27th June - Crypto Technical & Market Watch
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.
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.
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.
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.
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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