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Cryptoconsolidation

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There are two factors very important to price flow of any currency. The ability to obtain it, and the places you can spend it.

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In most places in the world, at present time, it is very easy to buy Bitcoins online, but there really isn’t anywhere to spend them outside of select internet websites.

Well, the number of places to buy bitcoin offline increased rapidly in the month of May, especially in the US and Canada, bringing the total up to 1266 machines worldwide.

You can find one near you at: https://coinatmradar.com/

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A number of places you can spend them is growing as well, while more and more retail stores in Japan adapt to the new technology.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs are valid as of June 19th. All trading carries risk. Only risk capital you can afford to lose.

What’s to negotiate?

Despite what was announced shortly after the elections on June 8th, there is still no deal between Theresa May’s Tory party and the Northern Irish DUP.

This puts Great Britain in a very awkward spot as the formal Brexit talks begin today. Many analysts are saying that we’re more likely to get a softer Brexit but in my view, this is a bit premature. In order to know what type of Brexit we’ll see, first, we need to know who the Prime Minster of England is going to be.

If May doesn’t break ground with Arlene Foster in the next ten days, it seems like the weary citizens of the UK will be headed for yet another election.

The Pound Sterling is still way down since the referendum almost exactly one year ago. So it has been able to hold up will over the last week despite the mounting bad news.

A Strong France

If anybody was saying that Emmanuel Macron’s victory in the elections on May 7th was due to a weak opposition, today they have been proven wrong.

39 year old Emmanuel won 355 out of 577 available seats in the parliamentary election yesterday, receiving a resounding majority. What more could a young lawmaker ask for?

It seems that the people of France are really enjoying his vision for the future of France and the Future of Europe and they have just given him a solid mandate to go forward and enact the change.

The CAC 40 is flying this morning on the news and rapidly approaching her all time highest level (yellow circle).

Crypto Update

The entire cryptocurrency market has been in deep consolidation over the weekend. Meaning, that they are moving in a very small range as everybody gets used to the current price, which is very close to the all time highs.

A breakout in either direction could lead to massive price shifts but at the moment let’s enjoy this little break.

Among the sell off and subsequent volatility, Litecoin managed to emerge as a safe haven. Though it is not traded as much, Litecoin is faster and cheaper than Bitcoin and over the past few weeks the price has remained quite stable.

As always, let me know if you have any questions, comments, or feedback. I’m always happy to hear them.

Have a wonderful week ahead!

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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4.6 stars on average, based on 72 rated postsSenior Market Analyst at Etoro.com.




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  1. porcupine1967

    June 20, 2017 at 1:09 am

    Starting on July 1st WorldEscape are relaunching all their travel websites and have incorporated Crypto payments, accepting DASH and Bitcoin starting with http://www.amsterdamescape.com

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Bitcoin

Is the Tokyo Whale Planning His Next Big Move?

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Roughly 16,000 units of bitcoin were transferred from the Mt Gox wallet this week, igniting speculation that the ‘Tokyo Whale’ was planning his next fire sale.

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Mt Gox Liquidation

The CryptoGround monitoring service reported Thursday that nearly $141 million worth of BTC was transferred out of a wallet associated with the now defunct Mt Gox, once the world’s largest cryptocurrency exchange. The motivation for the transaction is not clear but there’s strong reason to believe that the trustee in charge of liquidating Mt Gox is planning his next sell order.

According to Twitter account associated with CryptoGround, it is unclear whether the coins have been sold.

“Looks like 16k BTC from Mt Gox were consolidated to this address We obviously don’t know if they were sold or just moved for some other reason,” tweeted Alistair Milne, a bitcoin entrepreneur.

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Nobuaki Kobayashi, the so-called Tokyo Whale, has been tasked with offloading all remaining assets associated with Mt Gox. The trustee has already sold $400 million worth of bitcoin and bitcoin cash since September. Roughly $1.9 billion worth of digital currency remains to be sold.

Whale Sightings and Market Prices

Cryptocurrency traders are naturally curious about Kobayashi’s ongoing efforts to liquidate wallets linked to Mt Gox. The fear is that oversized sell orders could spark a sharp decline in bitcoin’s market value, making the digital currency harder to evaluate.

According to analysts, Kobayashi may have been partially responsible for the market’s sharp downturn on Wednesday. However, this has not yet been confirmed.

Bitcoin’s multi-week rally has prompted several sell orders from some of the world’s largest cryptocurrency wallets. Last week, whales unloaded a combined $100 million in BTC after the digital currency skyrocketed above $8,000. Bitcoin’s third-biggest wallet offloaded 6,600 units of the digital currency last week, followed by a sell order of 6,500 for anonymous wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r.

While the trades were associated with a sizable drop in prices, bitcoin quickly regained momentum en route to fresh highs above $9,000. The digital currency briefly returned to those levels on Thursday before consolidating around $8,900 on the major exchanges.

Interestingly, the trade that ignited bitcoin’s bullish reversal may have been placed by a whale, or a large institutional investor. Bitcoin prices first crossed $7,000 on Bitfinex before the rally extended to other exchanges.

The cryptocurrency market peaked at $437 billion earlier this week, having gained roughly $188 billion from the Apr. 6 swing low.

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 354 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.




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Analysis

Crypto Update: Correction Continues but Uptrend Not in Danger

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The major cryptocurrencies are consolidating in a choppy range today following yesterday’s sharp pullback, with the total value of the market stabilizing near the $400 billion level. All of the largest coins found support above key support levels, keeping the bullish trend intact, as the overbought readings are being cleared.

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While the correction will likely continue and our trend model is still only neutral from a short-term perspective in the case of most of the coins, the underlying trend is positive, and we expect the recovery to resume after the dip.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin fell below the $9000-$9200 support/resistance zone during the pullback, but it remained above the $8400 level that marks the previous swing high. The MACD indicator is still showing a downswing, but it is now in neutral territory, and the coin could already be ready to resume the uptrend and aggressive traders could enter new positions, using the overnight low as a stop loss level. Below $8400, further support is found near the $7650 level, while targets are ahead at $10,000 and $10,500.

ETH/USD, 4-Hour Chart Analysis

Ethereum found support just below the $600 level and moved back to the vicinity of the $625 support level holding within the steep short-term uptrend.  A break below the trendline is still likely, and a test of the $555 to $575 zone is possible after the strong rally. That said, ETH, one of the leaders of the upswing is expected to resume the recovery after the correction, and long-term investors should hold on to their coins despite the move. Further support is at $500, with targets still ahead near $735, $780, and $845.

EOS Holding Up Well Amid Broad Correction

EOS/USD, 4-Hour Chart Analysis

EOS has been spearheading the broad rally in the segment, and the coin got close to the prior all-time high before the current correction, being the largest coin to do so since January. Although the currency retreated somewhat from the highs, it remains from a short-term perspective and traders should use tight stop losses or reduce their positions as correction risk is high here.

IOTA is the closest to giving a short-term buy signal among the majors, as it began the correction earlier and found strong support near the previous swing high, while there are no negative outliers that would hint on a failed rally off the recent multi-month lows. With that in mind, long-term investors could still use the current correction to boost their altcoin holdings.

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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4.5 stars on average, based on 234 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

Ether in Bears’ Hands

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Ether in Bears' Hands

Ether has been doing great over the last few days, but now it’s declining again, trading at around $646, after hitting a 6-week high at $712.43. Over the last session, Ether confirmed at least two bullish trend lines at $665 and $675, which were successfully tested and broken out today. While Ether was above $700 it had some good chances to recover, but now it is quite doubtful.

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The bulls quickly gave up the support at $665 today, and now they need to push the price back to $700. This will be the only chance to hit the $712 high again.

Overall, any price above $675 will help Ether recover, while any price below will make it continue declining. $675 is actually the current resistance, while $712 is another one. $644 is the key support, with a longer term one at $574. The MACD keeps on rising and is in the positives, issuing a buy signal. The Stochastic is, on the contrary, giving a sell signal, despite also being in the positive area.

There wasn’t too much news on Ether over the last few days. Still there was some, and what is worth mentioning is the hack of MyEtherWalet, one of the most popular crypto e-wallets out there. The hackers stole 215 coins, which equals $150,000. The scheme was very simple: the thieves hacked the DNS server and then routed users to a phishing website. The issue was quickly spotted and resolved, but the mere fact the e-wallets are still so much sensitive to hacker attacks is troubling.

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Meanwhile, Massachusetts Institute of Technology has recently published a paper where the scientists analyzed three ways of ‘killing’ Bitcoin. The first one is creating a global Fed based currency, the Fedcoin, that, with the time passing, could eliminate all other cryptos, including BTC. The Bank of Canada actually went this way some time ago, by building a crypto network based on Ethereum. The second way is creating a new crypto based on the largest social networks out there, which could enable pushing out BTC from the market, given the volumes and the number of social media users. Finally, the third way is issuing a large number of cryptos, each designed for a particular purpose. This may also greatly affect the top 10 altcoins, too.

Anyway, the crypto market is still closely watched because of the high degree of anonymity and lack of (or no) regulation.

ETH/USD

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on 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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4.2 stars on average, based on 2 rated postsI have two degrees in Social Psychology and Economy. After graduation I worked as the Head of the Laboratory of Technical and Fundamental Analysis of Financial Markets at The International Institute for Applied Systems Analysis. The experience and skills he gained helped me to realize my potential as an analyst-trader and a portfolio manager in an investment company. At the moment I'm a financial expert, writing for various financial media sources and a Chief Analyst at RoboMarkets.




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