Daily Analysis: Bitcoin Tops $1800 as Stocks Drift To New Highs

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2398 0.35%
DAX 12758 0.61%
WTI Crude Oil 46.09 0.10%
GOLD 1221.00 -0.84%
Bitcoin 1790 7.45%
EUR/USD 1.0891 -0.36%


Global stock markets are in the green again as European and Japanese stocks are on the rise, with the Yen and the Euro both losing ground to the Dollar. The main US indices are still lagging their international peers, although the slight rebound in Chinese equities helped global sentiment. The mixed performance remains suspicious especially with the major benchmarks still being in overbought territory. Volatility collapsed to a 20-year low on Wall Street following the French election, as traders removed their insurance bets.

The US Dollar is higher against all of its major peers today, although the Great British Pound is also very strong before the Bank of England’s monetary meeting that will be held later on this week. Commodities opened strongly but gave back most of their gains, pushing related currencies lower again. The Australian Dollar is at the lowest level since January while the Canadian Dollar hit a 13-month low this week. The segment is expected to remain under pressure as Chinese fears continue to weigh heavily on commodities.  Gold hit a new short-term low below the $1220 level, as the strong Dollar and the positive sentiment hurts precious metals today.

Bitcoin taking the lead

Cryptocurrencies have been in a broad correction today, apart from Bitcoin, which surged past the $1800 level for yet another record day, as Asian demand continues to boost the currency. Most other majors were down by double digits today, even the previously lagging Dash, Ethereum, and Ethereum Classic. Litecoin fell back to $25 but recovered just below the $30 level, while Ripple is also well shy of its yesterday highs. NEM was down by almost 20%, today while Monero held up well, trading just below the $30 mark.

Litecoin, 4-Hour Chart Analysis

Technical Picture

The NASDAQ 100 is trading at a new all-time high today, despite the recent underperformance, following the strong rise of the previous weeks, as the European indices are pushing global markets higher. The 5650 level could be in the center of attention in the coming days, with strong support at 5600 and below that near 5475. The next possible resistance level is around 5700, should the rally continue, while the MACD indicator continues to show momentum divergence.

NASDAQ Futures, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Day Country Release Actual Expected Previous
3:30 AUSTRALIA Retail Sales (monthly) -0.1% 0.3% -0.1%
11:30 AUSTRALIA Annual Budget
14:30 CANADA Building Permits (monthly) -5.8% 0.40% -2.50%
16:00 US JOLTS Job Openings 5.50 mill 5.67 mill 5,74 mill


Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
3:30 CHINA CPI Index 1.10% 0.90%
3:30 CHINA PPI Index 6.8% 7.6%
14:00 EUROZONE ECB President Draghi Speaks
14:30 US Import Prices (monthly) 0.2% -0.2%
16:30 US Crude Oil Inventories -2.0 mill -0.9 mill


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.