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Nordic Banks will Launch a Cross Border Payment Solution-P27- to Take on Cryptocurrencies

Straight from sensational accusations that EOSIO is behind Ethereum congestion woes and Western Union filling a patent excluding XRP and Ripple in their literature, the crypto market is robust and recovering. All in all, my recommendation is to remain neutral until after key resistance lines have been breached signaling buyers.

Let’s have a look at these charts:

Allegations were rife that EOSIO might be behind the recent Ethereum network congestion sending gas prices through the roof. Well, Ethereum network congestion is nothing new but remains a weighty issue. Now an explosive post highlighting how EOS-working through proxy accounts- has been systematically spamming the Ethereum network with next to useless token air drops whenever EOS has a technical glitch.

After doing a little bit of research, a dApp developer called Justo could link these spam accounts with EOS but as expected, Dan Larimer, the CTO at Block One rebuffs these “stupid” allegations. In a post, he said EOS had better things to do than waste its resources by attacking Ethereum whereas Cryptokitties can do the job better.

Back to price action and Ethereum is up four percent in the last day. Notice that this is resurgence is happening right in the middle of a strong bear trend. At the same time, ETH is trending within a tight $100 trade range with resistance at $500.

As it is, my trade recommendation is to remain neutral until after buyers push above $500, our previous buy trigger. $500 is our main bull trigger line which ETH bulls failed to trigger on July 7 and 8 when that evening star bear reversal pattern printed. So, until buys add to their gains and break out of this trade range, we remain neutral cognizant of the fact that we are still in a bear trend with sell trigger at $400.

Like ETH and other top five coins, EOS continue to reject lower lows and in the last day, it has added five percent bouncing off $7. In our previous analysis, $7 is a mid range and intermittent support line coinciding with the 78.6 percent Fibonacci retracement line anchored on March-April high lows.

Now, thanks to the across the board recovery, traders can exit their previous shorts and enter long as they sync with March-April rally. Here’s how they can do it: Aggressive traders can load up longs at current prices with stops at $7. On the other hand, conservatives can wait for breaks above July highs at $9 and buy on dips going forward. In both cases, ideal first bull targets are at June highs at $15.

There are lots of exciting developments in Ripple and news of NDAX offering their support for XRP is positive for the promising coin. NDAX now becomes the first Canadian cryptocurrency exchanges to list XRP ahead of CoinSquare which has plans to expand to other jurisdictions.

Remember, by listing XRP, NDAX exposes the coin to extra liquidity and demand and this by extension pumps price.

In other news, Western Union has registered their own cryptocurrency app tailored for their business and in the patent they mentioned nothing about XRP and even Ripple, the company.

In their pilot program, the plan was that Western Union shall make use of xRapid and XRP for their international remittance and they did but Western Union CEO says the company didn’t see significant cost cutting as initially thought.

It’s a classic effort versus result at XRP and we can see how buyers are rejecting further losses below 45 cents. At the same time, sellers have been capping gains in the last week or so preventing gains above 50 cents, our main resistance line and buy trigger.

In any case, my trade plan is simple. Yes, there are pockets of bulls but first we need to see break outs above 50 cents to warrant buys on dips or strongly below 45 cent for sell trend continuation.

Any bull break out above 50 cents would welcome buyers aiming for 70 cents as the first targets while sellers are eye balling 15 cents should bears break below 2018 lows.

Nordic banks are often the leaders in technological innovations. They already have a working mobile payment app serving around 27 million people in the Nordic but with cryptocurrency and blockchain, they are now evolving.

With a project dubbed P27 set to roll out in 2019, these banks are building a strong financial infrastructure according to reports to facilitate cross border payments connecting all the four fiat currencies with settlement done in seconds. This of course is a way of countering competition as Bitcoin Cash which has the same plan of going global and cutting out banks from their own game.

There are two ways of trading BCH. Either you buy at current prices with stops at $650 or wait for a break out above $850, our initial buy trigger with targets $1200. Anyway, we were neutral and my recommendation is to wait for confirmation before executing trades.

The only assurance for that is when buyers break above $850 and we prefer this conservative approach despite these last two days higher highs.

We shall continue trading a bear break out pattern in line with June 10 bears. As such, we shall treat these oscillations attempts of retesting previous support now resistance at $150.

As before, risk on traders shall remain neutral with a bearish skew until after we breach of $150. Now, for this price boosting event to happen then we must see prices edging above July 10 highs and by doing so, prices would be breaking off this consolidation that begun on July 11.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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