19th March - Crypto Technicals & Market Watch
Citi Has Scrapped Its Plan for a JPM Coin-Like Bank-Backed Cryptocurrency
Codenamed “Citicoin,” the project out of Citigroup’s innovation lab in Dublin was never formally announced by the bank, even as a proof of concept. The idea was to streamline global payment processes. As such, there are obvious parallels with the much-vaunted JPM Coin.
However, having taken stock of the experiment (not to mention the scorn of the bitcoin community at that time) Citi concluded that, while the technology has the potential to live up to its promises, there were other more effective and efficient ways of making improvements in payments.
IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency
Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders – remittances or foreign exchange – more quickly and cheaply than the legacy correspondent banking system.
So far three of the banks have been identified – Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea – the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said.
BTC has been rising above the psychological resistance of $4,000 for the past three days, it has not been able to sustain it. This shows profit booking at higher levels. If the price doesn’t close above $4,000 soon.If sharply from either of the pair supports and breaks out of $4,000, it will be a positive sign. It is then likely to rally to $4,255, which is a major hurdle. A close above $4,255 which has a pattern target of $5,273.91.Our bullish view will be invalidatedthe pair can drop to $3,355. Below this level, the final support is at $3,236.09. The downtrend will resume if the bears sink the price to a new yearly low.Traders can retain the stop loss on the long positions below $3,236.09. We shall soon trail the stops higher to reduce the risk. We might suggest adding long positions on a close above $4,255.
ETH failed to sustain above $144.78 on March 16.A breakout and close above $144.78 can result in a move to the next overhead resistance of $167.32.Traders can keep the stops on the remaining long positions at $125.
If the digital currency plunges below, it can drop to the next support at $0.27795. Below this level, a drop to $0.24508 is possible. Traders can protect their long positions with the stop loss just below $0.27795.
BCH has quickly risen to the resistance of $163.89. Above $163.89, it can rally to $175 and above it to $220.f the BCH/USD pair fails to scale above $163.89,the trend will turn negative if the bears sink the price below $120.46, and traders can retain the stop loss on the long positions at $116. We shall watch for a couple of days and then recommend trailing the stops higher.
Disclosure: The author holds no cryptocurrency at the time of writing.
Register for Technical news and market update email@example.com