Market review, November 7, 2019

2019-07-11 13:12:14

Malta-based cryptocurrency exchange Binance has agreed to help Ukraine prepare new rules for cryptocurrencies

Binance announced the signing of a memorandum of understanding with the Ministry of Digital Transformation of Ukraine. According to the Ukrainian authorities, such cooperation will establish the potential legal status of cryptocurrencies.

Under the MoU, Binance and the ministry will start a joint working group to discuss future crypto regulation and the creation of a digital asset market.

Besides, Binance will help develop transparent and effective mechanisms for transferring rights to any virtual assets using the blockchain, as well as create favorable conditions for investments and commercial activities.

The legalization of cryptocurrencies and corresponding adoption of progressive legislation in this sphere can become one of the key drivers in stimulating positive growth in the Ukrainian economy, as well as attract additional investments to the country,” Binance’s CEO Changpeng Zhao said.

Let us recall that the Ministry of Digital Transformation of Ukraine proposed to legalize cryptocurrencies back in September. Also, in June, the Central Bank of Ukraine issued a limited amount of electronic hryvnia.

Technical analysis of Bitcoin (BTC):             Market review, November 7, 2019

Over the past day, the price of bitcoin dropped to the mark of $9,135. Now, the price of bitcoin is $9,170. We expect the continuation of the downward movement. The nearest resistance levels are $9,200, $9,300, $9,450, $9,570, $9,700. The nearest support levels are $9,000, $8,960, $8,700, $8,500.

Technical analysis of Ethereum (ETH):

Market review, November 7, 2019

Over the past day, the price of ethereum fell to the support level of $185. Now, it is $186. In the future, we expect the continuation of a downtrend. The nearest resistance levels are $187, $192, $194, $197, $200. The nearest support levels are $185, $181, $178, $173.

Technical analysis of Ripple (XRP):

Market review, November 7, 2019

Over the past day, the price of ripple grew to the resistance level of $0.3140. This price movement coincided with our forecast. After that, the price turned around and fell to the support level of $0.2740. Now, it is $0.2890. In the future, we expect the continuation of the upward movement. The nearest resistance levels are $0.2910, $0.2940, $0.2990, $0.3025, $0.3050, $0.31, $0.3160. The nearest support levels are $0.2890, $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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