Daily Analysis: Cryptocurrencies Settle Down as Stocks Flat on Memorial Day | Hacked: Hacking Finance
user

Analysis

Daily Analysis: Cryptocurrencies Settle Down as Stocks Flat on Memorial Day

Posted on .

Daily Analysis: Cryptocurrencies Settle Down as Stocks Flat on Memorial Day

Introduction

This article was posted on Monday, 15:49, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2412 0.09%
DAX 12604 0.23%
WTI Crude Oil 49.65 -0.16%
GOLD 1271.00 0.18%
Bitcoin 2180 -0.43%
EUR/USD 1.1176 0.05%

Global stock markets are little changed today, as trading volumes are low due to the bank holidays in the US, the UK and China. The major European indices are slightly higher, but remain well of their previous highs, as they continue to lag the US benchmarks. Japanese stocks are somewhat lower, as the Yen is still strong, while US futures are trading near their all-time highs after last week’s rally. North Korea conducted another missile

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Currency markets are also quiet, with only the Pound being notably stronger against its major peers, despite the continued tightening of the snap-election polls. Gold is drifting higher once again, as the US Dollar is still under pressure, and the metal is trading right at the $1270, just below the crucial resistance at $1275. Oil is slightly lower after Friday’s bounce, as it is trading near the $50 per barrel level after falling from $52 to $48 following the OPEC meeting. The long-term trading range between $44 and $54 is still intact, as fundamentals remain questionable for the commodity.

Cryptocurrencies

Cryptocurrencies are very stable today following the steep correction and the strong subsequent bounce. Total market capitalization stands at $74 billion after falling below $60 billion during the decline, while the market share of Bitcoin is back below 50% thanks to the recovery in altcoins. There are already some relatively strong coins emerging after the highly-correlated fall, with Ethereum and Ethereum Classic showing positive signs, while Monero being up by double digits this morning, trading back above the $40 level.  Volatility is expected to pick-up tomorrow as traders return form the long weekend globally.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Monero, 4-Hour Chart Analysis

Technical Picture

The NASDAQ is trading right at its all-time high after the recent deep correction, while the broad market continues to struggle. With the crucial Fed meeting just around the corner, and Trump’s Russian ties till making waves, the strength of the index is impressive, although market breadth measure still suggest weakness in the coming weeks. Short-term support is found near the 5700 level, and below that at 5675, with the key long-term zone at around the 5450 level.

NASDAQ 100, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
15:00 EUROZONE ECB President Draghi Speaks

 

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
03:30 AUSTRALIA Building Approvals 3.20% -13.40%
09:00 GERMANY Prelim CPI Index -0.10% 0.00%
14:30 CANADA Current Account -11.4 bill -10.7 bill
14:30 US Personal Spending 0.40% 0.00%
16:00 US CB Consumer Confidence 120.1 120.3
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.



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 shyam_shankar

    Posted on 4:01 pm May 29, 2017.

    I have read in your article only which exchange to believe?
    Trading with high volumes but why you are trading in Bitfinex instead of Polonix? and its my request to give analysis over BTC not against USDT because we will be more profitable with BTC over USTD.

    Thanks

    • user

      AUTHOR Mate Cser

      Posted on 6:53 pm May 30, 2017.

      Hi, I am trading multiple exchanges (sometimes for arbitrage opportunities). I post the charts that are the most reliable for me. I will be posting the charts yuo requested from Friday when I will start posting daily analysis on the coins! Thanks again for the input!

  • View Comments (2) ...
    Navigation
    The team:
    Dmitriy Lavrov
    Analyst
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Founder
    Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
    Mate Csar
    Analyst
    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 Read More
    Mati Greenspan
    Analyst
    Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Analyst
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Journalist
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    I want to wish a very happy boat festival to…