27th April - Crypto Technical & Market Watch
(By Shivkumar)
India Considers Complete Ban on Digital Currencies
A committee consisting of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA), among others, has reportedly supported the idea to completely ban the “sale, purchase and issuance of all types of cryptocurrency.”
Four Olympic Gold Medals Winner Tennis Player Serena Williams Invests in Coinbase
According to the official website of Serena Ventures, the market cap of the portfolio is over $12 billion, and the diversity of the founders of the companies in which the firm invested is 60%. The website further notes that the fund is focused on early stage companies, encourages collaboration among portfolio companies and expands partnership opportunities.
Bitfinex Allegedly Covers $850 Million Loss With Tether Funds
The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall, according to an announcement published on April 25.
1) BTC/USD
If the bulls defend the support zone $4,914.11, will again try to resume its up move. The levels to watch on the upside are $5,600 and above it $5,900.Hence, we recommended closing partial positions above $5,600 in our previous analysis.The stop loss on the remaining long positions can be kept at $4,800.The next few days are critical for the leading digital currency.
2) ETH/USD
If the ETH/USD pair fails to scale above $167.32, the bears will again try to break down. If successful, the pair can decline to $144.78 and below.This suggests that the bears are staging a comeback. We will wait for the price to sustain above $167.32 before turning positive once again.
3) XRP/USD
XRP has dropped to the critical support of $0.27795. If this support breaks down, the next stop is the retest of the yearly low at $0.24508.The best way to trade in a range is to buy close to the bottom and sell at the resistance, but we suggest traders avoid buying now because the pair has been a huge underperformer in the past few days. This suggests a lack of buying interest.
4) BCH/USD
BCH is trying to hold the critical support zone between $255 and $241.97. The pair is at a critical level. We wait for a buy setup to form before suggesting a long position in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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