• Shivkumar

23rd May - Crypto Technical - Market Watch

(By Shivkumar)


Coinbase Now Lets Merchants Accept Payments in USDC Stablecoin


Coinbase Commerce, the cryptocurrency exchange’s merchants payments offering, has added support for the dollar-pegged stablecoin USD Coin (USDC).The development means businesses can now receive payments in USDC from customers “in minutes with zero transaction fees” and no chargebacks.Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account.


Switzerland’s SIX Stock Exchange Is Working on a Swiss Franc Stablecoin


The Swiss national stock exchange group, is working on creating its own “stablecoin” – a cryptocurrency pegged to the Swiss franc – to facilitate transactions on the SIX Digital Exchange (SDX).


Israeli Court Rules Bitcoin Is an Asset in Feud Over Tax Payment


An Israeli court has ruled that bitcoin is an asset and not a currency, and thus subject to capital gains tax (CGT).The Central District Court made the ruling in a case involving a blockchain startup founder and the Israel Tax Authority, which ultimately won the decision.


1) BTC/USD


The bulls are finding it difficult to breakout of the resistance at $8,496.53.The BTC/USD pair is likely to remain range bound for the next few days.if the pair breaks out and closes above resistance, a rally to $10,000 will be in the cards, but gradually.On the downside, a break below $6,933.90 support zone can plunge the pair to $5,900. We will wait for a new buy setup to form.


23rd May - Crypto Technicals & Market Watch

2) ETH/USD


ETH has been trading in a tight range of $220–$270 for the past five days. If the ETH/USD pair breaks out of $270, it can move up to $290.92. Above this level, a rally to the next resistance zone of $300–$322 is probable.Hence, a dip below this support will indicate weakness.


3) XRP/USD


The bulls are struggling to sustain Ripple above $0.40.This shows profit booking at higher levels. A failure to break out of $0.45 will indicate a loss of momentum.A break below can result in a fall to $0.33108. If this support also gives way, the digital currency can slide to $0.27795.If the XRP/USD pair rebounds it can rise to $0.45 and if this level is crossed, a new uptrend is likely. The level to watch on the upside is $0.60 with minor resistances at $0.50 and $0.55.Therefore, traders can hold their long positions with the stops at $0.2750.


4) BCH/USD


BCH turned down from close to $450 for the third time on May 21.The zone between $450 and the resistance line of the channel is likely to act as a stiff resistance. If the bulls scale this resistance zone, a rally to $600 is probable.if the bears sink the BCH/USD pair below it can drop to the support line of the channel @ $311. A breakdown of the channel will signal weakness.

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

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FOREX - CRYPTOCURRENCY

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