16th July - Crypto Technicals & Market Watch
Canadian Securities Regulators Include DLT in 2019–2020 Business Plan
The Canadian Securities Administrators (CSA) are focusing on understanding and regulating distributed ledger technology (DLT) and its related components. The Canadian securities regulatory agency included a section on DLT and crypto assets in its Business Plan 2019–2022.
“This strategic goal consists of (i) identifying the emerging regulatory issues related to technology that require regulatory action or clarity, and (ii) developing a tailored and effective regulatory response for significant issues identified.”
IMF: Network Effects Could Spark Blaze of Digital Money Adoption
In a fresh report published on July 15, the IMF aims to create a conceptual framework for categorizing new digital monies such as Facebook’s Libra and stablecoins as well to think through the implications of their emergence for central bank policy.
Bitcoin after July 14 are showing bearish sign, which suggests a balance between buyers and sellers. The bull are facing a resistance at $ 10572. If they succeed in pushing the price above it, a rally is possible.If the price reverses direction from $ 10572,it can deop to $ 8,900 and if it breaks these level it can lower to $ 7451.we will wait for the price to show signs of a turnaround before recommending a long position in it.
The price turned down sharply and broke below the next support of $224.086.A breakdown of the uptrend line will be a negative sign that can result in a deeper correction to $160.if bulls succeed in sustaining the price above $224.086, it will indicate demand at lower levels. We will wait for the price to trade above $224.086 for a few days before suggesting a long position in it.
Ripple (XRP) has been among the worst-performing major cryptocurrencies.The next supports on the downside are at $0.27795 and below it at the yearly low of $0.24508. The XRP/USD pair has not closed below $0.27795 since mid-December last year.We will wait for buyers interest to return in the pair before recommending a trade in it.
Bitcoin Cash (BCH) is in a downtrend.The price is sloping down from $ 411.Which is oversold and suggests the bears are in control.The bulls are currently attempting to keep the BCH/USD pair but still waiting for the uptrend to give us signals for trade.If the price breaks down the next support is at $227.70. If this support also cracks, the correction can reach $166.98.
Disclosure: The author holds no cryptocurrency at the time of writing.
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