- Bundestag passes a law lifting the veto to cryptocurrencies in the banking business.
- The market ignores the good news for now, a strange discordance.
- The Top 3 are in different phases, with XRP as the most advantaged.
Germany, the locomotive of the European economy and a global technology leader, has also decided to lead the adoption of cryptocurrencies in continental Europe.
Malta has been the pioneer country within the EU in the new Blockchain industry, in addition to providing a geographical base to multiple exchanges crypto as Okex or Binance.
The German parliament has passed a law transcribing an EU directive that lifts the veto for commercial banking that prevented it from guarding or offering products related to cryptocurrencies.
Now the parliaments of each Länd must ratify this law.
The Association of German Banks (BdB) has expressed its satisfaction at being able to start offering these services to its customers. As soon as 2020, German banks will be able to provide custody services and offer cryptocurrencies through the same channels as bonds or stocks.
Consumer associations have also expressed doubts about the suitability of offering this product to non-specialist customers.
ETH/BTC Daily Chart
ETH/BTC is currently trading at the price level of 0.0204 on yet another day of low volatility in this asset.
As I explain below in the indicators section, bulls are at shallow levels, and an upward breakout above the EMA50 will attract a lot of fresh money to Ethereum.
Above the current price, the first resistance level is at 0.0208, then the second at 0.022 and the third one at 0.0228. Above 0.023, the asset would enter a much more favorable scenario for the medium and long term.
Below the current price, the first support level is at 0.020, then the second at 0.0185 and the third one at 0.018.
The MACD on the daily chart shows an extraordinary resilience, as, despite little support from the bulls, it remains at the zero levels of the indicator.
The DMI on the daily chart perfectly expresses the lack of direction of the asset. The bears are on the verge of losing support for the ADX line, a sign of weakness. Bulls are at minimum levels, not seen since September, when ETH/USD began to rise for several weeks in a row.
BTC/USD Daily Chart
BTC/USD is trading at the $7.536 price level, unable to move above the roof of the ultra long-term bearish channel. The current situation is traditionally a trap for traders.
Above the current price, the first resistance level is at $7,600, then the second at $7,750 and the third one at $7,900.
Below the current price, the first support level is at $7,400, then the second at $7,100 and the third one at $6,850.
The MACD on the daily chart shows a profile at the limit of the bullish cut. The usual pattern forces the first rejection down, but in the case of Bitcoin, this rule is usually not law.
The DMI on the daily chart shows bears losing strength once they have definitively lost support for the ADX line. The bulls are pushing up a bit, but they are far from the level 20 that would validate the bullish trend.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at the $154.5 price level, just below a resistance created by price congestion. Breaching this level would bring Ethereum back into the range before this week's falls.
Above the current price, the first resistance level is at $150, then the second at $160 and the third one at $170.
Below the current price, the first support level is at $150, then the second at $140 and the third one at $130.
The MACD on the daily chart shows a halfway profile of a future bullish cut that may still need several days to complete.
The DMI on the daily chart shows how the bears are on the verge of losing support for the ADX line. The bulls increase their level of activity a little, but they are still far from the level of the sellers.
XRP/USD Daily Chart
XRP/USD is currently trading at the $0.229 price level and points to a confrontation with the $0.30 level that has stopped the asset in the last two days.
Above the current price, the first resistance level is at $0.23, then the second at $0.24 and the third one at $0.25.
Below the current price, the first support level is at $0.218, then the second at $0.19 and the third one at $0.17.
The MACD on the daily chart proposes a possible bullish cross for the beginning of next week. Breaching the $0.23 level is likely to accelerate the upward cut.
The DMI on the daily chart confirms that the bears are losing support for the ADX line and continue to lose strength. The bulls react timidly to the upside but are far from jeopardizing the selling side's dominance.
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