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A Swift Lesson

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Of all the big brand names that have reinvented themselves in the last few years, perhaps the most successful has not been a company at all but a pop singer.

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According to an article in Forbes magazine, there’s a lot we can learn from Taylor Swift’s groundbreaking release of her new hit single Look What You Made Me Do

Though the music is not my favorite, you can’t help but admire the way Swift handles everything from the Music to Social Media, and right down to the way her CDs (apparently people are still using them) are distributed.

Every leader in business should read the above-linked article and take a few lessons from the pop diva.

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@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of September 18th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

As the missiles fly towards Japan and the Supreme Leader Kim Jong Un vows to reduce the United States to ashes and darkness, CNN gets an excellent glimpse into the minds of the citizens of the DPRK.

When you have a moment, check out: Secret State

Understanding the conflict of North Korea might be able to give us a good insight into what’s taking place in the global markets and how to position yourself.

Of course, understanding what’s happening with the US Dollar will give us a better insight. This morning, the markets are all googly eyed about the upcoming FOMC meeting on Wednesday that will likely decide the fate of the greenback and could determine its course going forward.

The US Dollar has been losing against all the major currencies big league for the past few months. Here we can see the relative performance since the beginning of the year.

The FOMC has the power to reverse this trend or to plunge the Dollar further. The Fed Chair Janet Yellen’s time as the head may be coming to a close in February, possibly depending on what she does this week.

More Immediately

As we’ve discussed at length in previous updates, the central banks are the ones who control the markets. Since 2009 they have been the biggest buyers of bonds, ETFs and other financial assets and their appetite is one of the only things that determine the direction of stocks, commodities, and currencies.

Today we’ll hear from the Governor of the Bank of England Mark Carney who will be addressing the International Monetary Fund in Washington DC. Mark is generally considered a leader of central bankers and what he says can actually influence other countries as well.

Carney moved the British Pound last week and pushed it to the highest level since the night of the Brexit Referendum. Today’s speech is expected to be more global in focus and could give us a clue as to what strategy all of the central banks may adopt going forward.

China Ban Hammer

More cryptocurrency exchanges closed down in China. It’s been a steady decline since the People’s Bank decided to ban all ICOs. They never expressly came out and ruled that all cryptocurrencies should cease. However, by the fact that many exchanges are voluntarily closing their doors we can probably deduce that the Chinese government had some part in these decisions.

The feeling from Chinese Crypto Enthusiasts is that the government may be able to wound Bitcoin but does not have the power to kill it. Bitcoins can easily be bought in Hong Kong, and even more easily in Japan. Two countries that Chinese citizens visit often. So what’s to stop people from bringing them back and trading them peer to peer?

The Crypto Market is on a rampage this morning as it seeks to regain the losses from the past two weeks.

Bitcoin itself spent about 20 minutes below $3000 a coin on Friday but today is testing the $4000 level. Other cryptocurrencies are moving even faster than that with Ethereum and Litecoin gaining 18% and 13% respectively over the last 24 hours.

Let’s have an amazing week ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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2 Comments

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  1. derick

    September 18, 2017 at 6:09 pm

    hello could you please send me the link to this article “As we’ve discussed at length in previous updates, the central banks are the ones who control the markets.” mentioned above.
    thanks

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Altcoins

Fears of Regulatory Crackdown Flush $190 Billion Out of Crypto Market

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Bitcoin, Ethereum and every other major cryptocurrency collapsed on Tuesday, as fears of regulatory clampdown in South Korea triggered a mass exodus from the digital asset class. The collapse comes as mainstream media reports continue to push the idea of an imminent ban on cryptocurrency exchanges even as lawmakers cautioned no decision had been reached.

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Cryptocurrency Market in Free Fall

The cryptocurrency market declined rog $190 billion on Tuesday, marking one of the biggest single-day drops on record. At its lowest, the market was valued at $510 billion,  which was than $200 billion below its peak earlier this month.

The top 20 coins were each down in excess of 17%, according to data provider CoinMarketCap. Nearly $49 billion worth of cryptocurrency exchanged hands over the past 24 hours.

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Bitcoin plunged below $12,000, reaching its lowest level since early December. Ethereum, its biggest rival, fell back toward $1,000, while Ripple bottomed out at $1.23 after peaking above $3 just a few weeks ago.

South Korea Jolts Market

It was mainly regulatory issues that jolted cryptocurrencies on Tuesday, with South Korea mulling new legislation to stamp out excessive risk from the market.

South Korea’s finance minister Kim Dong-yeon reportedly told local radio that an all-out ban on cryptocurrency trading was a “live option, but that government officials still need to “seriously review it.” Seoul’s biggest issue with cryptocurrency trading is the level of speculation in the market and the role of anonymous accounts in spurring volatility. New regulations have already banned anonymous trading on domestic exchanges and barred foreigners from participating in the market.

Last week, some of South Korea’s busiest crypto exchanges were raided by police and tax agents over alleged tax evasion. The raids were confirmed by an employee at Coinone, who spoke to Reuters anonymously.

Seoul’s financial authorities had previously indicated they were investigating six banks that offer cryptocurrency accounts. In addition to speculative risks, authorities are also concerned about the link between cryptocurrency trading and organized crime.

South Korea is a major center for cryptocurrency and is home to some of the largest exchanges. Local traders have been the main catalysts behind some of the crypto market’s biggest gainers, including Ripple.

Some analysts believe that further regulatory crackdown will be ineffective given the borderless nature of cryptocurrencies. When China banned cryptocurrencies, traders there migrated their accounts offshore to Hong Kong or Korea. This suggests that a regulatory crackdown can only succeed with broad international cooperation, which does not exist at the time.

Chinese regulators know that their measures have done very little to limit virtual capital flight from the country. That’s why they are moving to block domestic access to offshore exchanges, according to a recent Bloomberg report.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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