Market review, May 8, 2019

2019-05-08 14:01:42

Crusoe Energy Systems has announced the development of mobile modular data centers that can be used for cryptocurrency mining, consuming the excess gas remaining in oil production.

It is reported that with the help of such mobile data centers, companies producing oil will be able to stop burning gas surpluses and will use it for cryptocurrency mining. It will also reduce emissions of carbon dioxide, volatile organic compounds and nitrous oxide immediately by 99%.

“We are striving to develop new technologies to reduce emissions from gas flaring that can cope with the large flow of gas that is generated by shale oil producers in North America. Crusoe technology makes it possible to use energy wasted in vain for growing industries that require energy-intensive computing. For example, for the spheres of blockchain and artificial intelligence, ” co-founder and head of Crusoe, Chase Lochmiller, said.

The company has already raised more than $4.5 million for the development of appropriate equipment. Bain Capital Ventures and Founders Fund Pathfinder, as well as Winklevoss Capital Management, were among the investors.

A recent study by Reportlinker shows that the mining equipment market will grow in the coming years. At the same time, demand for FPGA processors and ASIC miners will contribute to this growth.

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

Over the past day, bitcoin fell to the resistance level of $5,760, this movement completely coincided with our yesterday's forecast. We understand that this correction was necessary for further growth. We expect the continuation of growth, the closest target is $6,000. The nearest resistance levels are $5,957, $6,000, $6,100. The nearest support levels are $5,875, $5,828.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum broke through the support levels of $172.5, $168.5 and reached $161. This technical correction fully confirms the viability of our yesterday's forecast. Now, the price of ethereum is at $167. We expect the continuation of the uptrend. The nearest resistance levels are $168, $172. The nearest support levels are $165, $161.

Technical analysis of Ripple (XRP):

Over the past day, ripple fell, reaching the mirror support level of $0.2880. This level, in our opinion, will allow ripple to resume its uptrend. Now, ripple is traded at $0.2940. We expect the continuation of global growth. The nearest resistance levels are $0.2990, $0.30, $0.3080. The nearest support levels are $0.2980, $0.2910.

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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