XDEX a Brazilian Cryptocurrency Exchange Shuts Down Operation

31 March 2020 | Updated: 31 March 2020

Brazilian crypto exchange XDEX, operated by Latin America’s biggest stockbroker, announced the end of its operations. The company reported its end on March 31:

“Today we report that XDEX is beginning the process of ending its operations. Market forecast, competitiveness, and little legal changes limited the prospects seen at the start of the project and led to the development of this tough decision.”

Extended Period of Closure
The company is offering non-custodial access to cryptocurrencies, so clients have access to 30 days from the notification day to exit their positions and completely withdraw their funds on the exchange in reais.

“Upon initiating a withdrawal order, the money is sent to the bank account identified with XDEX within 1 business day, based on financial documents,” the statement concluded, contributing:

“After the 30 days, unless the customer has so far not transferred the assets, we will do just that on their behalf and transfer the amount received from the transaction into the bank account identified with XDEX over 3 business days.”

Anticipated Partnership Unsuccessful
Started in 2018, XDEX doubled down on the potential entry of Brazilian institutional investors into cryptocurrency, after XP Investimentos stakeholders founded the company. One of Latin America’s biggest brokers, XP Investimentos oversees investments worth billions.

This will be the fourth Bitcoin trading firm that ends its operations in Brazil. Brazilian firms, OmniTrade, Latoex, and Acesso Bitcoin have reported the termination of their operations before it. Yet another Brazilian Bitcoin business called Bitjá reported its shutdown at the end of last year.

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Italy 40 (ITA40) Is Recovering but Faces Stiff Resistance at 17566

31 March 2020 | Updated: 31 March 2020

Key Resistance Zones: 24000, 25000, 26000
Key Support Zones: 22000, 21000, 20000

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is currently making an upward move as the 15000 support holds. The upward move is currently facing resistance at 17566. ITA40 will reach a high of 22000 if the resistance at 17566 is breached. The index was previously in an oversold region as the bulls emerge to push the ITA40 upward.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
Italy 40 is above 40% range of the daily stochastic. This implies that the market is in a bullish momentum. The index has stayed longer periods in the oversold region but the bulls have emerged. The 21-day SMA is acting as a resistance to the index.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The index is facing another resistance at 16648. This is after the bulls have broken the resistance line of the descending channel. The bulls have made three attempts at the resistance at 16648 without breaking it. On the upside, if the bulls break the current resistance, the index will reach a high of 19000.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
Italy 40 is currently at level 53 of the Relative Strength Index period 14. This implies that the index is in the uptrend zone. The index is likely to rise as it is above the centerline 50. Also, the 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Italy 40 (ITA40)
Italy 40 is currently in an upward move but it is facing resistance at 16648. The index will resume an uptrend if the current resistance is breached. The bulls are emerging from the oversold region to complement the upward move.

Instrument: Italy 40 (ITA40)
Order: Buy
Entry price: 17001
Stop: 16950
Target: 17201

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US Wall Street 30 (US30USD) Upward Move is Facing Resistance at 22576

31 March 2020 | Updated: 31 March 2020

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
The index upward move is continuing as the price reaches a high of 22576. At the high of 22576, the market is facing some resistance. The current resistance has been tested by the bulls but it is yet to be broken. On the upside, if the bulls break the current resistance, the price will reach a high of 26000.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The blue moving average is acting as a resistance to the index. US30USD is above 40% range of the daily stochastic. This indicates that the market is in a bullish momentum. The bulls are emerging from the oversold region as the market makes an upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a descending channel. The bulls broke and closed above the resistance line of the descending channel. The upward move is currently facing resistance at 22576. The bulls have made two unsuccessful attempts to break it. The US30USD is trading below the overhead resistance.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is at level 56 of the Relative Strength Index period 14. This means that price is in the uptrend zone. The index is above the centerline 50. There is a bullish crossover as the 21-day SMA crosses over 50-day SMA.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has a change in trend. The market is in an upward move but it is currently facing resistance at 22576. Each time the bulls are resisted, the market will fall to the support of the 21-day SMA. The index is in a  bullish momentum .

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 22402.10
Stop: 22350.10
Target: 22602.10

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Bitcoin Price Analysis: Bitcoin’s Price Remains Under $6900 But Buyers Still Showing Interest.

31 March 2020 | Updated: 31 March 2020

• Bitcoin is still facing crucial resistance around $6900 resistance
• While BTC holds temporal support at $5880, a rebound at $6300 could provide a fresh increase for Bitcoin

Bitcoin is showing a sign of bullish for some days now but the $6900 resistance has continued to pose a serious threat to the bulls. Though the trading volume is trooping back into the market. Once Bitcoin can clear this resistance, we can expect a huge price movement to the upside. Otherwise, BTC would continue to struggle under this crucial resistance.

Key resistance levels: $6900, $7200, $7500
Key support levels: $6000, $5677, $5200

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Apart from $4000, which is the monthly low, Bitcoin has further built support at $4500, $5200 and $5677 respectively. Yesterday, Bitcoin bounced back at $5880 to $6600 after a three day sells from $6900. As of now, the price has dropped to $6377 as Bitcoin shows a sign of weakness.

BTCUSD, 4H Chart – March 31

In the drops become significant, there’s close support at $6000. A further drop could send BTC back into the green demand zone at $5677. Support below this zone is located at $5200. Inversely, Bitcoin could start fresh increase if buyers can overcome the $6900 resistance, marked red in the above chart. Then, further resistance is expected at $7200 and $7500, around the orange regression line.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is technically bearish on the hourly chart, although it has witnessed a mild bullish over the last 24-hours trading. Following recent rejections, circled yellow at the orange regression line, Bitcoin is likely to drop heavily in the next few hours. As we can see, the price has already dropped near support of $6300 that got broken yesterday.

BTCUSD, Hourly Chart – March 31

If this support level breaks significantly, Bitcoin could roll straight to $6000, where the second green area lies. The following support here is $5880, which is yesterday’s low. In case Bitcoin finds support around the immediate green demand area, the price is likely to bounce back at $6600 resistance, which is slightly above the orange line. If the resistance holds as support, the next buying target would be $6800 and $6900.

PENDING BUY ORDER

Buy: $6300
TP: $6540
SL: $6212

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USDCHF Extends Prior Recovery Moves From the Level at 0.9600 Towards the 0.9696 Level

31 March 2020 | Updated: 31 March 2020

USDCHF Price Analysis – March 31

USDCHF holds the U-turn of the prior day, thus bringing circles from the level of 0.9600 towards the mid-level at 0.9696 ahead of Tuesday’s American session. Even though yesterday the Fx pair stabilized sideways but could not resolve certain marked barriers, and thus stays fragile.

Key Levels
Resistance Levels: 1.0231, 10027, 0.9902
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

Within the wider context, the fall from the level at 1.0231 is viewed as the third leg of the trend from the level of 1.0342 (high). Having reached 0.9242 main support (low) level, it should have concluded at 0.9181 level.

Retesting the 1.0231 high level may be seen as continued progress. After all, medium to long-term range trading may probably continue for some time between the level of 0.9181/1.0231.

USDCHF Short term Trend: Ranging

Amid current recovery, the intraday bias in USDCHF is considered neutral. On the upside, a break of 0.9696 minor resistance level can mean that the pullback from 0.9902 level is complete.

In the next level of 0.9902, intraday bias may be altered back to the upside. On the downside, a continuous break of 61.8 percent from 0.9181 to 0.9902 at 0.9440 level may approach a test at the main support level of 0.9181.

Instrument: USDCHF
Order: Buy
Entry price: 0.9600
Stop: 0.9550
Target: 0.9696

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S&P 500 Anticipated Advance Continues to Consolidate Around 2600/2700 Levels

31 March 2020 | Updated: 31 March 2020

S&P 500 Price Analysis – March 31

The S&P 500 consolidates the 4-day advance beneath the levels of 2600/2700 while big and powerful outbreak threats linger, worldwide uncertainties stay on the weak side during Monday’s initial trading session. Tactically, as per analysts at Goldman Sachs, they reasonably expect the S&P 500 to increase to 3000 levels by the close of the year.

Key Levels
Resistance Levels: 3139.0 , 2900, 2700
Support levels: 2500, 2400, 2179.3

S&P 500 Long term Trend: Bearish

As shown on the daily chart, the S&P 500 consolidates a 4-day advance beneath resistance levels of 2600/2700. In the medium to long term, the reversal may expand below to the 2500 and 2400 levels. Significant resistance is shown in price levels of 2638/2700.

The bottom line is that the most recent declines are probably to see a retest except if the S&P 500 will efficiently break above the 2638 level.

S&P 500 Short term Trend: Ranging

Through the point of view of the 4-hour time frame, the S&P 500 reveals that the index had ended a short-term bearish cycle when the market hit a level of 3139, and the index is already consolidating at 2638 level with a push against its resistance.

Besides, the corrective movement that the price is forming must continue to alter its bias, which leads to an upward rally towards the level at 2700. Additionally, the S&P 500 index may force a new restricted bearish movement in the short term that may offer the long side the potential for new consolidations.

Instrument: S&P 500
Order: Buy
Entry price: 2600.0
Stop: 2500
Target: 2700

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Ripple (XRP) Pushes above $0.17, Attempts an Upward Move

31 March 2020 | Updated: 31 March 2020

Key Resistance Levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bearish
Since on March 12, Ripple has been on an upward move but faces resistance at $0.17. The price has earlier been fluctuating between $0.12 and $0.17. Nonetheless, the bulls have broken and closed above the resistance line of the descending channel. The price action implies that there may be a change in trend. Ripple is likely to be in upward move. XRP is likely to move up to the high of $0.20, if the bulls sustain price above $0.17. There is the likely tendency for price to slide below $0.17, if the bulls fail to sustain price.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is trading above 60% range of the daily stochastic. The bullish momentum is unsteady as the bulls break the resistance line of the descending channel. In the meantime, the price bars are above the support of 21-day SMA.

XRP/USD Medium-term Trend: Bullish
Ripple is making a series of higher highs and higher lows. The bulls have been able to break above $0.17, but the bulls have to sustain the upward move. Ripple upward move has not been impressive, as it lacks buying at higher levels.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
A bullish trend line is drawn showing support levels of price. Meanwhile, Ripple is rising as it reaches level 53 of the Relative Strength index. Ripple is above the centerline 50 indicating that it is in the Uptrend zone. Nevertheless, the 21-day and 50-day SMAs are sloping upward.

General Outlook for Ripple (XRP)
Ripple has broken the resistance line of the descending channel. XRP has the chance of an upward move if the bulls sustain the current momentum above $0.17. Failures of the bulls to push the price upward will make price slide down.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.171
Stop: $0.165
Target: $0.191

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Bitcoin Perpetual Swaps Introduced on Huobi With 125x Leverage

30 March 2020 | Updated: 30 March 2020

Huobi, situated in Singapore, is the recent crypto exchange to introduce perpetual swaps. The new product is presented live on Huobi DM, the derivative trading platform for the company.

BitMex-like future no-expiry contracts, better known as perpetual swaps, are becoming increasingly prevalent amongst crypto exchange firms.

Binance and OKEx launched perpetual swaps last year and now Huobi’s time to join the bandwagon.

Huobi DM currently offers crypto-derivatives including Bitcoin futures with weekly, bi-weekly, and quarterly contract expiry dates.

The platform currently provides perpetual swaps. Such derivatives enable traders to get Bitcoin access despite not having bought it. The commodity is similar to a futures contract that imitates the spot price of the asset but it does not have a termination date or payout. Platforms usually exchange transactions amongst buyers and sellers every eight hours.

Perpetual swaps are, as per Huobi DM, “a modern derivative product that allows users to effectively hedge risk and builds leveraged investment opportunities in competitive market situations.”

Ciara Sun, VP of Global Business Department at Huobi Group, clarified:

While we have lately noticed, rapid market fluctuations may have a major but transient effect on the wider financial environment, yet uncertainty is still a very regular part of the market process. Perpetual swaps offer another method for traders to leverage on market fluctuations and build arbitrage in their portfolio.

Perpetual Swaps on Huobi Reinforced With x125 Leverage
It is also probable that Huobi is studying how some exchanges operated and from its viewpoint applied the industry standards. The derivative system, in principle, enables for a gross leverage amount of close to 125, like in the Binance example. This implies traders should raise their initial payment for a position by 125 times to optimize future earnings.

Nevertheless, the probability of losing is also much greater, hence why most analysts caution that only institutional and skilled investors should be allowed to take these instruments.

In other cases, the potential value for BitMex and OKEx is 100x. Until Binance initially disclosed its overall leverage amount, much backlash was faced.

Huobi says, though, how it provides some primary risk reduction features to mitigate risk, along with the partial liquidation procedure and circuit breaker. The former slowly reduces the role of a client, rather than liquidating it in one event in total. In irregular market conditions, the liquidation circuit breaker is used when the system identifies significant differences in liquidation and market rates.

Perpetual swaps were on our agenda for a while now, although we needed to make sure we provided adequate risk checks in place until we declared it accessible, Sun clarified.

Huobi originally mainly enables BTC swaps, but it’ll eventually offer ETH, EOS, and LTC.

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Germany 30 (DE30EUR) Is Recovering but Faces Stiff Resistance at 10000

30 March 2020 | Updated: 30 March 2020

Key Resistance Zones: 13600, 14000, 14400
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bearish
Germany 30 has exhausted the selling pressure of the index. The downward move has subsided as the market makes an upward movement. The bulls are making an upward move as the market reaches a high of 10000. The index is currently facing resistance at 10000. Germany 30 was earlier in an oversold region. The current upward move was as a result of the emergence of the bulls.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
DE30EUR is above 40% range of the daily stochastic. The index is in a bullish momentum. The bulls are emerging to push the index upward which was previously oversold. The 21-day SMA is acting as a resistance to the index.

Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The 8000 support was holding as the bulls make an upward move. The bulls break the resistance line of the descending channel and continue the upward move. Buyers are finding penetration difficult at 10000 resistances. Meanwhile, they have made two unsuccessful attempts without breaking it.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 53 of the Relative Strength Index period 14. RSI is indicating that DE30EUR is in the uptrend zone. The index is rising. The 21-day SMA and the 50-day SMA are sloping upward.

General Outlook for Germany 30 (DE30EUR)
Germany 30 index is holding above 8000 price levels. With the breaking of the resistance line of the channel, the former trend is presumed to be terminated. There is a change in trend. At the moment the bulls are facing resistance at 10000.

Instrument: Germany 30 (DE30EUR)
Order: Buy
Entry price: 9653.20
Stop: 9600
Target: 9853.20

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Crude Oil: WTI Bears Restrict Price Around $20 Level

30 March 2020 | Updated: 21 December 2020

USDWTI Price Analysis – March 30

In the early Monday session, WTI slips to $19.95 price level. In doing so, the energy index stays nearly weak for so many years while posting declines for the fourth straight time since the weekend and is now looking to finish the month of March more than 50 percent weaker. Besides the dismal mood of the market, the lack of commitment on the part of major oil-producing countries to alter the production makes it impossible for oil to attempt a rebound.

Key Levels
Resistance Levels: $30.21, $25.00, $23.16
Support Levels: $17.00, $15.00, $10.00

USDWTI Long term Trend: Bearish

Oil prices steadily decreased to slide down just below $20.08 level in the support area. That indicates the pair’s latest attempt around this level. Prices are slowly picking up so far. Nonetheless, on the daily chart, the bearish price action indicates there is room for more downside.

But the double-bottom on the daily at the moment suggests the probability of a potential rebound. Currently, the price close to $27.40 level could be the obvious target. On the contrary, the $17.00 low level could be the next aim the moment the $20 support zone is unable to hold.

USDWTI Short term Trend: Bearish

In the short-term frame, the loss of $20.08 psychological level may trigger renewed selling and unmasking support at $17.00 (low) level with continuation to the next level, which is the psychological $10 level, which is not ruled out.

Conversely, an upward breach of the initial line of resistance, at a level of $23.16, may reach $27.40 and $30.21 levels during the subsequent advance. The bulls are less probable to be persuaded, even so, if they provide a consistent shoot-up far above top March 11 around $36.28 level.

Instrument: USDWTI
Order: Sell
Entry price: $20.84
Stop: $21.50
Target: $19.50

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