30th May - Crypto Technical & Market Watch
(By Shivkumar)
Egypt Lifts Ban, Will Allow Licensed Cryptocurrency Companies
The bill, according to the Egypt Independent, would give the board of directors of the Central Bank of Egypt (CBE) the right to regulate cryptocurrencies and require, multiple potentially expensive licenses to do business.
Telegram Officially Releases TON Testnet Blockchain Lite Client
The newly introduced archive of files available for download is a distribution of a preliminary version of the TON Blockchain Network Lite Client along with the relevant portions of the TON Blockchain Library, according to the readme information file. The development is a simplified stable version of the Lite Client.
The chief commercial officer of cryptocurrency payments processor BitPay believes that Bitcoin will only rise higher, led by business interest and real use cases for cryptocurrencies around the world. Contrary to this opinion, a report by the United States think tank, the Congressional Research Service, claims that cryptocurrencies are being used for investment purposes and not as money.
1) BTC/USD
Bitcoin (BTC) dipped to the breakout level of $8,496.53 and held it. This is a bullish sign as it shows buying on every minor dip. Now, the bulls will attempt to propel the cryptocurrency above the minor resistance at $8,904.92. If successful, a rally to $10,000 is probable.The short-term traders can attempt a quick trade by buying at $8,950 with a stop loss of $8,400.If it struggles to sustain above $8,904.92 and plunges below $8,496.53.If the pair plummets below the support zone of $7,413.46–$6,933.90, it will signal that the bears are back in action.
2) ETH/USD
ETH has been consolidating between $260–$280 for the past two days.The ETH/USD pair will now attempt to scale above the overhead resistance of $290.92.If successful, it can then challenge the $300–$322 resistance zone. As the profit potential is low, we are not suggesting a trade in it. A deeper correction can be expected if the support at $225.39 gives way.
3) XRP/USD
This increases the probability of a breakout above the $0.45–$0.47919 resistance zone.This shows that the bulls are in command.the XRP/USD pair to $0.60. But if the bulls fail to scale above the resistance zone, the pair might remain range-bound between $0.35660 and $0.45 for a few days.Traders can trail the stop loss on the long positions to $0.35.
4) BCH/USD
The bulls will now try to break out of the resistance line of the channel. If successful, the BCH/USD pair is likely to pick up momentum and rally to $638.99. We might suggest a trade if the price sustains above $ 458.we do not find any reliable trade setup with a good risk to reward ratio.Our bullish view will be invalidated if the pair turns down below $ 328.
Disclosure:Â The author holds no cryptocurrency at the time of writing.
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