29th June - Crypto Technical & Market Watch
IMF Predicts Central Banks to Issue Digital Currencies
According to the full paper, the IMF and World Bank conducted a survey on fintech that solicited answers from financial institutions within all member countries, and has based its conclusions in part upon the 96 received responses.
According to the paper, several central banks in different countries are considering implementing some form of Central Bank Digital Currency (CBDC). Uruguay has reportedly launched a CBDC pilot program already, while the Bahamas, China, Eastern Caribbean Currency Union, Sweden and Ukraine are “on the verge” of testing their systems.
Bitcoin reversed direction from $13,973.50 on June 26 and plunged to a low of $10,530.70 on June 27. That is a 24.63% fall within a day.The bulls are attempting to resume the uptrend. They might face some resistance at $12,000 and above it at $13,000 but the real test will be at $13,973.50.If the bears defend, the pair might enter into a consolidation for a few days. On the downside, below $10,530.70, the next support is at $9,977.33.
Though Ether (ETH) had closed above $320.840 on June 26,we had suggested traders to wait before buying.Currently, the bulls are trying to propel the ETH/USD pair back above $320.840.If successful, it will be a positive sign.traders can buy 50% of the desired allocation on a breakout and close above $320.840. The stop loss for this trade can be kept at $278.If the bulls fail to scale the bears will try to sink the price below. The next support on the downside is at below it $224.086.
Ripple (XRP) plummeted on June 27 and triggered our stop loss suggested in the previous analysis.A drop below $0.35660 will turn the trend in favor of bears.
Bitcoin cash (BCH) plunged on June 27 and broke below both the moving averages.If the price rises it can move up to $515.35. On the upside, the zone between $515.45 will act as a strong barrier.which suggests a balance between bulls and bears. We will wait for a buy setup to form before recommending a long position in it.It will be in range of $412 & $ 435.
Disclosure: The author holds no cryptocurrency at the time of writing.
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