Market review, May 17, 2019

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2019-05-17 15:02:32

Central Bank of Azerbaijan transfers electronic operations to blockchain

The authorities plan to introduce blockchain technology into the country's financial sector by the end of 2019.

The Central Bank of Azerbaijan (CBA) will transfer all electronic operations to the blockchain, Farid Osmanov, chief information administrator of a financial institution, said.

The project to create the first in Azerbaijan ecosystem based on the blockchain technology is a pilot one. We are negotiating the implementation process of the prototype created at the beginning of the year. The commissioning of the system is planned before the end of this year,” he said at the Financial and Technological Summit in Baku.

According to him, this will improve the security of personal data transferred to credit institutions and will allow carrying out most of the operations remotely.

In 2018, the authorities of Azerbaijan announced their intention to use blockchain and smart contracts in the country's legal system and the housing sector.

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

Over the past day, bitcoin fell in price and reached $7,000, as we predicted yesterday. We expect further technical correction downwards, the closest target is $6,600. This calculation is made using the Fibonacci grid. The nearest resistance levels are $7,200, $7,740. The nearest support levels are $6,960, $6,600.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum fell, breaking through the support levels of $242, $223, and reached $213. This movement fully confirmed our yesterday's forecast. Then the price rebounded to the level of $244. After that, the price of ethereum continued to go down. Now, it is $226. We expect the continuation of the negative movement. The nearest resistance levels are $226, $248. The nearest support levels are $211, $196.

Technical analysis of Ripple (XRP):

Over the past day, ripple fell in price, reaching a support level of $0.36. This downward movement completely coincided with our yesterday's forecast. Now, the price of ripple is $0.3640. The nearest resistance levels are $0.3820, $0.4060. The nearest support levels are $0.34, $0.3280.

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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