16th May - Crypto Technicals & Market Watch
(By Shivkumar)
World’s Fifth-Largest Electrical Company Is Using an Ethereum Dapp
EDF, the fifth largest electrical utility company with a $33 billion market cap, has launched its visual simulator software GPUSPH on iExec, a decentralized application that operates on ethereum mainnet. With this, EDF can test how the program operates on a blockchain rather than a more normal computing environment.EDF is trying to determine whether ethereum adds any benefits to the simulator, which typically runs on a GPU.
Bitcoin Cash’s Scheduled Hard Fork Tripped Up By Software Bug
Bitcoin Cash is the fourth largest cryptocurrency in the world and possesses a market capitalization of over $6 billion. The chain split occurred after the bitcoin cash network tried to upgrade to new software at block number 582,679, according to data from BitMEX Research’s Forkmonitor tool.However, developers have released new code to fix the bug. According to data from CoinDance and comments from observers, the bug resulted in a string of empty transaction blocks prior to the fix.
1) BTC/USD
It is facing some profit booking close to the overhead resistance of $8,496.53.The digital currency can either enter into a consolidation or a correction from these levels.The first support on the downside is at $7,413.46.Traders can keep the stop loss on the remaining long positions at $7,100. We will watch for the next two days and if the bulls fail to push the price above $8,496.53, we will suggest booking profits on the complete position. On the other hand, if the pair breaks out of $8,496.53, it can move up to $10,000.
2) ETH/USD
we suggest traders book profits on 30% of their long positions at the current levels to pocket some gains and raise the stop loss on the remaining to $175,If the price sustains above $225.49, the stops can again be raised to break even. The next level to watch is the pattern target of $256. If the momentum continues, a rally to $300 is also possible. Any dip is likely to find support at $200 and our bullish view will be invalidated.
3) XRP/USD
it might enter into a minor correction or a consolidation after some profit booking close to $0.450 and broke out of the overhead resistance of $0.33108 and $0.37835. This is a positive sign.Any dip will find buyers close to $0.37835.On the upside, a breakout of $0.45 can clear the path for a rally to $0.60, with minor resistances at $0.50 and $0.55.trading strategy to wait for a low-risk entry point .
4) BCH/USD
A quick move to $500, followed by a rally to $638.99.The BCH/USD pair has a history of vertical rallies, hence, these targets are achievable. Lets wait for rally for some more traders confirmation.
Disclosure: The author holds no cryptocurrency at the time of writing.
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