Market review, May 20, 2019

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2019-05-20 16:02:43

Coinbase Cryptocurrency Exchange has announced that the Coinbase Earn program, which allows you to receive rewards for learning various digital assets, will now be available to residents of more than 100 countries.

Coinbase Earn was launched at the end of 2018 and initially, access to the platform was carried out only by invitation. As part of the pilot version of the program, users were rewarded for learning or passing a cryptocurrency test.

One of the main obstacles preventing people from exploring new digital assets was the lack of knowledge about these assets. Many of the respondents expressed a strong desire to learn about various new cryptocurrencies besides bitcoin, but did not know where to start,” representatives of the exchange said.

Now, program users will be able to receive coins of various projects, such as Stellar (XLM), Zcash (ZEC) and Basic Attention Token (BAT).

In addition, the head of Coinbase, Brian Armstrong, recently said that the custodial service Coinbase Custody had already collected more than $1 billion of assets. It took the service only a year to achieve this mark.

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

Over the past weekend, bitcoin pushed off from the support level of $7,000 and rose, reaching a resistance level of $8,300. This is the third time when the price of bitcoin rests on this resistance level. Now the price is at around $7,835. We still expect a technical correction downwards, the nearest target is $6,600. This calculation is made using the Fibonacci grid. The nearest resistance levels are $8,300, $8,500. The nearest support levels are $7,740, $7,217.

Technical analysis of Ethereum (ETH):

Over the past weekend, the price of ethereum grew, breaking through the resistance levels of $226, $248 and reaching a resistance level of $263. But now, the price of ethereum is $247. We expect the continuation of the negative movement. The nearest resistance levels are $264, $280. The nearest support levels are $247, $226.

Technical analysis of Ripple (XRP):

Over the past weekend, ripple was in the outset between $0.36-0.3820. This downward movement completely coincided with our last forecast. Then, the price of ripple broke through the resistance level of $0.3820 and began to grow to $0.4267. Now, it is $0.3920. In the future, we expect a price reduction. The nearest resistance levels are $0.4050, $0.4220. The nearest support levels are $0.38, $0.36.

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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