Market review, June 6, 2019

6
2019-06-06 13:00:49

According to The Block, Jihan Wu, former CEO of Bitmain, may launch a new project next month. According to sources, the new crypto startup Matrix will become “the largest over-the-counter platform, and at the same time an asset management service.”

We can safely say that a startup will get a good boost at the start due to its close ties with Bitmain. The new venture will offer the company storage and loan services, receiving in return a liquid pool.

According to another source, similar levels of liquidity will lead to lower prices for crypto assets on the platform, which will give the exchange a competitive advantage in Asia.

At the moment, it is not known whether Wu will take up a post of CEO in the new company, and it is also unknown whether Matrix will receive a work permit in China. Let us recall that last November, Wu was demoted from the position of “director” to the position of “head” at Bitmain.

Bitmain is one of the largest players in the cryptocurrency market, while Wu continues to hold 20.5% of the company's shares.

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

During yesterday's trading day, bitcoin traded in the range between $7,600-$7,850, having twice tested the support level of $7,600. If the price breaks through the mark of $7,850, if the price breaks through the mark of $7,600, we consider short positions. The support levels are $7,730, $7,600, $7,500. The resistance levels are $7,850, $8,000, $8,150, $8,300, $8,500, $8,600.

Technical analysis of Ethereum (ETH):

At the moment, the price tends to break through the resistance level of $245. If the price breaks through and fixes above $245, we consider long positions, if the price fixes below $240, we consider short positions. The support levels are $241, $235. The resistance levels are $245, $250, $255, $260, $266, $273.

Technical analysis of Ripple (XRP):

Ripple is traded in consolidation at local minimal levels. The price many times tested the resistance level of $0.4027. We expect that ripple will break through the mark of $0.4027 with the first goal of $0.4315. The support levels are $0.3888, $0.3812. The resistance levels are $0.4027, $0.4168, $0.4315, $0.4461.

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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