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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 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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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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Bitcoin

Bitcoin Hits $100 Billion as Record Rally Continues

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Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.

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Bitcoin’s Fresh Intraday High

BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.

At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.

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Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.

The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.

$10,000 Bitcoin?

Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.

Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.

Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.

It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s

A Day of Milestones

Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.

The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.

Featured image courtesy of 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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Analysis

Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down

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Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.

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While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.

BTC/USD, 4-Hour Chart Analysis

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As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.

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Analysis

Technical Analysis: Coins Recover from Sell-Off as Bulls Remain in Control

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Following yesterday’s brief but deep correction, the major cryptocurrencies seem to be back on the bullish track, as Bitcoin is leading the segment yet again. With the most valuable coin’s dominant currently near 56%, trading in BTC dwarfs the other crypto markets. That said, most of the majors recovered well after yesterday’s rout, while Bitcoin itself reached as high as $5730 today in early trading, only a few percents off its all-time high.

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The short-term setup is encouraging for bulls, as the coin cleared the overbought short-term momentum readings while remaining inside the rising trend. A rally towards the long-term target at $6000 is still likely, despite the stretched long-term picture. Support levels are found near $5400, around the $5000 level and at $4650.

BTC/USD, 4-Hour Chart Analysis

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Ripple settled down somewhat in early trading but it turned volatile again later on, and the coin is still underperforming the broader market, while Ethereum bounced back well above the $300 level, remaining well below its recent highs. The rest of the market is modestly higher today, although NEO and IOTA are slightly lower still showing a negative correlation with the other majors. Let’s see the short-term charts after the short volatile period.

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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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