11th May - Crypto Technical & Market Watch
US Senators Seek Information on Facebook’s ‘Libra’ Crypto Project
The U.S. Senate Banking Committee is clearly concerned about Facebook’s new cryptocurrency project and how it is treating individuals’ financial information.The banking committee wrote an open letter to Facebook founder and CEO Mark Zuckerberg Thursday, asking him to share details about its secret cryptocurrency project, with a particular focus on consumer privacy.
We anticipate a stiff resistance in the $6,480–$6,700 zone. Therefore, traders can book 50% profits on the existing long positions at the current levels and trail the stops on the rest to $5,800.If the BTC/USD pair breaks out of the resistance zone, it can rally to $7,500 but we give this a low probability of occurring. The pair will weaken if it slides and sustains below the critical support of $5,900 expect the cryptocurrency to form a higher floor between $4,255 and $4,914.11 in the next fall.
The ETH/USD pair will pick up momentum on a breakout above the $190.54–$198.62 resistance zone. The target level to watch on the upside following the breakout is $225 and above it $256.When a breakout of a bullish pattern fails to pick up momentum, it can be a bull trap. Therefore, we suggest traders trail the stops higher on the existing long positions from $146 to $160.
XRP continues to trade in the lower half of the $0.27795–$0.33108 range.If successful, the digital currency can move above it to $0.33108.If the XRP/USD pair reverses direction and dives below $0.27795, it can retest the yearly low of $0.24508. The pair will show signs of a possible reversal if it breaks out and sustains above the $0.33108–$0.37835 resistance zone. We expect the digital currency to pick up momentum and rally to $0.45 and above it to $0.565 if it sustains above the zone.above it to $0.33108.
This suggests a range-bound trade between $255 and $335.62.The target to watch on the upside is $424.02. On the other hand, if the pair breaks down of the $255–$227.70 support zone, it can slide to $166.98.
Disclosure: The author holds no cryptocurrency at the time of writing.
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