27th June - Crypto Technical & Market Watch
(By Sivkumar)
Ethereum Tokens to Trade on Swiss Stock Exchange via R3 Tech
Revealed exclusively to CoinDesk, Swiss security token firm BlockState plans to “passport” half a dozen ERC-20 tokens from ethereum, the second-largest public blockchain, to Corda, the private distributed ledger technology (DLT) platform developed by R3.
Before the end of the year, the tokens will be locked up in a smart contract on ethereum and “mirrored” versions of them will run on Corda. This is akin to global depository receipts, where shares of a company are held in custody in one country and a certificate representing ownership of them is traded in another.
It’s Now Harder to Mine Bitcoin Than Ever Before
Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment cycle, which was the highest since October 2018.
1) BTC/USD
Bitcoin easily cleared the $12,000 and $13,000 resistance levels on the same day.TYhe breakout and close above $13,000, the next level to watch is the Fibonacci extension level of $14,273.84 and above it $15,433.33. If both these levels are scaled, the next target is $17,310.14.We believe that the pair does not offer any buying opportunities at the current levels as the risk to reward ratio is heavily skewed to the downside.
2) ETH/USD
Ether (ETH) has broken out of the resistance at $320.840. If the bulls close the price above this level,has a target objective of $557.43.The ETH/USD pair will indicate weakness if the price reverses direction and plummets below $320.840.We will wait for a retest of the breakout level before recommending a long position in it.
3) XRP/USD
Ripple (XRP) held the pullback to the breakout level shows that the bulls are in command.They will now try to push the price above resistance of $0.50500. If successful, it can move up to $0.57259 and above it to $0.6250.Traders can trail the stop loss on the long position to $0.43.
4) BCH/USD
Bitcoin cash (BCH) is attempting to resume the up move.if the bulls can scale above the channel, a rally to $639 and above it to $889 is probable.If the BCH/USD pair fails to break, it can trade between $407 and $441.Lets wait for further confirmation.
Disclosure: The author holds no cryptocurrency at the time of writing.
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