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Analysis

Crypto Update: Coins Consolidate After Key Breakdown

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The cryptocurrency segment is still under the influence of this week’s key technical breakdown that carried several majors below crucial support levels. Bitcoin’s moves have been dominating the market in recent days, and as the most valuable coin formed a short-term bottom, the top coins entered a choppy consolidation phase, retracing some of their steep losses.

Ripple and Stellar continue to outperform the broader market from a technical perspective, and some other coins, like Ethereum and Monero are also holding up above their previous bear market lows, but the overall picture is still overwhelmingly bearish in the market. The total value of the coins is slightly above the $180 billion mark, but further losses are likely in the coming weeks, with all of the majors being well below the breakdown levels, confirming the move.                

BTC/USDT, 4-Hour Chart Analysis

Bitcoin found support near the $5350 price level even though it spiked as low as $5200 during the rout, while the bounce carried the coin up to $5650. The breakdown is clearly intact in BTC and our trend model remains on sell signals an all time-frames, with a test of the $5000-$5100 zone still being likely in the coming period.

Bitcoin faces strong resistance in the long-term zone near $5850, with further key levels at $6000, $6275, and traders and investors shouldn’t open new positions here, with the long-term downtrend clearly being intact.

XRP/USDT, 4-Hour Chart Analysis

Ripple overtook Ethereum in terms of market capitalization again, thanks to its relative strength this week, and the coin is still clearly holding up above the long-term support zone between $0.42 and $0.46.

That said, our trend model is still on a short-term sell signal, and given the bearish segment-wide trends traders shouldn’t enter new positions here, even as the coin will likely be among the leaders of the future rally attempts. Further support levels are found near $0.375 and $0.355, while resistance is still ahead at $0.51, $0.54, and $0.57.

Ethereum Holding Its Ground above Bear Market Low

ETH/USD, 4-Hour Chart Analysis

While Ethereum failed to recapture the $180 resistance level during the bounce, it also avoided a sustained move below the previous bear market low near $170, despite the spikes towards the $160 support. Ethereum short-term stability is a slightly positive sign, but without further signs of strength, the coin remains in a clearly bearish technical setup. With that in mind, traders and investors should still stay away from the coin, as odds still favor the continuation of the broader downtrend.

LTC/USD, 4-Hour Chart Analysis

Litecoin continues to trade below the $44 support/resistance level after the clear break to new bar market lows, and it remains one of the weakest major from a technical perspective. A move towards the next major support zone near $38 is likely in the coming weeks, even if a bounce up to the $47 level is in the cards. Litecoin is on sell signals on both time-frames in our trend model as well, with further strong resistance levels ahead at $51 and $56.

EOS/USD, 4-Hour Chart Analysis

EOS is hovering around the key support zone near $4.50 since a spike towards the bear market low near $4.30 during the steep selloff. The weak bounce didn’t change the technical setup, and the coin is still likely to fall below the previous low, as the declining long-term trend is clearly intact. Our trend model is on sell short-, and long-term trend signals, with strong resistance levels ahead at $5 and $5.35.

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.

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4.7 stars on average, based on 421 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.




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Analysis

Forex Update: Dollar Drifts Lower With All Eyes on the Fed

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Forex Market Snapshot

Asset Current Value Daily Change
EUR/USD 1.1368 0.19%
GBP/USD 1.2648 0.20%
USD/JPY 112.55 -0.23%
AUD/USD 0.7201 0.34%
GOLD 1,250 0.14%
WTI Crude Oil 48.53 -1.32%
BTC/USD 3,565 1.96%

With just one day left until the week’s main event, the Fed’s rate decision, it’s no surprise that forex markets are having a very choppy session, with the Dollar and the main safe-haven assets being in focus. The USD has been under pressure in the last couple of days amid the louder and louder critiques regarding the Fed’s rate hikes, and although economic numbers continue to be positive in the US, and the consensus still points an increase tomorrow, leaving the rates unchanged wouldn’t be as shocking as one week ago.

Economic numbers were mixed today, with the German IFO index missing the consensus estimate, but with the US housing market showing stability for the second month in a road. Building permits and Housing Starts both bounced back more than expected amid the pullback in Treasury yields in November, pointing to a still relatively healthy economy in the US.

While the Dollar only managed a small pop higher following the releases, as Treasury yields plunged to new multi-month lows again, the underlying bullish trend seems safe for the reserve currency.

Technical Analysis

GBP/USD, 4-Hour Chart Analysis

The Great British Pound is having another active session, and although it briefly surpassed the crucial 1.27 level against the Dollar, it fell sharply later on, leaving last week’s key technical breakdown intact.  While choppy trading is expected across the forex segment up until tomorrow’s key Fed announcements, the Pound could remain active, with the Brexit chaos and Theresa May’s shaky position still causing headaches for traders.

EUR/JPY, 4-Hour Chart Analysis

While risk assets rebounded today after yesterday’s volatile and bearish session, the main safe-haven assets, such as the Japanese Yen and gold continue to perform well, especially compared to the risk-on currencies. The EUR/JPY pair which has been trading in a broad bearish consolidation pattern since October is testing the key support zone between 127.50 and 127.75, threatening with a key breakdown in the coming weeks. While the short-term momentum indicators are slightly oversold, the pair is clearly bearish both short- and long-term and traders should be looking for entry points on the short side.

USD/CNH, 4-Hour Chart Analysis

Some analysts call the Dollar/Yen pair “most important currency pair of 2019”, and the pair continues to trade in the close vicinity of its October low, despite the recent trade-related optimism. A clear dovish surprise tomorrow could send the Yuan soaring, even in light of the recent weak Chinese economic data, but for the coming months, new highs are very likely (meaning new lows for the Yuan), and a drop to 6.85 would be an optimal entry point for traders.

WTI Crude Oil, 4-Hour Chart Analysis

Oil continues to be in a steep broader downtrend, and despite the deeply oversold long-term momentum readings, the crucial commodity only managed to consolidate in a sideways trading range after dipping below the key $50 per barrel price level in the WTI contract.

Yesterday, the price of the contract fell below its prior low, and today the commodity plunged by more than 5%, violating the $47.50 per barrel level for the first time since mid-2017. Barring a quick recovery, the breakdown could extend to the $44 per barrel level but a strong support zone is already found between $46.50 and $47.

Key Economic Events Tomorrow

ChartBook

Forex

EUR/USD, 4-Hour Chart Analysis

USD/JPY, 4-Hour Chart Analysis

EUR/GBP, 4-Hour Chart Analysis

AUD/USD, 4-Hour Chart Analysis

AUD/JPY, 4-Hour Chart Analysis

GBP/JPY, 4-Hour Chart Analysis

USD/CHF, 4-Hour Chart Analysis

Commodities

Gold Futures, 4-Hour Chart Analysis

Copper Futures, 4-Hour Chart Analysis

Major Stock Indices

S&P 500 Futures, 4-Hour Chart Analysis

DAX 30 Index CFD, 4-Hour Chart Analysis

Nikkei 225 Futures, 4-Hour Chart Analysis

Shanghai Composite Index CFD, 4-Hour Chart Analysis

 

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.

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4.7 stars on average, based on 421 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.




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Analysis

2018 Top Stocks

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By Dmitriy Gurkovskiy, Chief Analyst at RoboMarkets

As 2018 is heading towards its end, one can say it was a harsh year for stock investors. The major US indices are on track for yearly losses, while over 2017 they were 30% up. Let us see, however, which companies were the biggest gainers in 2018, with the largest yield, excluding the dividends.

Traditionally, biotech companies are leaders, with thousands of percent YoY growth; however, one would surely rather buy shares of a famous company with a solid track record than make wild guesses whether a new biotech starlet will rise from a few cents to a few bucks or not. The cannabis-related companies were among the leaders this year, too, with their yield growing by 1,000% or even more right after IPO’s; Tilray (NASDAQ: TLRY), for instance, added 1,500% just in two months. This was more like of a bubble, however, that finally did explode, with the price going back to its normal levels.

Apart from the unknown and small companies, the top gainer is Twilio Inc. (NYSE: TWLO), which rose by impressive 306% over 2018.

Founded in 2008 and headquartered in San Francisco, CA, Twilio is a tech company that develops online communication software. It successfully ran its IPO on NASDAQ in 2016. Since then, its earnings have always beaten the analysts’ expectations, reaching a total of $169M, from initial $64M.

MongoDB (NASDAQ: MDB), another tech company, is second. Mongo was founded in 2008 and is headquartered in New York City.

In 2017, it ran its IPO, but it was not until February 2018 that its share price suddenly went massively higher – the yield rise totaling 201%. The earnings report released in early 2018 attracted a lot of new investors, as the company beat many analysts’ expectations.

Tabula Rasa HealthCare Inc (Nasdaq: TRHC), yet another tech company, takes third place. This one was founded in 2009 and is headquartered in Moorestown, NJ. The company operates only in the US, developing various healthcare technologies. Over 2018, Tabula Rasa HealthCare stock price rose 169%.

While some tech companies rising nicely, the whole sector has been desperately down.

Social media giant Twitter (NYSE: TWTR) went up by 65%, but at the same time, Facebook (NASDAQ: FB) lost 18%, under pressure coming from both privacy scandals and the shortage of new users.

The Dow Jones Industrial Average (INDEXDJX: DJI) failed to rise by even 1% in 2018, losing instead around 0.91%. However, some companies included into this index managed to rise by dozens of percent.

Speaking about the biggest losers, Goldman Sachs (NYSE: GS) takes the ‘lead’ here, with a 31% fall over 2018. The bank is followed by IBM (NYSE: IBM) and Caterpillar (NYSE: CAT), that also failed to rise and plunged by 21.30% and 20.00%, respectively.

Just like the DJIA, the S&P 500 has been down so far, losing 1.68%. Still, some companies included into this index managed to rise by as much as 60%.

The worst S&P performer was General Electric (NYSE: GE), which is now attempting to reduce costs and stay in the market; it looks like investors do not trust this company enough, though, that’s why General Electric has lost almost 60% so far this year.

The best performer among indices in 2018 is Nasdaq 100, which added nearly 4%. Among the leading companies in this index, one should note Amazon, Illumina, Netflix, O’reilly, Twenty-First Century Fox, and Workday, all rising by over 40% YoY.

Meanwhile, the Chinese JD.com Inc (NASDAQ: JD) lost 47%, mostly because of the Sino-US trade war. Besides, its CEO, Liu Qiangdong, was arrested being accused of sexual harassment, which added pressure to the company and reduced the trust among the investors. In case Liu is sent to jail, the risks for JD.com will increase drastically.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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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4.6 stars on average, based on 22 rated postsHaving majored in both Social Psychology and Economics, I went on to continue my education in post graduate. Later I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. This helped me to acquire all necessary skills and experience to become a successful trader and analyst, as well as a portfolio manager in an investment company. I'm a pro in the financial field and the author of articles for various international media. I also hold the position of Chief Analyst at RoboMarkets.




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Altcoins

EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major target.

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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4.5 stars on average, based on 88 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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