Market review, June 21, 2019

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2019-06-21 15:01:11

France, which chairs the G7, will set up a working group on stablecoins, Reuters reports, citing the head of the central bank, Villeroy de Galo.

The G7 group will be headed by a member of the ECB governing board, Benoit Kur. In addition to stablecoins, it will be engaged in the study of the digital currency Libra, which was presented on June 18 by Facebook.

Let us note that the French Finance Minister, Bruno Le Mayor, was one of the first to criticize the initiative of the social media platform, stressing that Libra will never become a sovereign currency. He also urged G7 to carefully study the project before the meeting to be held next month.

Regulators around the world have already expressed their indignation at the launch of the project, in particular, the US Congress stated that Libra should not be allowed to compete with the US dollar.

Now, let's move to the technical analysis of Bitcoin (BTC):

Bitcoin fulfilled our forecast and continued growth. At the moment, the price is reaching the first goal - the level of $10,000. We expect a further increase in the price of bitcoin with targets of $10,000, $10,500, $11,000, $12,000. The support levels are $9,700, $9,550, $9,300, $9,000, $8,900.

Technical analysis of Ethereum (ETH):

Ethereum keeps an upward trend. We expect further price growth with targets of $300, $320, $350, $375. The support levels are $280, $276, $273, $266, $261, $255.

Technical analysis of Ripple (XRP):

Ripple looks weaker than altcoins. We note the retention of the local resistance level, as well as the range of the current price from the local maximum. We consider long positions if the price fixes above $0.4461. The resistance levels are $0.4461, $0.45, $0.4562. The support levels are $0.4315, $0.4168, $0.4027, $0.3888.

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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