- 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.
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.
The content of this report has been created by X-Trade Brokers Dom Maklerski S.A., with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. X-Trade Brokers Dom Maklerski S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.