Daily market review for 22.06.2018

2018-06-22 14:56:48

The Toronto Stock Exchange (TSX) has presented a new exchange traded fund (ETF) – the Horizons Blockchain Technology and Hardware (The Horizon).

ETF is considered a market security system that tracks the index, commodity or basket of assets proportionately represented in the fund's shares. ETFs experience price changes during the day as they are purchased or sold on the stock exchange.

The Horizon ETF is not the first fund traded on the Toronto Stock Exchange. The Canadian electronic trading platform continues to develop exchange traded funds, among which are such large companies as Hive Blockchain Technologies Ltd., Nvidia Corp. and Digital Realty Trust Inc.

“We do not know which blockchain start-ups will submit work projects, and we do not know what applications they will create,” Steve Hawkins, Executive Director of Horizons ETF Management Canada Inc. said. “However, it is clear: in order to create an infrastructure, people will have to invest in it.”

The first exchange traded fund (ETF) launched in Canada on the Toronto Stock Exchange in February 2018 was Harvest Portfolios.

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

As you can see, bitcoin went down to the level of $6,270. An important level of $6,220 is waiting for it. If it does not stop at this level, then we can expect further negative movement. But, if you think like a trader, you have to ask “what are the weighty reasons for such a sharp fall?”. We do not know. But we know that this is a good opportunity to buy bitcoin at a good price from the level of $6,220. We think that many will do it. The weekend is ahead and time will tell. The nearest resistance level is $6,640.


Technical analysis of Ethereum (ETH)

As you can see, ethereum has partly fulfilled our forecast, it went down much deeper than we had expected. It rushed to the level of $460. This is a strong level and more than likely, ethereum will use this level as support. We expect that it will turn back from this level. The resistance levels of $480 and $500 are waiting for it.

Technical analysis of Ripple (XRP):

Ripple exceeded our yesterday's forecast, as ethereum did, it fell to the level of $0.41. We think that this fall will stop at the level of $0.41, leading to consolidation. To do this, ripple has the whole weekend. So, on Monday, we will see if the ripple is able to push away from the level of $0.41 and start to grow. From the perspective of technical analysis, it must reach the level of at least $0.48.

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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