Crypto newsletter: Stellar seems to worth looking at

1:21 PM 18 October 2019

Summary:

  • Relative optimism across markets has not supported digital coins
  • Ethereum breaks below the lower bound of the bullish channel
  • The 7 largest payment processors rejected cooperation with Facebook on Libra

This week has not brought an answer when it comes to where is next for major cryptocurrencies. Quite encouraging news regarding Brexit as well as optimism regarding another round of US-China trade negotiations have not supported digital currencies at all. As a consequence, Bitcoin has fallen below $8k.

Technically Ethereum broke through the lower bound of the bullish channel ($174) being dragged down by Bitcoin underperformance. Looking ahead, this cryptocurrency seems to be heading toward the zone between $166-163. Once sellers keep prevailing, then a pullback toward $150 could be on the cards. In turn, the important resistance might be found nearby $184. Source: xStation5

Stellar is struggling close to its important short-term support. Once bears prevail, then a move toward $0.06 looks likely. In turn, if bulls take control, a rebound toward the 100DMA might be possible. Do notice that this line is also supported by the trend line (green). The key resistance might be localized nearby $0.0635.

Crypto news:

  • A Facebook’s project called Libra seems to be doomed to failure as a group of seven payment processors resigned from further cooperation with the company on the project. A list of these firms consists of PayPal, Mastercard, Visa, eBay, Stripe, Mercado Pago i Booking Holdings.

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