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Bitcoin Goes Full FOMO

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As the price reaches newer highs by the moment, the Bitcoin market is now deep in the thralls of FOMO. No telling how long this can last. Could be a day, could be two weeks.

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More and more people are waking up to the potential of blockchain technology and a rapidly growing population believe that the original blockchain, bitcoin, will eventually replace money as we know it.

Analysts continue to revise their price targets higher and higher both on the short term and the long term as people frantically rush in before the opportunity is gone.

The upcoming Segwit2X hard fork (scheduled for the middle of the month) serves as an incentive rather than a deterrent as those who are holding long term will receive both coins. This is a win-win situation for Hodlers. Everyone agrees that the network needs to be improved and though some may disagree about the way to improve it anybody holding bitcoin at the time of the fork is happy to wait and see which one wins.

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Many of our clients have told me flat out, that they’re happy to buy right into the fork.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs below are valid as of November 3rd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Finally, Republicans in the US House of Representatives have put forward the first draft of a bill they call the “Tax Cuts and Jobs Act.”

Already critics are lining up to point out that this bill benefits the rich disproportionately to the poor and that it will increase the US deficit by trillions of Dollars over the next decade.

As we speak think tank analysts are pouring over the bill and crunching the numbers and we can expect a heated debate over the next two weeks.

US Markets were mixed, the Dow Jones is currently at it’s all-time highest level, but the SPX500 is just shy of its.

New Fed Boss

As was largely expected, Donald Trump has officially nominated Jerome Powell to take over from Janet Yellen as Fed Chair once her term expires in February.

Powell seemed to be the level headed choice and the best for the stock markets. He is largely expected to be a continuation of Yellen and will resume her work of gradually normalizing monetary policy. So in the meantime, Yellen’s updates remain significant and she is in no way a lame duck.

Bank of England Disappointment

Mark Carney did indeed pull the trigger yesterday but he has signaled that going forward he will be reserving his ammo.

They did raise the interest rate to 0.5% in order to offset the emergency cut that was done in the wake of the Brexit referendum.

However, the UK economy is not showing sufficient productivity to warrant monetary policy “normalization.”

Barring any significant or sudden pickup in growth, the interest rate will remain below 1% for the foreseeable future.

The British Pound reacted strongly to this news. With the GBPUSD dropping to it’s nearest major level of support, just above 1.30. Even though the move was strong, there hasn’t been any significant breakout. Watch closely today for any aftershock!

Today’s Big Announcement

As on the first Friday of every month, investors will zoom in on the Jobs data coming from the United States known as the Non-Farm Payrolls.

Last month was dismal and it showed that the US actually lost 33,000 jobs during the month of September. However, this figure was quickly dismissed as a natural effect of the hurricanes and fires in the country.

Economists are forecasting an outstanding number this month and estimate that more than 300,000 jobs were added in the month of October.

A good number here could certainly breath further confidence into the US Dollar. The declining Dollar trend does seem to have been bucked already and the graph is now showing a bullish pattern.

Notice the consolidation over the past few days (candles), which is focused on the upper half of the upward channel (yellow lines).

Let’s have an amazing day 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.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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