Daily market review for 25.07.2018

2018-07-25 12:58:30

Popular Ethereum wallet MyEtherWallet (MEW) and Simplex have entered into a partnership agreement under which MEW users will now be able to buy ETH using Visa and MasterCard.

Simplex is a fully regulated fintech company operating in the cryptocurrency ecosystem since 2014.

So that everyone can access the world of cryptocurrency, using the old technology of fiat money, Simplex algorithms with artificial intelligence were integrated into the MEW platform. In order to buy cryprocurrency using a credit card, users need to undergo the procedure of KYC (Know Your Customer).

It will be recalled that the MEW wallet this year has already been subjected to hacker attacks twice. The first case occurred in April, when users of a cryptocurrency wallet lost 215 ETH (about 150,000 US dollars) as a result of hacking a DNS server that redirected them to a phishing website. The second case occurred quite recently - in June, MEW users suffered after the widely used Hola VPN service was compromised.

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

Judging by the strong bitcoin trend, there were large buyers. And the fact that the level of $8,000 it passed without stopping is proof to that. We can say that bitcoin exceeded the plan, immediately rushing to our next goal, the resistance level of $8,600. After taking the height of $8,450, it went to a correction. We expect a further decrease. The nearest resistance level is $8,400. The nearest support level is $7,700.

Technical analysis of Ethereum (ETH):

This has already become traditional for cryptocurrencies not to reach round resistance levels, in this case - $500. Ethereum, as expected, continued its upward movement, having worked out the “double bottom” pattern. In the end, it rose to a resistance level of $480. The strength of the buyers was not enough to take the next target of $500. Ethereum is now being adjusted, dropping to the support level of $460. Perhaps it will bounce up, but we expect a deeper decline. The nearest resistance level is $480. The nearest support level is at $440.

Technical analysis of Ripple (XRP):

Ripple could not fixate above $0.45 and did not fulfill our yesterday's stipulation, after which we could expect further growth. As a result, ripple is in the outset with a range of $0.43-0.45. We expect further decline. The nearest resistance level is $0.45. The nearest support level is at $0.42.

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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