9th April - Crypto Technical & Market Watch
Western Union Partners With E-Wallet Coins.ph for Cross-Border Remittances
American financial services company The Western Union Company has partnered with Philippines-based e-wallet provider Coins.ph to enable Filipinos to conduct cross-border money transfers. Within the collaboration, Western Union will purportedly integrate the Coins.ph blockchain-based platform into its cross-border platform, enabling users in the Philippines to receive and hold international money transfers directly into their Coins.ph wallets.
Canadian Crypto Exchange QuadrigaCX Officially Declared Bankrupt
Canada's major cryptocurrency exchange QuadrigaCX has been officially declared bankrupt.Quadriga’s bankruptcy was reportedly approved today by Nova Scotia Supreme Court Justice Michael Wood, and follows the court monitor Ernst & Young’s (EY) recommendation that it should be declared bankrupt earlier this month.
Bitcoin (BTC) momentarily ascended above $5,300 but failed to sustain. However, it has been gradually moving up for the past four days.If the price does not correct within the next few days, the traders waiting to buy the dip will be forced to go long at higher levels or miss out on the opportunity. Hence, a rally to $5,900 looks possible.It might find support closer to $4,800 and if both these supports break, a fall to $4,255 is possible. Traders can keep the stop loss on the remaining long positions at $4,400.
ETH broke out resistance at $167.32 on April 7, that has a target objective of $251.64. However, there is stiff resistance at $220. Our bullish view will be invalidated if it fails to hold the retest of the breakout levels of $167.32. For now, the traders can retain the stop loss on the remaining long position at $150. We will trail the stops in a couple of days.
XRP has been trading in a tight range for the past two days. We like the way it has held up above $0.33108.If the overall sentiment turns negative, a drop to $0.33108 is probable.if the pair goes below the support, it can again correct to the critical support at $0.27795.If the price scales above $0.37835, it is likely to pick up momentum and quickly move up to $0.45. We do not find any attractive risk to reward trade setups, hence, we are not recommending a trade in it yet.
Attempts to scale above $320 have failed to find buyers at higher levels. Bitcoin Cash (BCH) is currently facing profit booking that can drag it towards $265. If this support breaks, a fall to $239 is probable.If the $265 level holds, the BCH/USD pair will again try to move up toward the recent high of $363.30. Above this a rally to $400 and higher is probable.Traders can keep the stops on the remaining long positions at $230. We shall watch for a couple of days and raise the stops further. The trend will turn in favor of the bears on a breakdown and close (UTC time frame) below $239.
Disclosure: The author holds no cryptocurrency at the time of writing.
Register for Technical news and market update firstname.lastname@example.org