Technical analysis of ETH/USD for Sept 23, 2019

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Crypto Industry News:

The US House of Representatives’ Financial Services Committee has scheduled a hearing with the chairman of the Securities and Exchange Commission, Jay Clayton and four other SEC commissioners to discuss, among other things, cryptocurrencies.

In a memorandum of 19 September, the Financial Services Committee announced that a hearing would be held on 24 September. In addition to Clayton, Commissioner Hester Peirce (also known as Crypto Mom) and three other people will be present.

The Financial Services Commission has included cryptocurrencies on its list of discussion topics and points out that federal securities laws apply to securities – including shares, bonds and investment agreements – regardless of whether they are digital.

The hearing will apply to ETFs, regardless of whether digital assets are a security or are exempt from securities regulations, as well as the planned launch of Facebook Libra in 2020.

“Libra Investment Token may be security token because it is intended for sale to investors to finance initial costs and provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear whether investors would have” reasonable expectations about profits “- we read in the document.

Technical Market Overview:

The ETH/USD pair has completed the wave (3) of the overall impulsive cycle and is currently developing the wave (4) of the overall correction. So far the market has made only a wave A of this correction with a low located at the level of $205.15. The next target for bears is seen at the level of $202.70 where is the low of the previous wave four of the lesser degree located. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:

WR3 – $261.09

WR2 – $242.26

WR1 – $225.12

Weekly Pivot – $205.85

WS1 – $188.31

WS2 – $169.05

WS3 – $152.55

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 being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 23/09/2019

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