Technical analysis of ETH/USD for 15/01/2020:

Crypto Industry News:

The Supreme Court of India has decided to adjourn the full hearing of the high-profile case against the Reserve Bank of India regarding bank transactions with cryptographic companies.

In a press interview, Kashif Raza - co-founder of the Indian Crypto Kanoon platform - summarized what the case was about, and argued that the news of the delay does not have to discourage the local cryptographic community.

According to earlier reports, Indian cryptocurrency exchanges and other industry companies met with a moratorium on banking services because the Indian central bank RBI introduced a ban on transactions of banks with cryptographic companies in April 2018. Since the controversial ban on RBI came into force in July 2018, both public and sectoral petitions have been brought to court because of unconstitutionality.

As Kashif noted, this case was a combination of various previous petitions and was brought to court by the Internet & Mobile Association of India (IAMAI).

IAMAI is a non-profit industry body that is tasked with expanding and improving the value-added online and mobile services sector and appealing to the government on behalf of consumers, shareholders and investors from the internet industry.

Raza emphasized that the main argument in the case remains an appeal against the ban for constitutional reasons.

The local community is awaiting further development, and in the meantime, attention has been paid to evidence of significant losses for the Indian cryptographic industry.

Technical Market Overview:

The ETH/USD pair broke through all of the technical levels located on its way to the high at $170.42. This price rally looks like a classic pump made on extreme volumes, which indicates that some part of the market participants has been actively selling the ETH on the way up. The rally has ended with a High-Tide Doji candlestick pattern and since then the bears are trying to push the prices lower to test the broken levels. The next technical support is seen at the levels of $156.77, $150.94 and $146.94.

Weekly Pivot Points:

WR3 - $163.70

WR2 - $155.20

WR1 - $149.53

Weekly Pivot - $140.92

WS1 - $136.16

WS2 - $127.09

WS3 - $122.67

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. There is a possibility that the wave 2 corrective cycles are completed, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation.

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