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Crypt0 B0unce

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The amount of bureaucracy and regulation that goes on in the European Union is simply incredible. The entire continent is a virtual minefield of political tripwires and multi-level legal landmines. Sometimes it’s a wonder that they can even move forward at all.

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So, when thinking about the legalization of digital currencies in the single market it will no doubt be a tough nut to crack. That said, some major headway has just been made.

A private bank in Switzerland has just announced some alternative investment services that include storing and trading on Bitcoins.

Now, Switzerland is not an official EU member but they are part of the single market and do play a leadership role especially when it comes to financial services within Europe and across the globe. Gaining acceptance from a Swiss Bank is indeed a huge step forward for the global adoption of Bitcoin and for all blockchain technology.

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Many thanks to Lawrence Patrick for tagging me with this headline. 😉

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs below are valid as of July 13th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Great green stocks!

Virtually all major indices are in deep green over the past 24 hours. Janet Yellen’s testimony was a huge boost of confidence in the global economy and corporate profits.

Many of the Senators used their time questioning Yellen to point out how strong the economy is and many of them even cleverly worded their questions to debate the issue if the economy is running well because of the current president or the previous one.

As far as unwinding their $4.5 Trillion balance sheet, very little was said. Only that it would happen gradually over the course of a few years and a small admission that it may cause long term interest rates to rise.

The Dow Jones closed last night at a brand new record high.

Today’s Agenda

More of the same. Janet Yellen will have another Q&A session with members of the US Congress. This will very likely be her last appearance before Washington as the Fed Chief. When asked whether she will seek another term as Chair of the Federal Reserve her answer did not seem very enthusiastic.

We do not expect Janet to end her speech with a mic drop.

Also, today is a landmark meeting between Angela Merkel and the new President of France Emanuel Macron. Over the past few years, due to weak leadership from France, Germany was forced to take on a stronger role in guiding the young European Union. Now that France has a new young energetic leader perhaps we’ll see a greater collaboration between the two strongest economies in the bureaucratic block.

Here we can see the German and French stock indices over the past year. The strong upward push from Yellen yesterday certainly a very comforting move. Now let’s see if they can knock it out of the ballpark.

But what may cause bigger headlines is Trump’s arrival in Paris today to meet Macron. With all the heat at home, this seems like another great chance for Trump to get out of town.

Crypt0 B0unce

The fall has certainly been painful for some. Especially those who got in at the top. It’s great to see the faith of those who got in early and hodling long term throughout this gut wrenching pullback.

Many alternative analysts are now saying enough is enough and it’s time to start looking for a bottom. Indeed, over the past 24 hours, 92 of the top 100 digital currencies are in the green. Many of them with double and even triple digit percentage gains.

The number one question that I’ve been getting from clients is about Ethereum of course. So here’s my answer….

Now that blockchain technology is gaining recognition from more and more developers there is a huge push and tremendous excitement around the idea of making an internet that revolves around Decentralized Apps.

Ethereum is a ground breaking platform both in creating these Dapps and in creating new digital assets. So far, it’s the best platform that we’ve seen and certainly the most popular.

However, in the future, we may see another platform that works just as good if not better. Think about the browser wars of the 1990s. At first, Netscape was the king, then Microsoft stole most of their market share with the Internet Explorer. After that many went to Firefox but these days most people use Google Chrome.

For now, almost all of the hot ICOs are using Ethereum. While hope this continues, any investment in the crypto market it is very high risk and if Ethereum does hold its spot as the Dapp and ICO king over the next decade it may very likely pay off in a big way.

In this graph, we can see the incredible journey from $50 a coin all the way up to $428 and now back to $200.

Here we can see eToro’s volume on this incredible asset. As can be expected, our clients are trading the momentum. That’s why we seem more positions executed on days that there was a significant movement.

eToro sentiment on Ethereum is now and has always been above 98% buying.

Have an awesome day!!

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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3 Comments

3 Comments

  1. embersburnbrightly

    July 13, 2017 at 11:50 am

    I laughed out loud at this sentence: “We do not expect Janet to end her speech with a mic drop.”

    🙂

  2. chavs69

    July 13, 2017 at 1:32 pm

    Some have indicated that ETC may be an undervalued dark horse when it comes to the IOT. What are your thoughts?

  3. Columbo

    July 15, 2017 at 12:56 pm

    yeah but Falcon has a bad history:
    http://nypost.com/2016/08/13/swiss-private-bank-linked-to-malaysia-scandal/
    I am not sure if overall that’s more good than bad.

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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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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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 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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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 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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