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Crazy Cryptos on Another Rip

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It looks like the Japanese have finally upped their volumes. According to coinhills.com, bitflyer – the company who will be responsible for bringing bitcoin to 260,000 stores in Japan – is now trading over 100,000 bitcoins a day and responsible for 10% of the total volume in the market.

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The cryptocurrency market has seen another massive surge last night, adding $4 Billion in value over the past 24 hours.

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Both Bitcoin and Ethereum are again trading at all time highs. Many traders in eToro now have their sights set firmly on BTC2K!!

-Mati

 

Please note: All data, figures & graphs are valid as of May 19th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

The safe haven sentiment in the markets is now apparent. Investors across the globe are now taking a good hard look at their respective portfolios as fear of political turmoil sets in.

The fireworks started yesterday morning in Brazil, the country can’t seem to shake mounting political scandals and yesterday it hit the markets in a big way.

Shares in the Ibovespa index dropped 10% at the market opening…

…and the Brazilian Real plunged 8.5% against the US Dollar.

Focus Today will be on the Middle East.

It’s election day in Iran. The incumbent Rouhani has only a slight edge over his rival. As Iranians go to the polls today the issue on the table is about East or West.

Rouhani wants to cozy up to Europe and America. His opponent is more of an Islamic idealist. As a former judge, he’s personally passed hundreds of death sentences and would likely not be a good friend of the Western World.

If the election is too close to call, they may be heading for a runoff between the two frontrunners.

Meanwhile, in the Middle East. Donald Trump is starting his tour of Saudi Arabia, Israel, Rome, and Belgium.

He will likely be the first President in US history to travel to the Middle East in order to avoid political turmoil.

The US markets managed to close in green yesterday after the Trump Dump on Wednesday. The big test will be what happens tonight before the weekend.

Will investors hold firm or get cold feet?… We’ll find out soon.

For the past two weeks, safe haven trading has been firmly in place.

We have gold going up…

along with the Japanese Yen…

and US treasury bonds rising sharply…

Have an awesome weekend!!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re 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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5 Comments

5 Comments

  1. Joshnj82

    May 19, 2017 at 2:37 pm

    You are doing yourself and this website a disservice with the unnecessary and opinionated political comments. People are losing trust in the media across the board because of this growing trend of political bias. Financial markets are greatly impacted by politics and global events and I’m not suggesting otherwise. However, there is a major difference with reporting political news (facts) and political opinions and your last 2 articles (or more) contain unsubstantiated statements which are unrelated to the article and completely unnecessary. You do a great job with reporting current news and events affecting the markets and economy and I apologize for airing my frustrations. I miss the days when people mostly kept their personal views to themselves and everyone wasn’t a political commentator.

  2. Mati Greenspan

    May 19, 2017 at 3:50 pm

    Hi Josh,

    Thanks for the compliment and for the high level of feedback. I’m thrilled that you read the article and that you took the time to comment.

    After considering this issue, I am of the opinion that it is not possible to separate my opinions from the way that I deliver the facts. To write and flow freely one must express their full unencumbered feelings on the topic at hand.

    This is one of the things that I admire about President Trump. He says what he thinks without regards to what others might say. Even if some of those things may be quite controversial. Often times the best thoughts and innovations are controversial.

    With your permission, I will continue to provide top notch market analysis, which will be delivered with a healthy dose of cynicism. Your welcome to read them, or not, and take what you like, or not.

    Have a pleasant weekend.

    -Mati

  3. Joshnj82

    May 19, 2017 at 6:30 pm

    Mati,
    Thank you for taking the time to respond to my comment. Some people might find your request for permission a bit condescending but the world is filled with people looking for reasons to manufacture outrage.

    I am not a paid analyst and am in no position to offer advice or give permission to anyone in your profession. You should continue to use all the tools you feel is needed to succeed. If you need to bash the President in order to produce top notch market analysis thsn please continue to do so. Like you said, subscribers always have a choice.

    Best wishes,

    -Josh

  4. ryepdx

    May 19, 2017 at 9:00 pm

    Bash the president? Noting that he’s going to the Middle East in the midst of political turmoil doesn’t strike me as bashing. Then again, I’m not a fan of Trump and never have been, so I’m not particularly sensitive to these things.

  5. Joshnj82

    May 19, 2017 at 10:05 pm

    I was referring to his previous article, “damage done” where he accused Pres of colluding w/ Russia and submitted “evidence” as proof. I just didn’t see the relevance of adding a video of a campaign speech under market analysis for yesterday. I should have been more specific.
    When I read an article about my fav sports team and the columnists decides to digress w/ non-related political opinion it’s annoying. Same goes for financial news and so on. Politics has seeped into everything and it’s getting tiresome. I’m just ranting some frustrations atm and spending way too much time doing so. I’m done…

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

(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.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

(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.

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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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