Connect with us

Cryptocurrencies

Cash Grows, Stocks Slow, Bitcoin Surges off the Charts

Published

on

Hi Everyone,

// -- Discuss and ask questions in our community on Workplace.

As of today, Germany will begin sending back migrants who reach their borders. According to the Dublin Regulation all migrants must apply for processing in the first EU country that they land on.

That rule was suspended for a period of 5 years due to the massive influx from Syrian and African conflicts. Angela Merkel is hesitant to give any extension ahead of the upcoming elections. Many see the current crisis as the weakest point of her career so going soft at the moment doesn’t seem like much of an option.

Writing to you today from Paris France, this is the first time that I’ve had a chance to see this issue up close. Seeing families begging for change in front of top brand stores like Gucci and Luis Vitton really tugs at the heart strings. We really hope that these people are able to integrate quickly into society.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Poor Greece and Italy. Now that Germany is not accepting migrants directly, they’ll need to absorb more people at a faster rate.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

China Market Slows

Cash & Yuan Grows

Bitcoin Surging Again

Please note: All data, figures & graphs are valid as of August 8th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Stocks in Asia seem to have broken the U.S.’s momentum after some key data that was released from China this morning revealed imports and exports are not growing as fast as they did last month.

Though the overall trade balance figures grew notably as well as China’s foregn reserve cash piles, trade with key partners was not good. For example, shipments to South Korea grew 50% less than they did a month ago.

This graph from the Financial Times shows the imports and exports numbers over the last few years.

The U.S. Dollar is still falling and the Chinese figures this morning have pushed it further still. In this graph we can see the Buck giving way to the Chinese Yuan today.

For those trading on this pair, watch closely tomorrow night, we’ll get some important inflation data that could potentially push this even further.

Bitcoin Surging

Ladies and Gentelman, after 10 weeks of back and forth movement, the cryptocurrency markets are surging again!!!

Nevermind what happened with Bitcoin Cash or Segwit, or the entire bitcoin scaling debate those are all distractions from the main theme. The total market cap of all cryptocurrencies has reached a new all time high this morning of $120.5 Billion.

All of the top 20 cryptos are in the green this morning and the new eToro Crypto CopyFund is now firmly in the green.

The excitiment is all about Bitcoin. Having seemingly survived the apparent distractions there’s a lot of pent up buying pressure that was sitting on the side waiting for the debates to end and now it has.

On Friday, the price of Bitcoin poped above $3000 like a cork out of a champagne bottlle and has since risen nearly $500 per coin.

As always, please trade cryptos responsibly. These assets are extremely risky. Though the Segwit issue seems to be clear cut, we still have the SegWit2x hurdle ahead. Even though many miners are signaling in favor of the 2 Megabyte hard fork, it may not be as smooth an implementation as many think.

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 (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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 34 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Analysis

Crypto Update: Coins Remain Under Pressure but Supports Still Hold

Published

on

The correction of the post-crash rally is still dominant in the cryptocurrency segment, despite the encouraging bounce on Friday, as Bitcoin is dragging the market lower. The coin turned relatively weak in recent days after an extended period of outperformance, but even BTC is holding up well, with the bearish momentum being far from disastrous.

// -- Discuss and ask questions in our community on Workplace.

Ethereum’s relative strength, on the other hand, is slowly building, as we first noted it during the Thursday sell-off, and the second largest could be spearhead the next leg higher. The early leaders of the rally, Ethereum Classic and Litecoin are also acting bullish, and the overall picture remains in line with the orderly correction scenario.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Bitcoin still hasn’t tested the key $9000-$9200 zone despite several waves of selling that hit the coin, but it’s still stuck below the $10,000 level. We expect a short-term bottom in the coming week, as the momentum of the decline suggests accumulation, and investors should use the dip to add to their holdings, even if a test of the primary support zone is still possible here, with further resistance levels ahead above $10,000 at $11,300, $11,750, and $13,000.

LTC/USD, 4-Hour Chart Analysis

Litecoin put in a higher short-term low during the weekend, retaining its leading position in the rally from a technical standpoint. The MACD indicator already gave a bullish signal after dipping into negative territory, but should Bitcoin continue to struggle, LTC could be in for more consolidation before despite the relative strength. The $200 level is still in focus with a strong resistance zone just ahead between $220 and $235, with the rally high at $250, while further key support is at $180.

Altcoins Mixed in Quiet Trading

ETH/USD, 4-Hour Chart Analysis

Percentage changes are not significant today following yesterday’s decline, and most of the majors are holding up above or near key support levels, with relatively low volatility and notable divergence between the coins.

As for the recently weaker coins, Ripple is still trading well below the $1 level, while IOTA managed to bounce hard off the correction low reaching back to the $1.9 resistance, and edging closer to a break-out from the still dominant downtrend.

The rest of most established coins are still drifting lower, with no major moves in the last few days, so without notable red flags, we remain positive regarding the long-term setup.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Altcoins

DigixDAO: The Only Light in a Sea of Red

Published

on

DigixDao (DGD) advanced briskly on Saturday, confounding a broad downtrend in the cryptocurrency market that dragged most of the top-30 coins lower.

// -- Discuss and ask questions in our community on Workplace.

DGD Price Levels

DGD rose more than 22% on Saturday, reaching $390 per token, according to data provider CoinMarektCap. The cryptocurrency was up nearly 26% against bitcoin and more than 23% versus ether.

At current price levels, DGD has a market cap of $779 million based on a circulating supply of 2 million coins. That’s enough for 30th place among active cryptocurrencies in terms of overall market cap.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Trade volumes in the last 24 hours reached $77.3 million, with the vast majority of the trades being placed on Binance against bitcoin. Between bitcoin and Ethereum, Binance processed roughly 86% of the daily trade volume.

DGD has rebounded more than 83% from its recent swing low, but is still trading 14% below its all-time settlement high of $456.44 on Feb. 2.

Beating the Market

DigixDAO’s native coin has been rising gradually even as a week-long pullback in the crypto space shaved tens of billions of dollars off the collective market cap. This isn’t the first time DGD has outpaced the market. Three weeks ago, Hacked reported impressive gains for the cryptocurrency as virtually every other digital asset in the top-100 declined double digits.

At the time of writing, the total market cap of all cryptocurrencies was $430.5 billion, down 3.4% from the previous day and 6.7% from the intraday high of $461.6 billion.

Aside from DGD, Ethereum Classic was the only cryptocurrency in the top-30 to report gains on Saturday.

DAO Platform

As a Distributed Autonomous Organization (DAO), Digix was part of Ethereum’s first public crowdraise all the way back in 2016. The token raise launched in March of that year and reached its crowdfunding goal of $5.5 million in 12 hours.

DigixDAO is often referred to as a gold-backed cryptocurrency, but this only applies to its DGX token. The company operates two tokens, with DGX supposedly pegged to one gram of gold. Gold futures are up more than 15% year-to-date on a tumbling dollar and wavering risk sentiment.

Unlike most digital currency systems, the DAO protocol gives investors a voice in the company’s decision-making process. Depending on how the DAO is structured, investors can vote on how funds are deployed or which business proposals it entertains.

Ethereum founder Vitalik Buterin is planning to make DAOs central to future crowdraises. This will be accomplished by a new protocol called “DAICO,” or Decentralized Autonomous Organization Initial Coin Offering. Gaming platform The Abyss recently announced it will be the first company to utilize the DAICO model.

Through DAICO, companies can encode specific rules into their crowdfunding campaigns, such as KYC/AML requirements and investor approval for accessing project funds. The specifications behind DAICO were first laid out in January blog post penned by Buterin.

No other project has announced plans to utilize the DAICO model, although this may soon change as demand for transparency continues to grow.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 166 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

Published

on

The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

// -- Discuss and ask questions in our community on Workplace.

Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(more…)

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
8 votes, average: 4.88 out of 58 votes, average: 4.88 out of 58 votes, average: 4.88 out of 58 votes, average: 4.88 out of 58 votes, average: 4.88 out of 5 (8 votes, average: 4.88 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending