Daily market review for 08.06.2018

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2018-06-19 12:14:06
The financial regulators of Poland decided to make a definitive statement and clarify their position regarding cryptocurrency and ICO. According to the Financial Supervision Commission (KNF), the financial regulator of the country, traders of virtual currency have nothing to worry about.
KNF assured investors in Poland that they do not plan any ban on virtual currency trading. The website of the financial regulator even says that trading in digital currencies is legal in the country. However, Poland is serious about regulating the market to prevent money laundering, tax evasion and the financing of terrorism.
KNF plans to introduce a new regulation for Bitcoins and Altcoins. The laws, which will come into force in mid-July 2018, classify cryptocurrency and exchange platforms as “responsible institutions.” Thus, under the new legislation, the Polish cryptocurrency market is subject to regulation related to the struggle against money laundering and the financing of terrorism.

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

Bitcoin went to correction, as we had predicted. And now there are several variants for the development of the situation: either it turns back now, or goes down to the next level of $7,500 and then turn up. But, if bitcoin goes below $7,360, you can expect a more significant decline. That is illogical and not likely.

Technical analysis of Ethereum (ETH):

 

 

Ethereum also started its negative movement, if it breaks through the level of $600, then it will drop to a minimum of $575. As the “double top” is showing up. If to use calculations according to the classical technical analysis, then Ethereum should at least fall to the level of $540. A weekend is ahead, and the chart will show the result.

Technical analysis of Ripple (XRP):

Ripple did not get fancy and also went to correction, the nearest strong resistance level is $0.62. Of course, it is possible that it will stop and turn back before the level of $0.62. But, it seems to us, this variant is less likely. After that, it is logical to expect further growth. Anyway earlier, on weekends, almost always there was a bullish rise in cryptocurrencies. Perhaps this weekend will not be an exception.

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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