Market review, August 28, 2019

5
2019-08-28 15:03:50

The Central Bank of China is preparing to launch its cryptocurrency, and at the initial stage, only seven companies will have access to it for testing and implementation.

According to Paul Schulte, a former employee at the China Construction Bank, the country's largest corporations will have access to the digital currency of the Central Bank of China: Alibaba, Tencent, UnionPay, Bank of China, China Construction Bank, Agricultural Bank of China, as well as Industrial and Commercial Bank China.

It is reported that the cryptocurrency, which is still called DC/EP (Digital Currency/Electronic Payments), is ready. Access to it can be provided already on November 11. In addition to these companies, eight more unknown organizations can also join the testing.

Interestingly, the cryptocurrency of the Central Bank of China will be distributed not only among the inhabitants of the country but also in other Western countries, including the United States. But at the initial stage, corporations will distribute the new currency among the "1.3 billion Chinese and foreigners who work with the yuan."

Schulte emphasized that while the Libra project and the hypothetical world reserve cryptocurrency that Mark Carney spoke about are at the development stage, the digital yuan is already ready for launch. Information about the readiness of the cryptocurrency of the Central Bank of China appeared in the middle of this month.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin has not changed and remains in the flat between $10,000 - $10,200. Unfortunately, there is no trend. Now, the price of bitcoin is $10,130. Therefore, bitcoin is in the accumulation phase, which means that the distribution phase will soon begin. We can only wait. The nearest resistance levels are $10,200, $10,360, $10,650. The nearest support levels are $10,000, $9,930, and $9,700.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum has not changed in price and remains in the flat between $183 - $188. Unfortunately, there is no trend. Now, the price of ethereum is $186. Therefore, bitcoin is in the accumulation phase, which means that the distribution phase will soon begin. We can only wait. The nearest resistance levels are $188, $190, $192. The nearest support levels are $183, $181, $175.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple has not changed and remains in the flat between $0.2590 - $0.2670. Unfortunately, there is no trend. Now, the price of ripple is $0.2640. Therefore, ripple is in the accumulation phase, which means that soon the distribution phase will begin. We can only wait. The nearest resistance levels are $0.2670, $0.2730. The nearest support levels are $0.2580, $0.2560, and $0.25.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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