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All That Money

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Hi Everybody

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Hope you had an awesome weekend. If you’re investing in cryptos you definately did.

The cryptocurrency markets are surging again with Bitcoin leading the way. The shiny digital currency saw a new all time high over the weekend to top $3,344 a coin.

All that new value that materialized with the emergence of Bitcoin Cash has been sucked up by Bitcoin itself as we’ll discover below.

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@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

President Out

OPEC Talks

Another Fork Coming

Please note: All data, figures & graphs below are valid as of August 7th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Failed healthcare, new Russia Sanctions, Tax reform hasn’t even started yet, North Korea sanctions ramping up, Special Investigator on his tail, but where is the President?

On vacation, playing golf, of course.

Trump must’ve mentioned every single time that Obama smacked the little white ball so it’s only fitting that we do the same for him.

The man can afford a break though. The markets are behaving nicely. The Dow Jones has now broken a new all time record for eight straight sessions in a row and the U.S. Dollar is weakening just like he wanted it to.

Sticky Stuff

Members of the OPEC oil price fixing group will be meeting today and tomorrow. Last time they met markets were impressed by their ability to speak about the option to intervene in markets and prop up the price further if needed.

If they were disapointed by the fact that Nigeria and Libya were not discussed, it didn’t show up in the price. The articles preparing for today’s meeting seem almost exactly the same as they did ahead of the last. With many analysts stating that they need to put output caps on the two delinquent countries.

The price of oil is dipping this morning as it did last time. Will the members say something different this time? Will the markets react the same?

Though the fundamentals are strikingly similar the technicals are much different. In the last meeting the price was relatively low. Right now, we’re at a price that could be seen as average.

The blue line in the graph below is the 200 day moving average. The dotted yellow line represents a strong resistance that has been building over the course of this year. Of course, let’s not forget the very round level of $50 a barrel that we are now hovering just below.

A $2 move up would mean a breakout of all three key figures. A $2 move in the other direction would mean that they’re holding strong.

Bitcash Down

All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin.

Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning.

During the same time, the market cap of Bitcoin was $44 Billion, and it is now up above $53 Billion.

Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.

This hard fork that came out of nowhere threw a monkey wrench into the bitcoin scaling debate. However, that debate is still playing out and it seems we’re finally reaching a consensus. SegWit is now almost certain to be implemented shortly and miners are showing overwhelming support for the SegWit2x solution.

So, within the next few months, we will likely get another hard fork. This one with overwhelming support from the Bitcoin community.

Let’s have an awesome 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.

Featured image from Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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2 Comments

2 Comments

  1. embersburnbrightly

    August 7, 2017 at 3:46 pm

    That disparity between US stock values and US dollar values is quite scary, especially since I’m a resident of the US. What happens to the US dollar when an overvalued stock market suddenly crashes? Nothing good for those who use that currency for their nation’s economy.

    “Make America Broke Again.”

    🙁

  2. fadishop

    August 7, 2017 at 4:39 pm

    About Bitcash. It is an opinion of a market trader, a Bitcoin fascist, who is bought in Bitcoin, does not accept discrepancies and can not see that the Bitcoin transfers do not work and that Bitcash does not have support but it is a solution at the moment. It does not matter how important it is to have a market, to be bought and to find the trend.
      I have been a miner and I understand that they ask for more rewards, the exchanges ask for more commissions but when they make the transfers they ask for $ 4 and they only pay $ 0.5 on the network. Bitcoin continues with the same problems.

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Cryptocurrencies

Trade Recommendation: Qtum

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The price of Qtum has bounced from the support zone formed by the 0.035000 support level and Senkou B line of the Ichimoku indicator. The DMI confirms trend market conditions and allows opening long trades. We have a trading opportunity. Pending orders for buy should be placed at 0.037800 level with stop orders at 0.034000 level. The main profit target is 0.050000 level. The part of trade volume can be left for the long run. If you don’t use leverage, the recommended trading volume for this trade is up to 5% from your deposit.

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Market: QTUMETH
Buy: 0.037800
Stop: 0.034000
Profit Targets: 0.050000

The trading signal is based on Bittrex chart.   

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again

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The most valuable coin had another encouraging week, as it emerged from a brief but violent correction, just to reach new highs towards the end of the week, draining capital from altcoins. The total value of the market is stagnating near the all-time high, but BTC crossed the $100 billion mark as it surged past the $6000 price level, controlling 58% of the market.

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With the long-term MACD clearly being overbought, and as the long-term target has been hit, investors should now be looking for exit points, even as the short-term uptrend is intact. The range projection target of the recent correction is found at $7000, but correction risks are already high, and only small positions should be kept in the current setup.

BTC/USD, Daily Chart Analysis

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Most of the major altcoins are trading in narrow ranges this weekend after a slightly bearish week, as the optimism surrounding Ethereum’s major update faded and the second largest coin re-entered its previous range.

Litecoin, Dash, and Monero are still looking encouraging despite the lengthy correction, while the recently, while the relatively weak Ethereum Classic IOTA continue to show worrying signs. As the Bitcoin long trade is getting stretched,  let’s see the how the daily charts of the altcoins are shaping up.

(more…)

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Cryptocurrencies

Trade Recommendation: Waves

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The market moved lower and we have to search for a new trading opportunity. Now we have a possible support zone at 0.000600 level. RSI confirms price reversal. MACD histogram supports the upward movement. Bullish divergence gives a trend reversal signal. We have a new high which can be used for placing buy orders. Entry level is 0.000720 with stop orders at 0.000550 level. Profit targets are 0.001000 and 0.001300 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: WAVESBTC
Buy: 0.000720
Stop: 0.000550
Profit Targets: 0.001000 and 0.001300

The trading signal is based on Bittrex chart.  

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Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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