Crypto Industry News:

Zhou Xiaochuan, former head of the People's Bank of China (PBoC), argued that stablecoin Libra would have much greater confidence if it were in the hands of an organization such as the International Monetary Fund (IMF).

Zhou is the longest-running head of the Chinese central bank, which held this function in the years 2002-2018. During his tenure, China quickly became one of the world's leading economies. He spoke at a speech in Beijing at the 10th Caixin Summit on November 8, according to a tweet from Dovey Wan, the founder of Blockchain Primitive Ventures.

Zhou Xiaochuan's free translation of comments reveals that his approach to Libra is driven by concerns about the impact of assets managed by a consortium of private sector companies. The former head stressed that public opinion would inevitably undermine the motivations of the Libra Association and argued that the initiative would gain greater confidence if it was in the hands of an international organization such as the IMF.

He noticed that the Libra Association will definitely earn on this project and that this money can be used for other things - for example, to potentially devote them to other financial services. Despite these arguments, he suggested that, in general, an initiative such as Libra was positive progress

Technical Market Overview:

The ETH/USD pair is still struggling to move higher above the local technical resistance located at the level of $193.52. The bearish pressure intensify and recently the local short-term trendline was put to the test as the bears started to move lower. A breakout below this line, somewhere around the level of $183.00, will open the road towards the technical support at the level of $172.91, which is the key technical support for bulls.

Weekly Pivot Points:

WR3 - $209.10

WR2 - $200.93

WR1 - $194.92

Weekly Pivot - $187.29

WS1 - $180.68

WS2 - $172.07

WS3 - $166.48

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.