9th May - Crypto Technical & Market Watch
JPMorgan Quietly Reboots the Blockchain Behind Its JPM Coin Cryptocurrency
JPMorgan’s technology teams spread across three continents have been busy updating the bank’s Quorum blockchain platform over the past six months, replacing key parts of its privacy-enhancing components.
Like JPMorgan’s recently announced partnership with Microsoft Azure, the updates were meant to make Quorum usable by a larger universe of firms.
According to JPMorgan Quorum lead Oli Harris, the Microsoft partnership is also a potential stepping stone to a long-contemplated spin-out of the open source software project.
Harris also talked about some possible applications of the bank’s prototype cryptocurrency, JPM Coin.
Facebook May Announce FB Coin Stablecoin in Q3, Say Anonymous Sources
Facebook, which has courted rumors over its planned entry into blockchain and payments for around a year, could launch its own token as soon as Q3 2019, anonymous sources told the publication.
The company began hiring for a dedicated blockchain team last year, under the auspices of David Marcus, himself a former president of PayPal.
It broke above the overhead resistance of $5,900 on May 7 but could not close above it. This increases the probability of a rally to $6,480.54. Traders can trail their stops on the remaining long positions to $5,500. If the price sustains above $6,000, the stops can further be tightened to $5,800.Below this support, the next major level to watch is $4,914.11. If this level holds, the pair might consolidate between $4,914.11 and $5,900 for a few days.
Ethereum (ETH) triggered our buy proposed at $192 and rallied to an intraday high of $198.62 on May 7. However, the rally could not scale the psychological resistance of $200 and it quickly gave up all its gains.This suggests that the bulls have the advantage in the short term.If the ETH/USD pair breaks out of $200, it can move up to $225 and above it to $256. Traders can trail the stops to $165 if the pair sustains above $200 for a day. The digital currency will weaken if the bears sink the price below the breakout levels of $167.20 and for now, the stops can be retained at $146.
A breakout of the moving averages can propel it to $0.33108, which is a major resistance.if the XRP/USD pair breaks out and closes above $0.33108, it can move up to $0.37835. A breakout of this level is likely to start a new up move that can carry the pair to $0.45 and higher.if the pair turns down from the current levels and plummets below $0.27795, it can correct to $0.24508. We will wait for a confirmation of the start of a new uptrend before suggesting a trade in it.
Bitcoin Cash (BCH) is likely to remain volatile between the resistance at $335.62 and support at $255.The advantage will tilt in favor of the buyers if the BCH/USD pair breaks out of the overhead resistance zone of $335.62–$363.30. Above this zone, a rally to $424.02 and higher is likely. On the other hand, the bears will have the upper hand if the pair sinks below the support zone of $255 and $227.70. If this zone breaks down, a 100% retracement of the recent rally is probable that will take the price down to $166.98.
Disclosure: The author holds no cryptocurrency at the time of writing.
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