Market review, September 8, 2019

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2019-10-08 15:00:34

Abu Dhabi, the capital city of the United Arab Emirates (UAE), is set to put its land registry on a blockchain platform.

According to a press release, the Department of Urban Planning and Municipalities, a government agency responsible for Abu Dhabi’s development strategy, has partnered with Indian IT firm Tech Mahindra for the initiative.

The agency wants to provide Abu Dhabi citizens with a blockchain-based solution called SmartHub, which will help trace land records and reduce the processing time it takes to do real estate transactions.

All proprietary documents issued by municipalities will be stored on the blockchain platform. According to the statement, records will be tracked through sites deployed in various organizations.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin rose to the resistance level of $8,280. This movement fully coincided with our forecast. But after this movement, the price of bitcoin rushed down. Now, the price of bitcoin is $8,185. We expect the continuation of the upward movement. The nearest resistance levels are $8,280, $8,400, $8,500. The nearest support levels are $8,150, $8,000, $7,750.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum grew to the resistance level of $183. This movement fully coincided with our forecast. After this movement, the price of ethereum rushed down for a technical correction. Now, it is $180. We expect the continuation of the upward movement. The nearest resistance levels are $181, $185. The nearest support levels are $173, $168, $165.

Technical analysis of Ripple (XRP):

Over the past day, ripple grew in price to the support level of $0.28. This movement fully coincided with our forecast. After this movement, the price rushed down for a technical correction. Now, it is $0.2720. We expect the continuation of the upward movement. The nearest resistance levels are $0.28, $0.29. The nearest support levels are $0.2730, $0.2670, $0.2630.

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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