14th March - Technical Analysis & Market Watch
( By Shivkumar)
Thailand Approves Country's First ICO Portal
Thailand’s Securities and Exchange Commission (SEC) has reportedly approved the country’s first portal for initial coin offerings (ICOs). The main purposes of these portals are to screen tokens, perform due diligence, ensure project consistency with its whitepaper, and verify the know-your-customer process.
Barclays internet analyst Ross Sandler believes that a cryptocurrency by Facebook could add $19 billion to its revenue by 2021. If that happens, it will help expand the reach of cryptocurrencies and will be a major sentiment booster for the whole sector.
The Traders should solidify their position, and should quickly carry the digital currency above $4,000.We expect a new uptrend on a breakout and close above $4,255, that has a target objective of $5,273.91. Traders can add to their long positions on a close (UTC time frame) above $4,255.The final support zone of $3,355–$3,236.09.Traders can maintain their stops on the existing long positions below $3,236.09. We shall raise the stop loss before the end of this week.
Bulls are struggling to keep ETH above $134.50. We anticipate buyers to step in and buy close to $116.30. But if the pair breaks down of this critical support, a drop to $102.49 is probable.if the bulls scale above $144.78, the up move can reach $167.32.Traders can keep the stops on the remaining long positions at $125.
XRP next support at $0.27795. If this level also breaks down, the final support is the yearly low of $0.24508, below which the downtrend will resume. The bulls are likely to attempt to scale above $0.33108 once again. Traders can keep the stop loss on the long positions below $0.27795.
BCH had dipped closer to the bottom of the $120–$140 range on March 12, where buying emerged.The bears are likely to attempt to breakdown of $120 level once again. If successful the digital currency can fall to $105, which is a strong support. But if this support gives way, a retest of the yearly low of $73.50 is probable.the bulls will attempt to breakout of $140 and rally to the next overhead zone of $157.95–$163.89. The next level to watch on the upside is $175. For now, traders can retain the stops on the long positions at $116.
Disclosure: The author holds no cryptocurrency at the time of writing.
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