Daily analysis of major pairs for October 24, 2017

EUR/USD: The EUR/USD did not move significantly on Monday. However, a movement that is directional is expected this week, which would either take price above the resistance line at 1.1850 or below the support line at 1.1700. Until one of the two boundaries are breached, the bias on the market would be neutral.

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USD/CHF: On October 23, this pair moved briefly above the resistance level at 0.9850 and then moved below it. This week, the resistance levels at 0.9900 and 0.9950 would be aimed. Two factors would me this possible: 1) an expected stamina in USD. 2) an expected fall in the EUR/USD.

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GBP/USD: The Cable consolidated yesterday, and the price is currently moving against the extant bearish signal. The movement would be seen as a rally in the context of an uptrend until the distribution territory at 1.3300 is breached to the upside. Normally, a movement to the downside is anticipated from here.

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USD/JPY: The USD/JPY opened with a minor gap-up this week, rammed into the supply level at 114.00 and then got corrected lower. The bias on the market is bullish, and therefore, the price is expected to rise from here, testing the supply level at 114.00 again, breaching it to the upside, and going further northwards.

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EUR/JPY: What happened on the EUR/JPY is quite similar to what happened on USD/JPY. The market opened with a gap-up, touching the supply zone at 134.00 and then fell by 70 pips. Nonetheless, that was not enough to override the current bullish bias. Therefore, the drop in the market would be an opportunity to enter at a better price.

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Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space

Abra Foxconn

Abra, a mobile payment and digital currency platform that relies on Bitcoin, closed $16 million in series B funding, led by Foxconn, the electronics supplier for Apple and other tech giants.  

Bill Barhydt, founder and CEO of Abra, made the announcement on October 23, 2017, at Money20/20 in Las Vegas, where he also outlined his vision for how consumer product companies will use Bitcoin in the future.

Other investors in the round include Silver Capital and IGNIA, as well as previous investors Arbor Ventures, American Express Ventures, Jungle Ventures, Lerer Hippeau and RRE Ventures. Total funding to date for the company now stands at nearly $35 million.

"We believe that Abra represents the future of digital payments and banking," Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said in a statement, adding that Abra could potentially usher in a new era of financial inclusion to billions of people.

In speaking with Bitcoin Magazine, Barhydt explained that Abra plans to use the funds to expand globally and invest in future product development. "We have a lot of project announcements we will be making on a rolling basis," he said.

Three-Part Vision

Though Barhydt did not offer exact details on what Abra's new products will be, he did drop several hints in his three-part vision for how consumer products will implement Bitcoin in the future.

The first part, he explained, involves cross-border and consumer payments, which he said has been Abra's focus for a couple of years now.

The second part involves using Bitcoin as an investment vehicle, in which smart contracts built on top of Bitcoin's ledger would enable more complicated if-then types of financial transactions - payments that go through only if specific conditions are met.

Abra already relies on smart contracts to hold fiat currency and manage bitcoin price fluctuations, Barhydt explained.

He went on to describe the third part of his vision: "A new model of consumer asset finance," which he said is where consumer product companies like Foxconn enter into the picture.

It was an idea that he conceived while recently traveling to Africa. There, he saw how a company was leasing solar panels to people who were making regular micro-payments via M-Pesa, a mobile money transfer service.

"They give solar kits to people who use them only if they make a weekly lease payment from M-Pesa wallet," he explained. If a borrower does not make the payment, a SIM card in the phone communicates with the battery in the solar panel, shutting it off.

His idea was to extend the concept to other consumer appliances, like refrigerators, flat-panel TVs and washing machines, that people in developing countries struggle to afford.

"Using this model of embedding this cellular technology combined with a Bitcoin-based payment system like Abra, you now have a new model where people can do instant on-lease payments," he said, calling it a "new trillion-dollar business" that can only be done on scale using something like Bitcoin.

Continuing to remain tight-lipped about future product launches, Barhydt said, "Our goal is to be the best digital currency wallet in the world for the average consumer, starting with real cash and bitcoin, and we'll see how it evolves from there."


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What is Bitcoin Gold? What to Know About the Blockchain’s Next Split

What is bitcoin gold? A new cryptocurrency project expects to launch today. Here's what it is and why it matters.

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What is Bitcoin Gold? What to Know About the Blockchain’s Next Split

What is bitcoin gold? A new cryptocurrency project expects to launch today. Here's what it is and why it matters.

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The Crypto Show: Susanne Tempelhof Of Bitnation Pangea & CryptoChicks TexasBitcoinConf. Afterparty

On tonight's episode of "The Crypto Show," we interview Susan Tarkowski Templehof, founder of BitNation, about "Pangea," whose white paper can be found on GitHub. "Pangea" will be a platform for various private non-State governance structures based on Ethereum smart contracts for contracts, titles, dispute resolutions, birth certificates, and various other societal functions that are currently monopolized by the government but will be subject to free choice using Pangea. She also informs us about the upcoming ICO pre-sale and public sale for Pangea.?‚

In the second hour, Lauren Slade and Summer call in to talk about the crypto-party at Jo's Coffee on 2nd Street the Sunday of the Texas Bitcoin Conference. There will be artists with works for sale in Bitcoin, virtual reality, video-gaming, tarot reading, henna, and other stuff for sale in Bitcoin, including admission tickets.

http://TexasBitcoinConference.com coupon code: CRYPTO

Sponsored by: Dash, CryptoCompare and Defense Distributed

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Blockchain In-Game Marketplace DMARKET Token Sale Nears Final

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Blockchain In-Game Marketplace DMARKET Token Sale Nears Final

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Catch-22 for Unbanked How a Billion People Can Enter the Global Economy

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Catch-22 for Unbanked How a Billion People Can Enter the Global Economy

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