• Shivkumar

25th Crypto Technical & Market Watch

(By Shivkumar)


Two Miners Purportedly Execute 51% Attack on Bitcoin Cash Blockchain


Two miners have reportedly executed a 51% attack on the bitcoin cash (BCH) blockchain.A 51% attack occurs when someone controls the majority of mining power on a Proof-of-Work blockchain network. This means that the majority block verifier can prevent other users from mining and reverse transactions.


Facebook in Talks With Coinbase, Winklevoss’ Gemini to Launch Its Globalcoin


Citing two people familiar with Facebook’s “Globalcoin” project, Facebook has discussed the initiative with major crypto exchange and wallet Coinbase. The article also notes that Facebook reportedly spoke with the Gemini exchange, which was founded by the Winklevoss twins, the well-known rivals of Facebook CEO Mark Zuckerberg.


According to the anonymous sources, Facebook has been conducting negotiations with major crypto-related firms in order to ensure that its long-rumored stablecoin is pegged to the value of the United States dollar and is liquid, tradeable and secure.


Telegram Introduces New Programming Language for TON Network


Privacy-focused encrypted instant messaging service Telegram has created a new programming language for its Telegram Open Network (TON).The post introduces a new language called Fift that is specifically designed for developing and managing TON blockchain smart contracts, and interacting with the TON Virtual Machine (TVM).


1) BTC/USD


The trend in Bitcoin (BTC) is up. It held its first support of $7,413.46 on May 23.A breakdown of $7,413.46,the BTC/USD pair can drop to the next support below it to $5,900. We anticipate this level to hold.On the upside, if the pair ascends $8,496.53, it can rally to the next resistance of $10,000, which is likely to act as a stiff resistance. We donot recommend any trade at the current levels.


25th May - Crypto Technicals & Market Watch

2) ETH/USD


Ethereum (ETH) has been holding above the support of $225.39 for the past few days.The bulls will now try to push the ETH/USD pair to the overhead resistance of $268.24. Above this, a rally to the $300–$322 resistance zone is possible.Though bullish, we do not find a reliable trade setup.


3) XRP/USD


A strong rebound from the current levels can carry it to the overhead resistance of $0.45. If the bulls succeed in ascending this resistance, the rally can extend to $0.60. Though there are minor resistances at $0.50 and $0.55.The XRP/USD pair to the next support is just above the horizontal support of $0.33108. We expect this level to hold. Traders can retain the stop loss on the long positions at $0.2750.


4) BCH/USD


The bulls are presently attempting to push the price towards the overhead resistance of $450. we anticipate a stiff resistance between $450 AND $417.The next support on the downside is $315.We will wait for a new buy setup.

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

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Image by Andrew Neel

FOREX - CRYPTOCURRENCY

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