• Shivkumar

23rd June - Crypto Technical & Market Watch

(By Shivkumar)

All Global Crypto Exchanges Must Now Share Customer Data, FATF Rules


A powerful intergovernmental organization devoted to combating money laundering and terrorism financing has finalized its recommendations on regulating cryptocurrencies for its 37 member countries.


As expected, the Financial Action Task Force (FATF) standards released Friday include a controversial requirement that “virtual asset service providers” (VASPs), including crypto exchanges, pass information about their customers to one another when transferring funds between firms.


France Creates G7 Taskforce to Examine Facebook’s Libra, Crypto Regulation


The G7 taskforce is going to be led by Benoit Coeure, who sits on the board of the European Central Bank.


Global reaction to libra has been mixed. Jerome Powell, the head of the United States Federal Reserve, has said he recognizes potential benefits and risks to the new project. Meanwhile, the chairwoman of the U.S. Financial Services Committee has urged the social network to halt development until an investigation can take place.


1) BTC/USD

Bitcoin (BTC) has covered the distance from $10,000 to $11,000 within a day. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level.If the BTC/USD pair breaks out of $12,000, it can move up to $13,000. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive.


23 June - Crypto Technical & Market Watch

2) ETH/USD

Ether (ETH) broke out of $225.49 to $280 range on June 21.profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels.The bulls are in command and the ETH/USD pair above $322.06 and sustain it, there is no major resistance until $480.


3) XRP/USD

It can now move up to $0.57259 and above it to $0.6250,which shows that bulls have the advantage.If the bulls fail to sustain the breakout and the pair can pull back below to $0.450.Traders can trail the stop loss on the long position to $0.41. We will suggest to raise the stop loss again as the price moves up.


4) BCH/USD

The bulls are trying to sustain above $481.99. If successful,the rally can extend to $639 and above it to $889.If the BCH/USD pair struggles to break,might dip back to $ 391. It will signal a change in trend, let wait for the breakout before suggesting any trade.

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

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