, citing “the company’s troubled past.”

This week, leaks from two internal Q&A sessions between Zuckerberg and Facebook staff in July 2019 revealed an early CEO strategy to launch Libra. During the session, the CEO confirmed that the project encountered “real problems. Finance is a very tightly regulated space […] preventing money laundering, terrorist financing and people with whom you cannot do business according to various governments. ”

Technical Market Overview:

The ETH/USD pair has managed to retrace almost 50% of the previous wave down and made a local top at the level of $185.05, less than two dollars away from the retracement. After this wave up, the market made another local wave down that is clearly corrective in the structure. The recent low was made at the level of $166.08, just above the local technical support located at the level of $163.98 – $162.50. Any violation of this support will open the road towards the key technical support located at the level of $151.30.

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 07/10/2019

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