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Better Late Than Never

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Six months since Brexit was officially triggered it seems that talks may finally be on track. After a few short detours, all cylinders are firing today.

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Though there are still disagreements in how the UK will look without Europe at least everyone is finally talking about it. Better late than never.

May will be attending a Euro gathering in Estonia today to push her agenda. However, some of the other attendees have very big agenda’s as well.

Emanuel Macron, for example, has just delivered a huge speech on the unification of Europe. His plan is full of specific proposals to make the continent great but will require a lot of work and full focus.

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@MatiGreenspan
eToro, Senior Market Analyst

Please note that there will be no market update tomorrow due to local holidays. We will resume as normal on Monday October 2nd.

 

Please note: All data, figures & graphs are valid as of September 28th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Markets are currently gushing over Trump’s proposed tax reforms. Some analysts would say that these tax cuts have been the reason markets have been rising since November and that they’re already priced into the markets…

Washington does seem to finally be rallying behind the President and many politicians seem to be generally in favor of reducing taxes. However, the proposal that’s currently on the table is a bit short of expectations.

Donald Trump’s campaign promise was that he would be cutting corporate taxes to 35% to 15%. The draft that he proposed yesterday would only cut it to 20%. Though that’s only 5% more for companies it’s still 25% less than promised.

So we’ll be watching the political stage closely in the United States in the hope that this can actually go through.

BoE Independence

As we’ve stated before, central banks are the ones who really move markets. Even though they remain largely behind the scenes to the average person, most of the largest market movements of the past decade have been caused by direct interference from these institutions.

So it pays to pay attention to what they’re saying.

Today, the Bank of England will be holding a grand celebration to mark the 20th independence day. In 1997, then Chancellor Gordon Brown granted the BoE the freedom to set rates and dictate monetary policy.

Of course Mark Carney will be there as well as the assistant governor of the RBA. Theresa May is also expected to attend but I’m not so certain she’ll make it back in time.

Vice Chair of the Federal Reserve in the United States Stanley Fischer will also be speaking at the event. Stanley has recently resigned his post from the Fed for personal reasons. So he may be a bit more revealing today.

Expect volatility in the currency markets throughout the day.

New Crypto Rally

It all started with Ripple, which seemingly out of nowhere gained 10% in the span of an hour. Soon the other cryptos began to join in the fun.

The party peaked when Bitcoin busted through the $4000 level and kept right on through $4100. As of this writing, it’s holding above $4,200.

Ethereum was the last to join the party but did end up breaking through the psychological barrier of $300 by the end of the day. Better late than never!

Not only that. Just in the heat of the rally, the crypto market received some support from the most unlikely of places.

The CEO of Morgan Stanley James Gorman came out in broad favor of Bitcoin as an alternative to central banking.

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He also said that Bitcoin was “more than just a fad.” This is a direct contradiction of what his counterpart at JP Morgan had to say.

Let’s have an awesome day an amazing weekend!

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 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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Cryptocurrencies

Trade Recommendation: Stellar

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The price bounces from SMA50 which is a support line for the market. MACD lines support upward movement. Also we can draw a pennant chart pattern which also confirms further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation pattern. It will give us an additional confirmation of the upward movement. Pending orders for buy should be placed at 0.035000 level with stop orders at 0.028000 level. The main profit target should be at 0.048000 level. The part of trade volume can be left for the higher target at 0.070000 level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: STRUSD
Buy: 0.035000
Stop: 0.028000
Profit Targets: 0.048000

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: Lisk

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A new attempt to catch a trend reversal. The price diverges with MACD and it gives us a buy signal on the falling market. DMI allows to open long trades. We should place pending orders for buy above the previous high at 0.000840 level. Stop orders must be placed below the support at 0.000680 level. Profit targets are 0.001200 and 0.001400 levels. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: LSKBTC
Buy: 0.000840
Stop: 0.000680
Profit Targets: 0.001200 and 0.001400

The trading signal is based on Bittrex chart.  

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Cryptocurrencies

Ether Prices Fall Below $300 Amid Technical Breakdown

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Ether declined against the dollar this weekend, and is now approaching a critical support level as the market corrected lower following last week’s failed rally.

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$350 Proves Elusive

ETH/USD was last seen trading around $293, down more than 1% from the previous close. Technical headwinds are limiting ether’s momentum, according to the MACD and Relative Strength Index (RSI).

Ether’s rally last week stopped short at $350 on two occasions, as the bulls disavowed their long positions. The subsequent breakdown through the weekend erased 16% from Ethereum’s value.

At present levels, the Ethereum blockchain is capitalized at nearly $28 billion, according to CoinMarketCap.

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The world’s second-largest digital currency by market cap faces immediate support near $290. On the opposite side of the spectrum, resistance is likely found in the $305-$310 region.

Upgrade Still Not Stable

Ether underwent a successful hard fork last week, but the blockchain has yet to be deemed stable by its chief developer Vitalik Buterin. Ethereum’s chief architect has already informed the market that up to two months of further testing may be needed to fully secure the blockchain.

The first leg of the Metropolis hard fork occurred last Monday after block 4,370,000 was mined. The blockchain successfully avoided a chain split even after Geth developers addressed a last-minute denial-of-service (DoS) vulnerability. Geth is the most popular software on the Ethereum network.

The Metropolis protocol will require a second update, called Constantinople, before it is function. No timeline for the Constantinople upgrade has been provided.

Ethereum has been one of the main participants of this year’s cryptocurrency rally. It has also emerged as the platform of choice for startups to launch their initial coin offerings (ICOs). The vast majority of ICOs covered by Hacked.com have been developed on the Ethereum blockchain. This weekend, the author conducted an in-depth review of Spectre, a broker-less trading platform powered by ether.

Featured image courtesy of Shutterstock.

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