• Shivkumar

20th June - Crypto Technical & Market Watch

(By Shivkumar)

Facebook’s Libra Be an On-Ramp or Dead End for Crypto?

The immediate question for the crypto industry following the announcement of Facebook’s ambitious Libra project was whether this new token will lead more users into the broader world of cryptocurrency or insulate them from other projects. That is, will someone who becomes a Libra user be more likely to one day hold bitcoin, ether, EOS or other crypto assets?


The Asian consumer payments giants Tencent (parent of WeChat) and Alibaba (parent of Alipay) seem to agree: They say they won’t be following Facebook’s lead into cryptocurrency development.


That said, most of the industry sounds upbeat following the news that the fifth largest company in the world by market capitalization, Facebook, is leading a slew of financial giants (such as Visa, PayPal and Stripe) into the blockchain universe.



LINE’s Crypto Exchange Could Win Japan License This Month, Report Says


Japanese messaging giant LINE may soon be able to open a cryptocurrency exchange for users based in the country, according to a report from Bloomberg.LINE is close to winning a crypto exchange license from the Japanese Financial Services Agency (FSA), which could issue the approval as early as this month, the news outlet reported on Thursday, citing sources familiar with the matter.


With that regulatory clearance, LINE would be able to launch the platform – called BitMax– in a few weeks to offer cryptocurrency trading services to its 80 million users in Japan, the report added.


1) BTC/USD

Bitcoin (BTC) remains in a strong uptrend.The next target to watch on the upside is $10,000.We anticipate strong selling close to $10,000 because it is a psychological resistance.Below support line $ 8442, if these breaks the fall can extend to $ 7413, which short term trend will turn negative.if the bulls scale $10,000, the next level to watch on the upside is $12,000.



2) ETH/USD

Ethereum (ETH) is consolidating between $225.39 and $280 since May 16.If successful, the ETH/USD pair can rally to $322.06 and above it to $335.If the pair fails to scale above the range, it will continue to consolidate for a few more days. The trend will turn negative on a breakdown of $225.39.


3) XRP/USD

Ripple (XRP) continues to trade it can rally to $0.57259 and above it to $0.6250.Traders can keep the stop loss on the long position at $0.37. Profits on about 40% of the positions can be booked closer to $0.45.


4) BCH/USD

Bitcoin Cash (BCH) is struggling if the BCH/USD pair slides below $411.62.We anticipate strong support between $360 and $411.62.The trend will turn negative.On the upside, a breakout of the $440–$451 resistance zone can propel the price to $481.99.If the bulls scale this resistance zone, the pair is likely to pick up momentum.

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

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FOREX - CRYPTOCURRENCY

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