Cryptocurrencies Consolidate Levels Above 20-day MA; Fidelity Eyes Cryptos

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by | 8th June 2018 | 0 comments

Major cryptocurrencies consolidated levels on Thursday as investors are fighting to maintain cryptos’ momentum. Bitcoin and Ethereum remain above the 20-day moving average; Bitcoin cash trades horizontally.

Fidelity opens the door to cryptos

US financial services firm Fidelity Investments opened an internal job posting for candidates “to help engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.”

According to a report from Business Insider, Fidelity has been working for about a year in its plans to build its proprietary digital asset exchange. The firm currently allows clients to hold bitcoin alongside traditional assets.

“If Fidelity does launch a crypto exchange offering, it would arguably be among the biggest moves by a large Wall Street firm into the nascent crypto market, which stands at about $350 billion,” Business Insider says.

Susquehanna moves into Bitcoin

Earlier this week, Susquehanna International Group announced they would offering cryptocurrency services in the form of Bitcoin futures with trading options.

Two years ago, the firm started a trading desk of twelve people to trade virtual currencies in private deals. Now, they are opening trading to a group of 500 clients. Susquehanna plans to expand.

South Korea exchange Coinone to face police charges

South Korea’s department of cybercrime investigation will charge Coinone exchange due to illegal margin trading the company offers to clients.

According to the investigative unit, Coinone is offering illegal gambling and the company could be assisting criminal laundering activities. The investigation has been in place for ten months, and the report covered transactions from 19,000 people that took part in the margin trading.

20 traders became conspicuous due to the high volumes of transactions they recorded.

Coinone stated that “at this time we are focused on cooperating with the ongoing investigation, and will continue to do so as the case is in the process of moving over to the Prosecution Service from the Police Agency.”

Bitcoin consolidates the 7,600 area

The crypto king is trading sideways on Friday after closing Thursday with gains and above the 20-day moving average at 7,626.

BTC/USD is currently moving at 7,673, 0.14% negative on the day. On the daily chart, Bitcoin shows overbought conditions but momentum is neutral.

To the upside, if the pair consolidates current levels, 7,800 will be the next resistance; then, the 7,950 area and the 50-day moving average at 8,444. Then, the cross would face the dynamic resistance coming from January 2018.

To the downside, if the pair breaks below the 20-day moving average at 7,626, and go beyond the 7,200 support, it will open the doors for more weakness with the 7,000 area as the primary support. Below that, 6,500 and the crucial 6,010.

Ethereum trades on a small consolidator range

ETH/USD Daily Chart - 08-06-18

Ethereum has been trading on a small range between 595.80 and 615.00 in the last three sessions and despite the pair is trading above the 20-day moving average finally, the scoop is not that bullish as one can think.

Technical conditions in the daily chart are neutral. If the ETH/USD manages to move beyond the range, the level to break is the 630.00; then, the immediate resistance will be the 50-day moving average at 657.00; later, the 200-day MA at 713.00.

To the downside, if the pair gets back below the 580.00 level, it will open the doors to the 560.00. Then, 500.00 will be the next significant area, and nothing else is in between there and the 400.00 area.

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