Cryptocurrencies - What You Need To Know This Week
Hot Topics:
* CME launches price index for Ethereum; could ETH futures follow?
* HSBC completes first blockchain trade finance transaction ever
* NVIDIA made $289 million from crypto mining in Q1
* Binance CEO says ICOs are "necessary"
What the Charts are Telling:
Bitcoin found itself once again in a short-term downtrend following the clear rejection at $10,000 resistance. The falling trendline from the May high proved as tough resistance, and BTC/USD will struggle to break above $9000 in the near-term. The charts suggest that we will see another $8200 test soon. BTC bulls need that level to hold, otherwise a correction to $7600 is likely to follow.
The technicals look better for Ethereum, which managed to recover in the recent days. The bounce off $640 support and break above the upper channel line suggest that we could see another rally towards $840 soon. While there is general lack of momentum in the major cryptocurrencies at the moment, the charts do suggest that ETH has the best chances to see a recovery in the near-term.
Meanwhile, Ripple is facing tough resistance in the area between $0.7550 and $0.7625. XRP/USD saw another rejection off the lower level today, as selling interest remains high. This suggests that we could see a range between $0.65-0.75 in the near-term.
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