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20th April - Crypto Technical & Market Watch

(By Shivkumar)

NYDFS: Why We Rejected Bittrex’s Application for a BitLicense


Bittrex purportedly aims to get the facts straight about the denial of its license applications by the New York State Department of Financial Services (DFS).But, the cryptocurrency exchange leaves out the context necessary to understand its failures to comply with DFS’s licensing requirements, it continues to misstate the facts and it presents a misleading picture about the denial.


Crypto Startups Barred from Indian Central Bank Fintech Sandbox


India’s central bank is setting up a fintech sandbox that may include blockchain startups and tools – but notably, explicitly excludes any cryptocurrency-related projects.“The proposed financial service to be launched under the RS should include new or emerging technology, or use of existing technology in an innovative way and should address a problem, or bring benefits to consumers,” the draft says.


1) BTC/USD


If the digital currency rises above $5404.82, it might attract some buying and short covering. The target levels to watch on the upside are $5,674.84 and above it to $5,900.If the digital currency rises above $5404.82, it might attract some buying and short covering. The target levels to watch on the upside are $5,674.84 and above it to $5,900.If the BTC/USD pair turns down from the current levels and plunges below $4,914.11.The traders can trail the stop loss on the remaining long positions to $4,800.



2) ETH/USD


Ethereum has once again broken resistance of $167.32. It is now likely to attempt to scale $187.98. If successful, it will indicate strength and the bulls can propel the digital currency to $220. Though the target objective of a breakout of the ascending triangle is $251.64, it has a slew of resistance between $220 and $251.64.A breakdown of $156.42 will turn the trend in favor of the bears. Traders can continue to hold the stop loss on the remaining long positions at $150. We shall trail the stops higher in a couple of days.


3) XRP/USD


Ripple broke out of $0.33108 on April 17 but could not sustain it. The price is again back below $0.33108.This points to range-bound action for the next few days.The price falling below $0.33108 again today, our buy condition has not triggered. Considering the repeated failed breakouts, we have withdrawn our buy proposal. We swill suggest a trade when the pair decisively sustains above $0.33108.


4) BCH/USD


After failing to sustain above the resistance of $332.58, it will remain range bound for a few days.$332.58–$363.30.$239, which is a critical support.If the bulls succeed in breaking out of $363.30, the pair can rally to $451.32. A breakout of $451.32 can surprise on the upside. We will wait for the uptrend to resume before proposing a trade.

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

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