18th May - Crypto Technical & Market Watch
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.
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.
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.
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.
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.
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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