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Daily Analysis: Bitcoin-Fork in Focus as DOW Hits New High Again

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Daily Analysis: Bitcoin-Fork in Focus as DOW Hits New High Again

Introduction

This article was posted on Tuesday, 17:01, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2470 0.17%
DAX 12256 1.14%
WTI Crude Oil 48.45 -3.42%
GOLD 1270.00 0.33%
Bitcoin 2700 -3.65%
EUR/USD 1.1796 -0.38%

Another day, and we can register another new all-time high for the US mega-cap index that has been outperforming the other major benchmarks lately, ever since the slightly dovish statement by the Federal Reserve. As the Dollar remains under pressure, the export-heavy index naturally drifts higher, while the downward yield pressures also help the behemoths of the market. The NASDAQ and the S&P 500 are lagging the narrow index, but they are still not far off their respective all-time highs, with Apple’s (AAPL) earnings report coming out after market close today. Asia also rallied overnight, and Europe remains the weakest part of the global market, despite today’s encouraging bounce, as the Old Continent struggles with the surging Euro.

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NASDAQ, 4-Hour Chart Analysis

Gold continued to rise amid the conflicting economic news, while the Australian central bank gave a warning to markets that it doesn’t like the appreciating trend of the Aussie, which recently topped 0.80 against the USD. Oil got volatile around the crucial $50 per barrel level, but it remains in an uptrend now, although the upper boundary of the commodities dominant trading range is close now, pointing to a possible reversal. The Great British Pound has been the strongest major fiat currency today, as it got a boost from the better than expected Manufacturing PMI before Thursday’s Bank of England meeting.

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Cryptocurrencies

Cryptocurrencies are having a very choppy day, as it was expected, with the ongoing fork of Bitcoin, and the activation of the BIP 91 protocol that started the SegWit upgrade process for the most valuable cryptocurrency. Altcoins are rallying in the nervous environment, with Ethereum, Monero, Stratis, Ripple, and NEM all gaining more than 5%, while Dash, ETC, and Liteocin being slightly less bullish. Volatile trading is expected to continue, but as the dust settles we expect a relief rally in the market, as the long-term picture is still supportive for the majors.

Ethereum, 4-Hour Chart Analysis

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Technical Picture

The DAX found support at the level that we have been monitoring in the past two weeks. The MACD indicator formed a bullish cross on the 4-Hour chart and that points to a rally, and possibly a correction in the Euro in the coming days. The index is still trapped in a downtrend, with resistance levels ahead at $12,375, and above that at $12,500.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
6:30 AUSTRALIA RBA Rate Decision 1.5% 1.5% 1.5%
6:30 AUSTRALIA RBA Statement
10:30 UK Manufacturing PMI 55.1 54.4 54.3
11:00 EUROZONE Prelim GDP 0.6% 0.6% 0.6%
14:30 US PCE Price Index 0.1% 0.1% 0.1%
14:30 US Personal Spending 0.1% 0.1% 0.1%
16:00 US ISM Manufacturing PMI 56.3 56.4 57.8
14:30 CANADA Monthly GDP 0.6% 0.2% 0.2%

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Building Approvals 1.1% -5.6%
10:30 UK Construction PMI 54.2 54.8
10:30 US ADP Employment Change 187,000 158,000
16:30 US Crude Oil Inventories -7.2 mill

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Feedback or Requests?

Mate Cser

Mate Cser

Trader 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.

Comments
  • user

    AUTHOR alejandro.uribe

    Posted on 1:20 am August 2, 2017.

    Matt! You probably have an autocorrect or a speller that accepts the word “Liteocin” as I have seen it spelled wrong in recent entries. Keep up the good work!

    Alejandro

  • View Comments (1) ...
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