11th July - Crypto Technicals & Market Watch
Canada: Crypto Exchanges Must Register With Financial Watchdog Next June
Cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) as of June 1, 2020, according to a notice published on July 10.
This requirement will come into effect along with other amendments to Canada’s new anti-money-laundering (AML) laws next year.
Crypto exchanges will also reportedly be required to observe Know Your Customer policies and report any suspicious transactions to the Canadian watchdog; this also includes keeping records of their clients and hiring a compliance officer for their platform.
Bitcoin (BTC) easily broke out of the $12,000–$12,500 resistance zone earlier today but did not manage to sustain above it.If the BTC/USD pair slips below $12,000, the first support on the downside is at $ 11230. If the pair bounces off this support, the bulls will again attempt to rise above the recent highs of $13,973.50. Above this level, the target to watch is $16,249.42.If the pair breaks down $ 11230, a drop to the recent low of $9,727.55 is possible. The trend will turn down on a break below this support.
Ether (ETH) faced resistance close to $320.840 and failed above.Below $270, the correction can extend to $226.538. It can consolidate between $270 and $320.840.We withdraw our buy recommendation given in the previous analysis. We will wait for the price to sustain above $320.840 before suggesting a trade once again.
Ripple (XRP) turned down the first support of $0.37835. The bulls are currently attempting to defend the support at $0.35660.A breakdown and close below this support will indicate weakness and can result in a fall to $0.27795.if the XRP/USD pair rebounds from $0.35660, A breakout of $0.415 can propel it to the critical resistance of $0.45. The pair has repeatedly failed to break out of $0.45. Therefore, we will wait for it to sustain above $0.45 before turning positive.
Our buy recommendation in Bitcoin Cash (BCH) did not trigger as it could not close above $423.If the BCH/USD pair breaks down and closes below $ 386 it can fall to $280.if the bulls defend above $ 386, the pair can rally upto $ 450 is probable.We will watch the price action closer before proposing a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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