Daily market review for 02.08.2018

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2018-08-02 10:29:03

The Agricultural Bank of China (ABC), the fourth in the country and the world in terms of assets, through a branch in Guizhou Province, has provided a loan of $300,000 for the purchase of farmland with the help of blockchain technology. According to representatives of the state bank, the nodes of other commercial banks, the local branch of the People's Bank of China and the Ministry of Land and Resources of the People's Republic of China were involved in the process. It is reported that ABC considers the use of blockchain technology as an opportunity to make credit accessible to a wider range of farmers and local entrepreneurs in the country's agricultural regions. Following the evaluation of the conducted testing of the new system, ABC are also going to offer loans to clients for the purchase of real estate. Let us recall, 12 out of the 26 banks, listed on the exchange in China, are working on the introduction of blockchain technology into their work. In June, one of China's largest retailers, Suning, through its banking division, Suning Bank, began testing a blockchain application, through which banks can create and maintain a common list of customers with a bad credit history.

Now, let's move to the technical analysis of Bitcoin (BTC):

Judging by the chart, bitcoin intends to continue the technical rebound. The nearest resistance levels are $7,700, $7,800, $7,885. The last resistance level is a mirror level, which, to our opinion, is the strongest. After this rebound, we are waiting for its further downward movement.

Technical analysis of Ethereum (ETH):

Ethereum did not become distinctive, and actually began to copy the upward movement of bitcoin. The nearest resistance levels are $420, $427, $433 and $440. The last resistance level is a mirror level, which, to our opinion, is the strongest; in addition to it, there is a level of 61.8 on the Fibonacci grid at the mark of $440. After this rebound, we are waiting for a further downward movement of ethereum.

Technical analysis of Ripple (XRP):

The situation with ripple is somewhat different than with bitcoin and ethereum. Now, ripple is trying to continue its upward movement. The nearest resistance level is $0.445. After this rebound, we are waiting for its further downward movement.

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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