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29.10.202008:43 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 29, 2020

Queste informazioni sono fornite ai clienti al dettaglio e professionisti come parte della comunicazione di marketing. Non contiene e non deve essere interpretata come contenente consigli di investimento o raccomandazioni di investimento o un'offerta o una sollecitazione a impegnarsi in qualsiasi transazione o strategia in strumenti finanziari. Le performance passate non sono una garanzia o una previsione delle performance future. Instant Trading EU Ltd. non rilascia alcuna dichiarazione e non si assume alcuna responsabilità in merito all'accuratezza o completezza delle informazioni fornite, o qualsiasi perdita derivante da qualsiasi investimento basato su analisi, previsioni o altre informazioni fornite da un dipendente della Società o altri. Il disclaimer completo è disponibile qui.

Crypto Industry Outlook:

Colombia now has the highest number of Bitomats in Latin America. According to CoinATMRadar, Bogota, the country's capital, has 34, followed by Medellin with 11, and Bucaramanga and Cali with 4. Other cities with at least one are Barranquilla, Cartagena, Cucuta, La Hormiga and Pereira.

Until recently, countries like Venezuela and Argentina were more frequently discussed as crypto hotspots in terms of regional adoption due to factors such as political and economic turmoil. Colombia, however, took important steps towards regulating the country's crypto realm, and its government approved a pilot program to test crypto transactions in September. The pilot, which runs in the recently established regulatory sandbox, will run until December 31.

In September, Colombia's Ministry of Information Technology and Communications, or MinTIC, published a draft of a guide urging the public sector to adopt blockchain technology, including crypto payments.

Data released in August by Statista showed that cryptocurrency adoption hit double-digit values in Brazil, Colombia, Argentina, Mexico and Chile.

Technical Market Outlook:

The ETH/USD pair has reversed the rally after the short-term trend line resistance had been hit around the level of $407.03. The bears took control over the market and push the price back under $400. Moreover, a new loacal low was made at the level of $379.74, which is below the 61% Fibonacci retracement of the lat wave up. The next target is seen at the level of $375.52 and $369.37. Weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $490.39

WR2 - $455.51

WR1 - $435.03

Weekly Pivot - $398.88

WS1 - $379.21

WS2 - $342.87

WS3 - $323.39

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.

Exchange Rates 29.10.2020 analysis

Eseguito da Sebastian Seliga
Esperto analista di InstaForex
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