6th June - Crypto Tehnical & Market Watch
Visa and App Provider LINE Pay to Use Blockchain in New Fintech Offerings
Japanese app provider LINE Pay Corporation has inked a deal with Visa to create new fintech services for their retail and merchant customers.The two companies said they will collaborate on “innovative financial experiences” in the areas of global payments, transfer platforms and blockchain.The planned blockchain offerings will enable users to use business-to-business (B2B) and cross-border payments, as well as “alternative currency transactions.”
Facebook Set to Reveal Own Cryptocurrency in June, Report Says
Facebook is poised to unveil its cryptocurrency to the public later in June, which is aimed to allow users to process transactions via the social media channel, and will be offered to Facebook employees who want to be paid in the form of the cryptocurrency.The report added Facebook is also planning to have physical portals for users to purchase the cryptocurrency, which, according to previous reports, is called GlobalCoin.In addition, Facebook is reportedly inviting external parties to participate in the network that will empower the cryptocurrency to act as “nodes” for a fee that could be as much as $10 million each.
It plunged on June 3 and 4, which pulled it back to the critical support of $7,413.46. The bears will try to make use of this opportunity and sink the BTC/USD pair below $7,413.46.Our view will be invalidated if the bulls defend $7,413.46. In such a case, a consolidation between $7,413.46 and $9,053.12 is possible. The cryptocurrency will pick up momentum above $9,053.12. We will wait before suggesting long positions once again.
Ethereum (ETH) corrected back close to the support of $225.39 on June 3 where buying emerged. If the bulls defend $225.39, the cryptocurrency might rally to $280 where it is again likely to face resistance. On the other hand, a breakdown of $225.39 will indicate weakness.We are currently neutral on the digital currency.
Ripple (XRP) to the critical support of $0.37835.Our view will be invalidated if the bears sink the XRP/USD pair below the $0.37835–$0.35660 support zone. Therefore, traders can protect the remaining long position with the stop loss of $0.35.
BCH/USD has gone up from $383.20 to $398.65 this Wednesday.Overall, the market sentiment still looks bearish.Bitcoin Cash is trading at $389.17 following a 2.15% loss on the day.Although a shallow recovery made it above $400, the upside is still limited.Rising selling pressure has made it hard for the buyers to keep the price above $400.
Disclosure: The author holds no cryptocurrency at the time of writing.
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