- Microsoft announces an open-source platform to create tailored blockchain projects.
- The announcement of the Seattle-based company has a positive impact on the price of Ethereum.
- Bitcoin gives in to technical obstacles and is lagging behind in the race.
The leading player of the day among the Top 3 cryptocurrencies is undoubtedly Ethereum.
Microsoft has unveiled the launch of a platform that will allow the global economy to approach the blockchain phenomenon.
Using its Azure platform as a base, the system designed by Microsoft provides open resources for developers to implement different types of utilities in tokens that run on the Ethereum blockchain.
This initiative represents the most ambitious approach between the real economy and blockchain technology ever seen. Some practical examples:
- A logistics operator will be able to create a token that will allow them to guarantee and trace their shipments.
- A musician would add a pay-per-use token that will generate micro-payments every time that song is played.
- A manufacturer of sneakers may encode in a unique and unrepeatable way each one of its products, user by user.
The impact on Ethereum´s price has been immediate and may turn into the catalyst for a long-term rally expected for many months by the followers of Vitalik Buterin's project.
ETH/BTC Daily Chart
ETH/BTC is currently trading at 0.0203 after leaving the intraday high at 0.0207, momentarily exceeding the EMA50.
Above the current price, the first resistance level is at 0.0205, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.0197 and the third one at 0.019.
The MACD presents the preferred profile of any buyer – a bullish cross in evolution. As always, the cut will is unlikely to be clean and bearish rejections will appear.
The DMI on the daily chart shows an absolute tie between the bulls and the bears. Both sides of the market are above the ADX line so that the winner can move very quickly upwards.
BTC/USD Daily Chart
BTC/USD is currently trading at the price level of $9,395 on a new day of enclosure between moving averages. Bitcoin needs to exceed $9,500 to set in the bullish mode. If BTC/USD loses the $7,500 price level, it will be the end of the bullish stretch from December lows.
Above the current price, the first resistance level is at $9,500, then the second at $10,600 and the third one at $11,300.
Below the current price, the first support level is at $9,150, then the second at $9,100 and the third one at $8,800.
The MACD on the daily chart shows the loss of bullish inclination as well as decreasing the distance between moving averages. Despite the worsening of the upward profile, it is noticeable that after 11 days of contraction of the daily range, maintaining this profile denotes a significant underlying bullish force.
The DMI on the daily chart shows both sides of the market moving lower at the same time. The distance between them has not changed and confirms that the bullish strength remains despite the difficulty of overtaking the SMA200.
ETH/USD Daily Chart
ETH/USD is currently trading at the $191.5 price level, after hitting an intraday high of $194.80. Ethereum has a clear path to the $215 level, where the SMA200 is sure to oppose the passage of the price.
Above the current price, the first resistance level is at $195, then the second at $200 and the third one at $213.
Below the current price, the first support level is at $188, then the second at $183 and the third one at $180.
The MACD on the daily chart shows a moderate bullish profile, with a little opening between the moving averages. ETH/USD does not currently have a profile that favors significant price rises, so what the price does in the next few hours may be key to medium-term development.
The DMI on the daily chart shows us how bulls move quickly upwards while bears lose the support of the ADX line. The selling side starts a bearish pattern, and the bullish momentum of the ETH/USD pair is confirmed.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.3015 and fails to move higher.
Above the current price, the first resistance level is at $0.31, then the second at $0.32 and the third one at $0.345.
Below the current price, the first support level is at $0.295, then the second at $0.293 and the third one at $0.288.
The MACD on the daily chart continues to cross to the downside, a strange situation that has been going on for several weeks. The current structure of the indicator is unfavorable and calls into question a possible price improvement.
The DMI on the daily chart shows the bulls are leading, while the bears retreat and seem to desist from the attempt to break the bullish ADX line.
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