16 April - Crypto Technical & Market Watch
eToro Launches Full Crypto Exchange and 8 Custom Stablecoins
The blockchain subsidiary of social investing platform eToro has launched a cryptocurrency exchange along with eight branded stablecoins.The new platform is being managed by eToroX, which is regulated by the Gibraltar Financial Services Commission, the firm announced Tuesday.Trading in six cryptocurrencies will be offered at launch: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), XRP, litecoin (LTC) and dash. Also available will be 37 crypto-to-fiat pairs, for example BTC/USD and XRP/GBP.
Bitcoin (BTC) has bounced off the support at $4,914.11 but lacks momentum.If the slow northward march continues, the level to keep in mind is $5,404.82. If this level is scaled, the BTC/USD pair can rise to $5,900.Therefore, traders can raise the stop loss on the remaining long positions to $4,700. Let’s play it safe.
ETH is once again trying to break out of the resistance at $167.32.The rise might face a minor resistance at $187.98 but if the bulls clear this level, the up move is likely to pick up momentum.If pair fails to sustain above $167.32, it might face selling pressure.Until then, traders can protect their remaining long positions with the stop at $150.
If the bulls scale this resistance, the digital currency can move up to $0.37835.If the XRP/USD pair turns down and breaks below it can drop to $0.27795.We shall wait for a confirmation of a change in trend before recommending a position in it.
It has again risen close to the top of the $272.41–$332.58 range. We expect it to face a stiff hurdle in the zone of $332.58 to $363.30, the rally can extend to $451.32.$239 is the major support on the downside, below which, the pair will turn negative. We shall wait for a reliable buy setup to form before suggesting a long position in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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