Market review, July 16, 2019

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2019-07-16 14:00:57

The South Korean company Shinhan Card received a patent for the payment blockchain system and announced the launch of a credit transaction service using the blockchain.

In addition to making payments using credit funds, the new system allows you to set a limit on the number of transactions and monthly expenses. The system also allows you to pay for goods without using credit cards, which can be a threat to intermediary companies, such as payment gateways.

Services using these key functions will be tied to the blockchain-based system. This will be a significant step forward compared to the existing market position when blockchain services restrict the use of cash or oblige users to authenticate themselves for online transactions,” the Shinhan Card representative said.

Interestingly, the system will also allow for the realization of the “full integration” of smart home solutions into everyday life, while the owner’s funds will be in relative safety thanks to the established limits.

Let us note that last month the largest bank card operator Visa launched a blockchain-based payment service, but it is available only for corporate customers.

Technical analysis of Bitcoin (BTC):

Over the past day, bitcoin grew to the mark of $10,850, and then began to fall in price. This movement completely coincided with our yesterday's forecast. Now, the price of bitcoin is $10,600. We expect the continuation of the negative movement. The nearest resistance levels are $10,850, $11,200. The nearest support levels are $10,360, $9,920, $9,000.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum reached a resistance level of $232. This movement completely coincided with our yesterday's forecast. Now, the price of ethereum is $222. In our opinion, ethereum can continue its fall to the level of support of $203. The nearest resistance levels are $232, $264. The nearest support levels are $203, $180.

Technical analysis of Ripple (XRP):

Over the past day, ripple reached the mark of $0.32. This movement completely coincided with our yesterday's forecast. Now, the price of ripple is in a narrow price corridor of $0.2960 - $0.32. The fact that ripple failed to grow above the resistance level of $0.32 tells us that it is in the consolidation zone. The nearest resistance levels are $0.3150, $0.3480. The nearest support levels are $0.2960, $0.29.

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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