Market review, July 12, 2019

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2019-07-12 15:01:17

The Winklevoss brothers (Cameron and Tyler Winklevoss) believe that other companies in the FANG group (Facebook, Amazon, Netflix, and Google) will integrate digital currencies into their business.

During the discussion of the announcement of Facebook cryptocurrency on CNBC, the founders of the Gemini exchange noted that the launch of similar tools by other companies from the technology sector is only a matter of time.

According to our expectations, each company from the FANG group will develop a cryptocurrency project over the next two years,” Tyler said.

The brothers also noted that they support the position of regulators who want to resolve all existing contradictions before giving the green light to such initiatives. Winklevoss expressed their willingness to add Libra to Gemini if there is a technical and legal opportunity.

At first, we need to study the project in detail. If Libra is based on an open protocol, its listing is likely in the future. It's possible,” Tyler noted.

In addition, this Wednesday, the Winklevoss brothers declared that their company could become a member of the Libra association. At the moment, only one cryptocurrency exchange is part of the organization - the American platform Coinbase.

Technical analysis of Bitcoin (BTC):

Over the past day, Bitcoin was able to bounce up to the resistance level of $11,700. This movement completely coincided with our yesterday's forecast. Now, the price of bitcoin is $11,620. It can grow to the resistance level of $12,000. But, after such a rebound, we tend to expect its drop below the support level of $11,100. The nearest resistance levels are $12,000, $12,360. The nearest support levels are $11,500, $11,100.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum bounced up to the resistance level of $280. This movement completely coincided with our yesterday's forecast. Now, the price of ethereum is $274. In our opinion, after such a rebound, ethereum will drop below the support level of $264. The nearest resistance levels are $280, $285. The nearest support levels are $270, $264.

Technical analysis of Ripple (XRP):

Over the past day, ripple bounced up to the resistance level of $0.3480. This movement completely coincided with our yesterday's forecast. Now, the price of ripple is $0.3410. We believe that ripple will remain in the consolidation zone with the channel borders of $0.3480-0.34. The nearest resistance levels are $0.3480, $0.3580. The nearest support levels are $0.34, $0.33.

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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