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Daily Crypto Brief – July 16 – Tomorrow’s Facebook Testimony Dominates the Action!

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Yesterday,  the Bitcoin bounced off of the $9,850, and headed up the rest of the day. The majority of the cryptocurrencies followed a similar path. On the news front, the headlines are dominated by Facebook’s congressional hearing and the US/UK authorities announcements of regulations against cryptos with the excuse of them being vehicles used by money laundering and terrorism.

What’s Happening?

US Treasury Secretary Treven Mnuchin Called Bitcoin and cryptocurrencies a national security issue.

Many players have attempted to use cryptocurrencies to fund their malign behavior. This is indeed a national security issue.

The United States has been at the forefront of regulating entities that provide cryptocurrency. We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities

source:dailyhodl.com

Ripple’s CEO Brad Garlinghouse is profiting from Libra’s announcement and is trying to sell that XRP is the real solution for a global currency. In a series of tweets, Garlinghouse says the entire industry cannot be painted with the same brush, although he thinks the industry has “to work with the regulators and within policies”.

Then he stated that XRP is the “uniquely equipped to solve a multi-trillion dollar problem”

XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world. (5/7)

He concludes that to maximise progress forward crypto industry needs working with the existing financial system.

If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy. (7/7)

source: the below twitter link

 

The UK joins the parte of criminalisation of the cryptocoins. The UK government has published its “Economic Crime Plan 2019 to 2022” to fight economic crime. According to the document, the plan defined 7 priority areas. As part of the plan, the government wants to create a section within the FCA specialising in cryptocurrencies.

“going beyond international standards to create one of the most comprehensive global responses to the use of crypto assets in illicit activity.”

 

source: beincrypto.com

 

Technical Analysis

Bitcoin


Yesterday, after the price of the Bitcoin bounced off from the $9,850 level it pictured a series of hammers before moving decisively up to reach the $11,000 level. Currently is moving inside a band that is a no-mans-land. The price is also touching the upper trendline of the descending channel.  The MACD has crossed to a bullish phase, and the CCI is slightly positive.  ALso, the Stochastics is not overbought. That seems to give impulse to the bulls, but the situation is not bullish unless the price move above $11,000. Also, a price close below $10,500 signals a new descending leg.

Ripple



XRPUSD is moving sideways, inside an area that is a long-term support. The MACD is slightly Bullish, and the CCI tries to move into the positive band. To take positions, we need the price to step outside the band formed by the 0.32384 and 0.29579 levels. A movement to the upside may take the price to 0.35. Similarly, a move below 0.2958 may drive the price to 0.28.

Ethereum


Ethereum’s 4H price is moving in a range. The MACD and CCI point to a continuation of the bounce to the upside or continue moving in that range. The current trend is bearish, so taking long positions is not a good idea. The short-term resistance level is $236 while the near-term support is $222.

Litecoin



The daily chart of LTCUSD shows the price action is clearly bearish, but right now the price has reached a support area. We see also that the Stochastics are oversold. The price is moving inside the range marked by $93 and $85.  A break to the $85 will signal more drops to $70. To see a bullish reaction, we think it needs to create a bottom or double bottom. A double bottom, drawing a strong bullish candle will signal there is demand waiting at $85.

 

 

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