Technical analysis of ETH/USD for 11/07/2019:

Technical analysis of ETH/USD for 11/07/2019:

Crypto Industry News:

The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have presented regulatory compliance issues for cryptocurrencies in an official statement. According to the joint statement, organizations still need to discover a set of circumstances in which a cryptographic depository can comply with the principle of customer protection according to the SEC. The report further claims that the cryptographic service may not be able to sufficiently demonstrate that it actually controls the assets it allegedly owns. SEC and FINRA discuss how simply having a private key are not enough to demonstrate crypto ownership. They say that another party can have a copy of the private key and thus execute transactions that the trustee has not approved. In addition, if such a transaction was carried out, the trustee would not be able to reverse it. This also applies more generally to any transactions that the trustee may want to cancel or withdraw as stated in the statement. The report also addresses issues related to the registration of other services, such as OTC OTC platforms and broker-dealer transactions in a wider scope. Other areas of compliance problems include the principles of bookkeeping and liquidation through the Act on investor securities protection. Technical Market Overview: The ETH/USD pair has made a new local low at the level of $259.81 as the wave X had been completed at the level of $317.30 as anticipated. The move down had been made in five waves, so it might indicate the whole corrective structure labeled as WXY in the wave 2 might have been completed already. To confirm this, the price must break back through the technical resistance located at the level of $272.02.

Weekly Pivot Points:

WR3 – $360.95

WR2 – $335.54

WR1 – $324.79

Weekly Pivot – $298.87

WS1 – $285.22

WS2 – $258.89

WS3 – $247.45

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 higher degree and it might have been completed, so the uptrend should resume soon. 

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