Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple — Weekly Technical Price Analysis
By — Nirmal Ranga
“Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavours of decentralized technologies and blockchains. I think decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.”
– Melanie Swan
The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities have launched the CME CF Ether-Dollar Reference Rate and Real Time Index.
This gives us an indication that Institutional Investors would be wanting to diversify their asset allocation with cryptocurrency (digital assets) for investments. Currently the CME group have denied listing the futures of the ETH contracts, but the retail investors look to start speculating the possibility of the same.
Speaking to CNBC over an interview, JPMorgan co-president Jerry Pinto confirmed the bank was “looking into” the Bitcoin space May 16, saying cryptocurrency “will play a role” in the future.
Meanwhile, in last week we saw a couple of new tokens listen on the Indian Exchange namely Augur (REP)and Kyber (KNC) and it gave out leveraged opportunity for trading with volatility percentage going as high as 20% in both the respective tokens.
Complementing the above, we even saw trading strategies/opportunity coming out of indifference pricing in same token with introduction of Crypto-to-Crypto pair trading introduced in Indian exchanges. Crypto-Crypto pair trading has seen attracting volumes among traders globally and in domestic exchanges as well. Traders have taken the opportunity of various benefits like Arbitrage opportunities, Reduction in fees, Ease of trading within cryptocurrencies , No fiat restrictions , opportunities within and outside exchanges with Crypto-Pair introduction.
Let’s look what we have in store technically for a trade set-up over global prices:
Bitcoin is trading at $8,250 representing a flat movement in past 24-hours.
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About Author — Technical/Derivatives Analyst & Crypto-Currency Expert with a decade of Professional Experience having expertise in Equities, Commodities, FOREX & Crypto-Currency Markets. Connect with him on LinkedIn and follow him on Twitter.
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Author: Zebpay Bitcoin And Cryptocurrency Exchange”