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  • Writer's pictureShivkumar

4th June - Crypto Technical & Market Watch

(By Shivkumar)

Mexico Is Getting Eight New Cryptocurrency Exchanges

Amero-Isatek estimates that it will server over 800,000 cryptocurrency users in Central Mexico. Users of the exchange will trade in Amero, Amero-Isatek’s own cryptoasset. The asset launches on the day of the Nuevo León opening.

The company Amero-Isatek announced that it will open its first physical cryptocurrency exchange station in Nuevo León, Monterrey on June 21. It will also soon expand into another seven locations across Mexico.

Tron’s Justin Sun Wins eBay Charity Auction in $4.57M Bid to Lunch With Warren Buffett

Tron (TRX) founder and CEO Justin Sun has won an eBay charity auction to have lunch with renowned investor and Berkshire Hathaway CEO Warren Buffett. The news was revealed in a press release.

Open Positions on Chicago Mercantile Exchange Bitcoin Futures Hit Record High

According to visible data released by the United States Commodity Futures Trading Commission (CFTC) data, the number of open positions for the aforementioned future contract in the week from May 27 to June 3 is 5,190.As CME’s bitcoin futures were also expected to hit new heights in May. CME purportedly revealed that the average daily bitcoin futures trading volume hit a new high of 14,000 contracts in May 2019.


This points to a range formation where the bulls buy closer to $8,000 and book profits near $9,000.If the bears sink the BTC/USD pair below and drop to $7,413 is probable. On the other hand, if the bulls reverse direction from the current levels and ascend $9,053.12, a rally to $10,000 is possible. We will wait form before suggesting a trade in it.

Crypto Technical & Market Watch
4th June - Crypto Technical & Market Watch


Ethereum (ETH) is facing a stiff resistance close to the $280 mark.If the bulls scale above $280, a rally to the $300–$322 zone is probable. We anticipate the ETH/USD pair to face a stiff resistance at $322. If pair slips below, it can drop to $225.39, which is a critical support. If this support cracks, we can expect a deeper correction. We do not find any reliable buy setup at the current level.


The recovery in Ripple (XRP) seems to have hit a wall in the $0.45–$0.47919 zone.We suggest traders book profits on 40% of their long positions close to $0.45 and keep a stop loss of $0.35 on the rest. We will soon trail the stops higher.If support breaks down, the XRP/USD pair can plunge to $0.37835. On the other hand, if the bulls push the price a rally to the target objective of $0.60 will be in the cards.


If it rebounds sharply from the channel, it will indicate strength. Resistance channel $ 490 beloow support channel $ 320. The next target to watch on the upside is $638.99. We should see a decisive large range move within the next couple of days.

Disclosure: The author holds no cryptocurrency at the time of writing.

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