Market review, November 6, 2019

2019-06-11 11:09:27

Turkish President Recep Tayyip Erdogan said that in 2020, the government would finish the testing of digital currency from the Central Bank of Turkey.

The country’s national blockchain-based digital lira is planned to be issued by the Central Bank under the 2020 Annual Presidential Program at the end of next year. Along with the launch of its cryptocurrency, the government is going to start the development of an exclusive platform for making instant payments with a digital lira.

Alongside the central bank, the project will also involve the national tech innovation agency — the Scientific and Technological Research Council of Turkey, also known as TUBITAK.

According to Erdogan, the launch of the state cryptocurrency will strengthen the country’s economy and its influence in the international arena. The main goal of launching a digital lira is to create a financial sector with various tools to expand the investor base and reduce costs. Also, thanks to the advent of its digital currency, Istanbul can become one of the world’s financial centers with attractive conditions for new investors.

Technical analysis of Bitcoin (BTC):

Market review, November 6, 2019

Over the past day, the price of bitcoin rose to $9,450. This price movement coincided with our forecast. After such a price movement, bitcoin rolled back to the support level of $9,330. Now, its price is $9,370. We expect the continuation of the upward movement. The nearest resistance levels are $9,450, $9,570, $9,700. The nearest support levels are $9,300, $9,200, $8,960, $8,700, $8,500.

Technical analysis of Ethereum (ETH):

Market review, November 6, 2019

Over the past day, the price of ethereum rose again to the resistance level of $194. This price movement coincided with our forecast. After such an increase, the price of ethereum went down. Now, it is $190. In the future, we expect the continuation of the upward trend. The nearest resistance levels are $192, $194, $197, $200. The nearest support levels are $190, $185, $181, $178, $173.

Technical analysis of Ripple (XRP):

Market review, November 6, 2019

Over the past day, the price of ripple grew to the resistance level of $0.3025. This price movement coincided with our forecast. After that, the price turned around and fell to the support level of $0.2990. Now, the price of ripple is $0.30. In the future, we expect the continuation of the uptrend. The nearest resistance levels are $0.3025, $0.3050, $0.31, and $0.3160. The nearest support levels are $0.2990, $0.2940, $0.2910, $0.2850.

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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