Connect with us

Analysis

Daily Analysis: Markets Mixed as Brexit Looms

Published

on

Tuesday Market Recap

Current Value Daily Change
S&P 500 2338 0.08%
DAX 12124 0.52%
WTI Crude Oil 48.21 1.07%
GOLD 1255.50 -0.01%
Bitcoin 1061.00 2.90%
EUR/USD 1.0868 0.04%

European stock markets are relatively strong once again today, with the DAX holding up above the crucial 12,000 level. US Indices are virtually unchanged after yesterday’s bounce. Sentiment got slightly more positive as media attention shifted away from the US political turmoil. The Brexit process is making headlines again, with the so called Article 50 of the Lisbon treaty being in focus this week, which regulates the exit of a country from the EU. The Pound and British stocks could turn volatile later on this week but, so far, related markets remain calm.

Oil is among the movers of the otherwise quiet day. The commodity rose in early trading as technical buying lifted the price ahead of the industry-reserve data. The US Dollar continued to be under pressure, following the slight rebound yesterday afternoon. Last week winners the Japanese Yen, gold, and the Swiss Franc are still close to their recent highs, while the Euro is stable against the USD, trading around the key 1.0850 level.

Bitcoin got close to the 1075 level today, rising for the second day in a row, and volumes remain elevated compared to recent months for the most popular cryptocurrency. Last week’s highs just above 1125 remain in focus, as bulls hope for a trend change after the one-month correction. Ethereum, Dash, Ripple and Monero are all drifting lower today on relatively light volume, although Litecoin is a hair higher. On an interesting note, Ethereum’s market cap reached one-fourth of Bitcoin’s capitalization in the recent run-up, as the currency received widespread publicity.

Technical Picture

S&P 500 Index, Hourly Chart with DAX-comparison

The S&P 500 bounced off the lower boundary of the prevailing declining trend channel yesterday but it remains well below the highs from last week that correspond with a strong previous support zone. The comparison with the DAX index shows that March was a very strong month for German equities, as the 3% difference compared to US stocks is huge. The DAX is still close to it all-time highs while the S&P 500 is 3% off its maximum.

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
16:00 US CB Consumer Confidence 125.6 113.9 114.8

 

Consumer confidence surged to a new 16-year high this month, and it remains well above the levels seen in the past few years, giving the Fed a possible green light on further rate hikes. Some investors use the index as a contrarian indicator, as stock market tops are usually accompanied by tops in consumer confidence.

Key Economic Releases on Tuesday

Country Release Expected Previous
US Pending Home Sales (monthly) 2.30% -2.80%
US Crude Oil Inventories  – 5.0 million

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 380 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.




Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Altcoins

Monero Price Analysis: XMR/USD Marching Higher amid Large Reduction in Fees

Published

on

Kovri Bulletproofs Monero
  • Monero community members are sharing their delight with the instant impact of the recent update.
  • XMR/USD bulls will be looking at another retest of the breached Aug-Oct ascending trend line.

Latest Update from Monero Developers Sees Huge Reduction in Fees

The Monero community are sharing their excited observations of the benefits from the Beryllium Bullet update. Earlier this week, the foundation had another hard fork going live. The release was known as, “Monero 0.13.0 “Beryllium Bullet,”. The goal was for greater efficiency of their protocol, to facilitate stronger privacy, faster and more cost-effective transactions. In addition, more resistant ASIC miner protection, as previously reported via the last Monero article.

The update has instantly demonstrated its enhanced performance and new features. Monero users have been taking to the social space to express their delight, with the changes being very noticeable.

Members of the Monero community via the Reddit social page were sharing their photos, providing examples of how low the fees are for processing transactions are now.

Technical Review – 60-minute Chart

XMR/USD 60-minute chart

XMR/USD can be seen moving within a triangular pattern set up, via the 60-minute chart view. This coming after much stabilization has been seen with the price since the overly aggressive movement on 15th October. That’s when prices spiked higher in line with the rest of the market, before quickly retreating. The price behavior would suggest another breakout is very much imminent as it is currently moving within an extremely narrowing nature. Looking to the upside, resistance can be seen just ahead at $108.50, or the upper part of the pattern. Further ahead, a choppy supply area is seen running from $110-112 region. In terms of support this can be eyed not too far below, $106.50, lower part of the triangle.

Technical Review – Daily Chart

XMR/USD daily chart

Looking via the daily chart, there is room for upside and another retest of the breached ascending trend line. This had originally been supporting the price from 13th August up until early October. XMR/USD bulls could run up the price to $124 territory, before being met with a test of hard sellers. During the big spike on 15th October, the upper wick can be seen having attempted to break back above the mentioned trend line.

If the bulls can maintain their course of upside momentum and break back above the original supporting trend line, a price towards $150 could again be reclaimed.  In terms of support on the daily, this looks firm around $104, a secondary running ascending trend line. Further south, a demand zone is seen sub-$100, running from $86 – $76 region.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Market Still in Deadlock

Published

on

The choppy, directionless period in the cryptocurrency segment continues, with no meaningful change in the technical setups of the major coins. While the broader trends are still clearly bearish and sellers remain in control of the market, we saw another minor bullish shift in the past 24 hours, with modest gains across the board.

Most of the top coins are trading in the range of the Monday session, which saw the spike triggered by the turmoil in Tether. Stellar is the apparent positive outlier of the past few days, while Dash, Litecoin, and Ethereum have been the weakest so far this week.

DASH/USD, 4-Hour Chart Analysis

On a positive note, all of the majors remain above last week’s levels, and especially Bitcoin’s continued stability is encouraging for crypto-bulls here, even as our trend model paints a negative picture of the segment.


BTC/USD, 4-Hour Chart Analysis

Bitcoin avoided a test of the $6275 level despite moving below its recent very narrow trading range yesterday, with still no meaningful bearish or bullish momentum present in the coin’s market. BTC continues to trade below the $6500 level, and its volatility is very low, even after the move below the previously dominant broad triangle consolidation pattern.

Further resistance levels are still ahead near $6750 and $7000, while support levels below $6275 are found near $600, $5850 and between $5000 and $5100.

Altcoins Little Changed as Ethereum Still Glued to $200

XRP/USD, 4-Hour Chart Analysis

The weekend has been very quiet for altcoins so far, with even the recently active Ripple settling down near the $0.46 level. XRP is around the midpoint of Monday’ s range but the lack of follow-through after the breakout from the triangle consolidation pattern is a negative sign, and the coin remains on a short-term sell signal in our trend model. Strong resistance is still ahead at $0.51, $0.54, $0.57, while support is found near $0.42, $0.375, and $0.35.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to hover around the $200 price level still being in bearish short- and long-term patterns and the relative weakness of the second largest coin remains a huge concern for the whole segment.

With no evidence of meaningful capital inflows to the market, the outlook is neutral at best, and traders and investors should wait for at least a short-term trend change before entering new positions. Strong support is found near $180, $170, and $160, while resistance is ahead near $235 and $260.

EOS/USD, 4-Hour Chart Analysis

EOS is also among the relatively weaker coins, and the coin is stuick in a broad Trading range around the $5.35 level since August. Volatility in the coin’s market has been progressively declining, but the vicinity of the bear market low suggests that the long-term downtrend is still intact, especially given the segment-wide trends.

A test of the lows is still more likely than a bullish break-out, with strong support found near $4.50 and key resistance ahead near $6 and $6.5.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 380 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.




Feedback or Requests?

Continue Reading

Altcoins

Cardano Price Analysis: ADA/USDT is Eyeing a Big Move Out of Current Technical Setup

Published

on

  • Positive update from IOHK audit of Icarus by Kudelski Security.
  • ADA/USDT is moving within a pennant pattern formation, subject to breakout.

Solid Icarus Audit reported by IOHK

IOHK recently announced in their forum that an audit was conducted by Kudelski Security, which is an independent and third-party security audit firm. The audit conducted demonstrated that the Icarus project implementation for Cardano looks all good and set to go, without any major problems. However, a few changes may need to be executed. IOHK developed the Icarus code as a reference implementation, for Cardano light portfolio.

The important of “independent audits, like this one was stressed by IOHK. Stating “they are critical for identifying security issues in the Icarus wallet, that may not have been identified by internal audits”.

Furthermore, IOHK has elucidated Icarus as an open source code base serving as a reference for the creation of safer and easier mobile wallets for Cardano. They said, “this guarantees our customers and clients the safest portfolio we can offer.”  Given the benefit of an external audit, the developers can resolve any problems identified during its product launch audit.

Positive Updates from Cardano Founder

Cardano’s founder, Charles Hoskinson, was recently commenting on Cardano’s future. He said “We have so many amazing things coming out.”

Mr Hoskinson further added that one of their scientists has flown in from Switzerland. They will be doing a video, which will be the first time they have ever talked about their sharding design that we have for Cardano. Further commenting on other updates, including videos about Shelley and the Rust project.

Technical Review – Daily Chart

ADA/USDT daily chart

ADA/USDT is moving within a triangular pattern or a pennant formation, as seen via the daily time frame. It is narrowing, moving closer to a breakout. Ranging ahead of another drop to the deep south. Although, fundamental developments coming out from the Cardano foundation, remain very much upbeat currently.

Over the past 8 days, the price has been grinding higher, after receiving support at the lower trend line of the above-mentioned pattern. In terms of resistance to the upside, this can be seen at 0.08310000. The upper tracking trend line. Further north, a supply zone is running from 0.09000000-0.09500000. ADA/USDT  last traded here on 23rd September. Finally, support is tracking at 0.071800000, lower part of the pennant, also within a demand area. Another strong buying territory is observed from 0.06500000-0.06000000.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending