Market review, September 6, 2019

2019-06-09 14:08:09

Sinochem Energy Technology, a subsidiary of the Chinese state oil and gas giant Sinochem Group, plans to launch a blockchain platform in conjunction with Shell and Macquarie.

According to Reuters, citing “three Beijing sources in the industry,” in July, Shell and Macquarie signed an agreement to develop a blockchain platform for crude oil operations. Besides, both companies plan to invest in Sinochem Energy.

Sinochem Energy evaluates the Gateway blockchain platform, which aims to improve trading and settlement efficiency, as well as increase transparency and reduce fraud risk, at $13.99 million.

Initially, the company planned to attract investors by the end of September or October, as it is experiencing “serious financial problems.” It is reported that Sinochem Energy is in talks with PetroChina Co and COSCO Shipping Energy Transportation Co Ltd., trying to attract investment.

Let us recall that at the beginning of last year, Shell Oil and Gas Corporation acquired a stake in Applied Blockchain. For the Chinese Sinochem Group, it is not the first experience of interacting with the blockchain – last year, the company used the technology to export goods.

Technical analysis of Bitcoin (BTC):

Over the past day, bitcoin grew, breaking through the resistance level of $10,600. Now, the price of bitcoin is $10,800. We expect further growth. The nearest resistance levels are $11,100, $11,500. The nearest support levels are $10,650, $10,400, $10,000.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum grew in price, reaching the support level of $172. Now, the price of ethereum is $175. Will ethereum be able to break through the resistance level of $181? Let’s wait. The nearest resistance levels are $181, $185. The nearest support levels are $173, $172, $169, $165.

Technical analysis of Ripple (XRP):

Over the past day, ripple grew in price and reached the resistance level of $0.2560. According to the technical analysis, ripple is going to grow. Now, the price of ripple is $0.2550. The nearest resistance levels are $0.2560, $0.2580, $0.2630. The nearest support levels are $0.25, $0.2450.

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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