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Daily Analysis: Cryptocurrencies Still in Correction amid Post-Fed Turmoil

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Daily Analysis: Cryptocurrencies Still in Correction amid Post-Fed Turmoil

Introduction

This article was posted on Thursday, 17:08, UTC.

Thursday Market Recap

Asset Current Value Daily Change
S&P 500 2424 -0.44%
DAX 12691 -0.89%
WTI Crude Oil 44.52 -0.42%
GOLD 1257.00 -1.45%
Bitcoin 2278 -7.23%
EUR/USD 1.1145 -0.67%

The Dollar is up and everything is down after the Fed decision, that’s the short summary of the day, so far, although not all markets agree with the consensus. The US bond market still sees very low rates going forward, despite the Fed’s intentions. Global stock markets are broadly lower, with the NASDAQ leading the way once again, as the tech giants are back in the crosshairs. Banks are outperforming the major indices, and that helps the S&P 500 in holding up well compared to the tech benchmarks. The weakness of the Yen supports the Japanese markets, while European shares are among the weakest globally.

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EUR/USD, 4-Hour Chart Analysis

The Great British Pound is among the best performing major currencies of the day following the Bank of England’s monetary meeting that delivered a very surprising vote (looks like British voting patterns are quite confusing…), with Pound surged after the decision, as the central bank proved way more hawkish in the uncertain environment than expected. Commodities are hit hard by the Dollar rally, with precious metals, oil, and the industrial segment all experiencing losses.

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Cryptocurrencies

The crypto-correction continued in earnest today, as the majors were all headed sharply lower again, experiencing 30+% losses. Bitcoin fell as far as $2150, while Ethereum dipped $130 and bottomed near $270, so far. NEM and Monero are also in deep correction, hitting short-term lows together with the two most valuable coins. Ripple and Litecoin are showing signs of relative strength in the correction, Dash and ETC are only trading near their weekend break-out levels, while Bitshares is holding strong against BTC.

Ethereum, 4-Hour Chart Analysis

Technical Picture

The NASDAQ resumed its correction following the Fed decision, but the Monday lows held during the US session, so far. We still expect a test of the long-term trendline and the 5600 level during the correction, with a possible spike to the key support zone slightly below the 5500 level. The 5775 level is the primary resistance right now, and below that the short-term downtrend remains intact.

  NASDAQ, 4-Hour Chart Analysis

Key Economic Releases on Thursday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA Employment Change 42,000 10,300 37,400
3:30 AUSTRALIA Unemployment Rate 5.5% 5.7% 5.7%
9:30 SWITZERLAND SNB Monetary Statement
13:00 UK BOE Monetary Statement
14:30 US Philly Fed Index 27.6 25.5 38.8
14:30 US Initial Jobless Claims 237,000 241,000 245,000
15:15 US Industrial Production 0.0% 0.2% 1.0%

Key Economic Releases on Friday

Time, CET Country Release Expected Previous
Tent. JAPAN Monetary Statement
Tent. EUROZONE Final CPI 1.4% 1.4%
14:30 US Building Permits 1.25 mill 1.23 mill
14:30 US Housing Starts 1.17 mill

 

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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.

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