Market review, April 16, 2020

2020-16-04 12:58:24

China Star Market reported that as early as May, employees of the municipality of Suzhou in China would receive part of their payments in the state cryptocurrency.

 

China Star Market reports citing an official document that Suzhou city officials will receive 50% of the May transport subsidies in the national digital currency. At the same time, four state banks will issue the cryptocurrency: Agricultural Bank of China (ABC), Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

 

The official document invites all Suzhou government agencies to sign contracts with these banks to issue Chinese digital currency, as the system is scheduled to be launched in May. All officials will be asked to download and install digital wallets developed by the banks to receive their payments.

 

China Star Market notes that the Alipay payment system has confirmed its participation in the development and issue of the state digital currency. Also, the other day it was reported that ABC has already started testing a mobile application for a national cryptocurrency.

 

Technical analysis of Bitcoin (BTC):

Market review, April 16, 2020

Over the past day, the price of bitcoin fell to the support level of $6,450. After that, it rose sharply to the resistance level of $7,040. Now, the price of bitcoin is $6,740. In the future, we predict the continuation of the uptrend. The nearest resistance levels are $7,200, $7,450, $7,660, $8,000, $8,020, $8,140. The nearest support levels are $6,900, $6,700, $6,400, $6,100, $6,000, $5,780, $5,450, $5,000.

 

Technical analysis of Ethereum (ETH):

Market review, April 16, 2020

Over the past day, the price of ethereum dropped to the support level. After that, it rose sharply to the resistance level of $174. Now, the price of ethereum is $170. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $174, $176, $183, $200. The nearest support levels are $169, $166, $157, $161, $155, $153, $150, $142.

 

Technical analysis of Ripple (XRP):

Market review, April 16, 2020

Over the past day, the price 0f ripple dropped to the support level of $0.1740. After that, it rose sharply to the resistance level of $0.1940. Now, the price of ripple is $0.1910. In the future, we predict the continuation of the uptrend. The nearest resistance levels are $0.1950, $0.2050, $0.21. The nearest support levels are $0.19, $0.1860, $0.1820, $0.1770, $0.1750, $0.1680, $0.1570.

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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