• Shivkumar

18th May - Crypto Technical & Market Watch

(By Shivkumar)

Facebook-registers-new-fintech-firm-in-switzerland


Facebook registered the trademark “Libra” with the United States Patent and Trademark Office back in June, which was reportedly part of its secretretive in-house crypto project. Facebook has also hired two cryptocurrency compliance experts who formerly worked at the major crypto exchange Coinbase.


Coinbase-earn-now-available-to-the-public-in-over-100-countries


Major crypto platform Coinbase has opened its Coinbase Earn program to the public in over 100 countries.Coinbase first announced the program at the end of 2018 as an invite-only initiative. This pilot period let users earn cryptocurrency by learning about the ERC-20 token “0x” (ZRX). Coinbase stated that according to a survey they conducted, uninformed users were reluctant to invest in crypto but were eager to learn.


1) BTC/USD


After trading above $8,000 for three days, profit booking set in that dragged the price to just under $7,000. We had planned to close the long position today but before that, the fall hit our recommended stop loss at $7,100.The bulls will again try to push the BTC/USD pair back above $8,500. If successful, the next target to watch on the upside is $10,000.The momentum will weaken and the fall can extend to $5,900. We will wait for the price to find support and indicate a POSITION.


18th May - Crypto Technical & Market Watch

2) ETH/USD


The pullback in the ETH/USD pair has dragged it to the support at $225.39. If successful, we anticipate another attempt to push the price towards $300.If the traders are still holding any positions, they can raise the stop loss to $200. The stop loss can be trailed higher if the pair rebounds off $225.39.


3) XRP/USD


Profit booking has dragged the price below the support at $0.37835.We anticipate a move back to $0.45. On a breakout above $0.45, the pair can rally to $0.60, with minor resistances at $0.50 and $0.55. No trade should be attempted if the bears sink the digital currency.


4) BCH/USD


The bulls still hold the advantage.Te will wait for the price to bounce off the support line of the channel before proposing a trade in it because a breakdown of the channel will turn the trend in favor of the bears.The support line channel is @ 288.71 & resistance line channel is at $480.

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

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Image by Andrew Neel

FOREX - CRYPTOCURRENCY

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