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Mixed news; BTC, ETH, ETC, UNI, SOL analysis

30 Jun, 2021 Martin Petkov
Mixed news

Hello and welcome, everyone. It's Martin here at CryptoGains. We have a number of interesting developments to discuss today, so let's dive straight in.

First of all, Mexico stopped the plans of a major bank to begin offering Bitcoin services, citing that "financial institutions in the country are not authorised to perform or offer to the public operations with virtual assets…in order to maintain a healthy distance between these in the financial system". Basically, taming the enthusiasm of that particular bank, and, of course, you may have noticed in a video from a few days ago, I discussed that another of Mexico's richest people wants to build a bank specifically for cryptocurrencies. It seems that this is not going to happen.

In addition to that, the exodus of miners away from China is affecting the Ethereum hashrate, as well, which dropped by 25%. US Congressman, on the other hand, says that courts should be allowed to reverse crypto transactions. This is very huge. It may not seem obvious to you how it may affect trading, but actually, it's hitting one of the core principles of crypto, which is about anonymity and decentralisation. And if this were to take place, it would affect quite significantly how cryptocurrencies are perceived and how they're viewed in terms of their security and transparency.

Also, a similar development is happening in the UK, where NatWest, one of the leading banks, is going to restrict daily transfer amounts to crypto exchanges, again, to prevent fraud and to prevent the use of crypto funds for other illegitimate activities.

Some positive developments with major crypto assets, for example, "CoinMarketCap launches token swaps and Uniswap support". And we're going to discuss how this is affecting Uniswap and how we can use these insights for trading. And finally, one of the veteran crypto traders is extremely bullish on Solana. And we're going to take a look at Solana's charts and see what opportunities this presents. 

But as usual, we're beginning with Bitcoin versus Tether. On the one-hour chart, $35,000 remains a very critical level. Above that level, initiating long positions, with targets on the long side firstly at $36,400 and then higher up at $37,500. Conversely, below $35,000, selling Bitcoin. The targets on the short side remain $34,250 and $33,250.

And now we move to Ethereum. Ethereum remains well supported over $2140. Good opportunities to buy and targets on the long side at $2250 and $2370. Conversely, if that critical level of support at $2140 is broken, we could see declines to $2043 and $1965.

And now we are moving to Ethereum Classic. Ethereum Classic rallied heavily over the last couple of days. And, at the time of filming, it comes with a buy signal on the StormGain platform giving us a good opportunity to buy above $60, with targets at $63 and $66. Conversely, if we break below $60, we could see declines to the nearest meaningful levels on the short side, which are $57.30 and $51.30.

And now we're moving to the crypto assets that we already touched on, beginning with Uniswap. Uniswap has not yet responded meaningfully to the positive news from the last couple of hours, so it presents a very good buying opportunity above $18.25, with targets at $19 and $19.60. And for selling, below $18.25, with targets at $17.8 and $17.

And finally, let's take a look at Solana. For Solana, I like $32.75 as my pivot point. It used to act as a long-term resistance. Now it has turned into support, with targets at $35.70 and $37.20. And on the short side, if we're unable to maintain the level of $32.75, it's likely that we may see decreases to $31 and then lower down to $28.40.

Thanks for joining me today. Keep learning with the video education section and the CryptoGains Market Insights subsection. And remember to join the Crypto Signals Made Easy channel for insightful articles and trading ideas. Thanks for joining me today. Trade wisely, and I'll see you soon.


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