The Leading Cryptocurrency Stories for 4th June 2018

The Leading Cryptocurrency Stories for 4th June 2018

On Saturday last week, the cryptocurrency market turned green after nearly two weeks of bearishness. However, cryptocurrency traders are concerned whether this may be another short-term pullback. For the entire market to go up consistently, Bitcoin must cross $10,000 mark firmly. While the cryptocurrencies are struggling to move up, companies across the world continue to invest in blockchain technology.

Forex settlement provider CLS, which settles over $5 trillion worth transactions every day, has invested about $5 million in R3, an enterprise level software provider which developed the cutting-edge blockchain platform Corda. In return, CLS will receive a seat in R3’s board of directors. Previously, R3 has received two rounds of funding.

The German stock exchange Deutsche Borse has announced plans to spend €270 million to upgrade its technology. In addition to investments in data analytics, cloud computing, robotics, and artificial intelligence, the plan also mentions about funds allotment to blockchain technology.

In the Netherlands, the Land Registry department plans to test blockchain technology for national real estate data. Koen Huisstede, an enterprise architect at Land Registry explained that the institution is trying to understand the pros and cons of implementing blockchain in the property sector and expect the integration to get completed within one to three years.

In Singapore, a crypto-finance startup named Fusion has secured $12.30 billion in financial assets from three companies FormulA, Carnex, and KuaiLaiCai. The three companies operate in asset management, car financing, and restaurant supply chain management, respectively.  The three companies have committed to keeping those funds locked in Fusion’s blockchain. The information was revealed by Fusion’s founder DJ Qian. 

 

EOS (EOS)

The much hyped launch of EOS mainnet happened successfully and the market celebrated the delivery of the platform with nearly a 20% hike in the price (~$14.50) of EOS token. Notably, the EOS project has raised 7.12 million Ethers, worth about $4.1 billion, through the ICO. EOS is owned by Cayman Islands based start-up Block.one. The amount raised by EOS through the ICO process is bigger than the largest Initial Public Offering in the equity market. Still, a lot of concerns remain about the project and the EOS team is yet to reveal how the money is going to be allotted for various purposes. Read more here. 

 

TRON (TRX)

Tron is yet another blockchain company which launched its own mainnet on May 31. Even though, the launch went through smoothly, the market was not impressed and the price has fallen to below $0.06 per TRX token. The cryptocurrency touched $0.10 in early May. Tron’s founder regularly compares the Tron network to Ethereum. However, the market is not convinced that Tron will be able to topple Ethereum anytime soon. That is one of the reasons for the bearishness surrounding the coin. On the positive side, the company’s other business (Chat facility, etc.) has more than 100 million customers and it would be shifted to Tron’s mainnet. Furthermore, Justin Sun, the founder of Tron graduated from the college run by Jack Ma, the founder of Alibaba Group. Therefore, Tron community is hopeful that TRX will ultimately enter into some sort of collaboration with Alibaba. Read more here. 

 

Our Forex Trading Plan

Litecoin. Litecoin has formed a double bottom pattern on the price chart. The oscillator of the moving average has also entered into the positive region. Therefore, we are expecting the cryptocurrency to appreciate in the short-term.

To trade the anticipated rally, we are planning to open a long position near 124 in the LTUSD pair. A stop loss order would be certainly placed below 110. Once, a long position is established, an order to book profits will be placed near 183.

Litecoin - Technical Analysis - 4th June 2018

 

Our Binary Options Trading Plan

Bitcoin. Bitcoin continues to move within a descending channel, as shown in the price chart below. The MACD indicator is also in the negative zone. Therefore, it is our choice of asset to trade in the binary market.

Instead of going short in the cryptocurrency market, we are looking at the possibility of investing in a put option contract as this would require a lower investment, and the risk is also pre-determined. However, we may park our surplus funds in the contract only if the binary broker offers a contract valid until June 13. Additionally, the BTCUSD pair must be trading near $7700 in the cryptocurrency market.

Bitcoin - Technical Analysis - 4th June 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.


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