• Shivkumar

18th April - Crypto Technical & Market watch

(By Shivkumar)

Binance’s Singapore Fiat-to-Bitcoin Exchange Is Launching Next Week


Cryptocurrency exchange giant Binance will launch its new fiat-to-crypto platform in Singapore next week, its chief financial officer said.CEO Changpeng “CZ” Zhao announced in early April that the Singapore fiat “on-ramp” would be coming sometime this month. But speaking to CoinDesk Wednesday from Paris, Binance CFO Wei Zhou gave a more precise timeframe.


Coinbase Expands Crypto-to-Crypto Trading to 11 More Countries


Cryptocurrency exchange Coinbase is expanding crypto-to-crypto conversions and trading services to 11 more countries.The San Francisco-based firm announced the news in a blog post on Wednesday, saying that customers in Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand can now access crypto-to-crypto exchanging services.


While Bakkt is more institution oriented, LedgerX the United States-regulated crypto derivatives and clearing platform is planning to launch physically-settled Bitcoin futures contract targeting retail investors. LedgerX believes that as Bitcoin’s market capitalization is only equal to that of a large stock, huge institutional involvement is unlikely, hence, they are focusing on the retail crowd.


1) BTC/USD


Bitcoin (BTC) again bounced off the support at $4,914.11 on April 15.The price will now try to climb above $5,404.82.If successful, the digital currency will move up to $5,674.84 and above it to $5,900. We expect the $5,900 level.If the bulls fail to push the BTC/USD pair above $5,404.82, it can remain range bound for a few days between $4,871.16 to $5,404.82.The momentum will weaken if the bears sink the price below $4871.16.Traders can protect their remaining long positions with a stop loss at $4,700.



2) ETH/USD


After failing to breakout and sustain above $167.32 for four consecutive days.bulls should now quickly push the price above $167.32,it can move up to $187.98.On the downside, the support lies at $156.42,traders retain the stops on the remaining long positions at $150. We expect a decisive move within the next 3–4 days.


3) XRP/USD


The bulls will now try to carry the XRP/USD pair back to $0.37835 should be in the cards. We shall suggest entering long positions if the pair sustains above $0.33108 for the next two days. The stop loss for this trade can be kept at $0.30.If the bulls can ascend above $0.37835, the digital currency can start a new uptrend and rally to $0.55. Though $0.40 and $0.45 might act as resistances, we expect these levels to be crossed.


4) BCH/USD


The rally in Bitcoin Cash (BCH) on April 15 hit a wall at $335.62.It might remain range bound between $272.41 and $332.58 for a few days. The pair will turn negative on a breakdown of the support at $272.41. We might wait for the price to scale $363.30 before recommending a trade in it.

Disclosure: The author holds no cryptocurrency at the time of writing.

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