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Daily Analysis: NASDAQ Hits All-Time High as iPhone X Arrives

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Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2492 0.27%
DAX 12524 0.45%
WTI Crude Oil 48.26 0.42%
GOLD 1332.00 -0.26%
Bitcoin 4222 0.39%
EUR/USD 1.1950 -0.05%

As the recent volatile period in stocks seems to have ended with the easing of the North Korean situation, and the major US indices approach their record highs again, traders and investors are focusing on Apple today. One of the most iconic products of this century turns officially 10 today, with the unveiling of the supposedly revolutionary iPhone X (or Edition) which should bring the most popular smartphone model to par with the best android phones technically. With Apple still being the most valuable public company, and the dominant player in the segment regarding profits, investors pay a close attention to the event as it could drive a large percentage of Wall Street earnings.

AAPL, Daily Chart Analysis

The Dollar’s bounce is the other important trend today, and that helped another day of lofty gains in Asia and Europe alike. The Nikkei and the DAX both surged higher, while the Yen and the Euro retreated, and that propelled the global indices to new all-time highs as well. The Great British Pound had a volatile session, as the British inflation numbers came in higher than analysts expected, pushing the currency higher in early trading, while the delay of the next round of the Brexit talks caused a brief dip in the Pound.

As for the Dollar, the less than expected damage caused by Irma, and the positive surprise in the JOLTS Job Openings release both helped the Greenback today, while safe haven assets experienced another beating, as global sentiment improved. That said, the uptrend in gold remains intact, and as the stock markets long-term prospects are less than stellar, and the US economic growth is unlikely to support the Fed’s tightening plans, the current trends might change very soon.

Gold, 4-Hour Chart Analysis

Cryptocurrencies

The major coins started out the day in an encouraging fashion, but the early rally lacked the conviction of the previous month, and most of the currencies turned lower. While the key support levels are still holding up despite last week’s volatility, the long-term picture still suggests a more pronounced correction in the segment. Bitcoin has been strong during the recent move lower, but Ethereum has been dragging the market lower, and the weakness in the second largest coin seems to be persistent. While not all coins are overbought, with the likes of Ripple, NEO, IOTA, and ETC being neutral or oversold. We expect correlations to remain elevated, as the broad correction unfolds in the sector after the huge rally.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The German DAX surged past our target for the current move higher at 12,500 as the dip in the Euro helped European equities on the broadly bullish day. The short-term picture is now slightly overbought, and we advise traders to reduce their long positions after the strong rally, although more upside is still possible in the coming days.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA NAB Business Confidence 5 12
10:30 UK CPI 2.9% 2.8% 2.6%
10:30 UK PPI 1.6% 1.2% 0.0%
16:00 US JOLTS Job Openings 6.17 mill 5.96 mill 6.16 mil

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
9:15 SWITZERLAND PPI Index 0.2% 0.0%
10:30 UK Average Earnings 2.3% 2.1%
10:30 UK Unemployment Rate 4.4% 4.4%
14:30 US PPI Index 0.3% -0.1%
16:30 US Crude Oil Inventories 4.1 mill 4.6 mill

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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.

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4.6 stars on average, based on 278 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.




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Analysis

Crypto Update: Coins Drift Sideways as Trading Activity Plunges

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Liquidity dried up in the cryptocurrency segment in recent days, as trading volumes have been declining progressively, while the major coins got stuck in tight ranges. Only a few coins show signs of activity, and the bearish short-term patterns continue to dominate the market. With a group of currencies, namely Litecoin, Monero, Dash, and Bitcoin itself clearly dragging the segment down, the short-term trend will likely continue, as the previous leaders are now showing strength either.

While all of the top digital currencies are showing some gains today, and the total value of the market edged close to $290 billion, major resistance levels are still towering above. The fact that the effect of the Bithumb hack faded away quickly is a positive here, but until signs of bullish momentum and a clear leadership forming, the short-term outlook remains bearish.

BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade near the $6750 level, edging ever closer to the declining short-term trendline, in a bearish consolidation pattern. Bulls would need a sustained move above $7000 to negate the declining trend, but for now at least a test of last week’s lows is likely with a possible move towards the key long-term zone between $5850 and $6000.  The short-term zone around $6350 level provides support, while further resistance is ahead near $7350.

Ethereum Nears Trendline as ETC Attempts Breakout

ETH/USD, 4-Hour Chart Analysis

Ethereum has been among the strongest coins in the last few days again, and coupled with its long-term relative strength, the second largest coin is still the best candidate to lead a recovery. That said, the coin still faces strong resistance between $555 and $575, and bullish momentum is suspiciously weak. Primary support is found at $500 with further zones near $450 and $400.

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic has been positively diverging compared to the rest of the market, together with Binance Coin, and to a lesser extent Tron ever since its inclusion to Coinbase, and the coin moved above the key $16 resistance yesterday in late trading.

While ETC is slightly overbought from a short-term perspective, a consolidation above $16 and a subsequent move higher could confirm a trend change. For now, the short-term trend signal is only neutral, and traders should remain cautious given the broad downtrend in the segment

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.

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4.6 stars on average, based on 278 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.




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Altcoins

Treading the Floods: Cryptocurrency Prices Stable Following Bithumb Attack 

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Cryptocurrencies emerged unscathed Wednesday following yet another security breach of a South Korean exchange, as the market continued to favor a corrective rally for bitcoin and the major altcoins.

Crypto Prices Hold Steady

Bitcoin fell by as much as $200 Wednesday on news of a cyber attack targeting South Korea’s Bithumb exchange. However, the coin quickly recovered and now sits just shy of $6,800, according to data provider CoinMarketCap. Prices peaked at $6,821.56 at 12:34 UTC.

Compared with 24 hours ago, bitcoin’s per-coin value was virtually unchanged.

The ten biggest altcoins by market cap exhibited the same pattern, with prices treading water compared with Tuesday afternoon. The total cryptocurrency market was valued above $290 billion, up from an earlier low of around $282 billion.

Bitcoin and the major altcoins have more or less retained their bullish bias, which suggests that a continuation of the upward trend is likely. Since bottoming last week, coins have rebounded $26 billion.

Bithumb Attack: What We Know

Hackers made off with roughly $31 million in stolen cryptocurrency on Wednesday as Bithumb suffered its third cyber breach in 12 months. The attackers reportedly targeted users’ holdings of XRP, the third-largest cryptocurrency by market cap, by running a series of unauthorized access attempts.

Bithumb was unable to prevent the attack despite spending upwards of 10 billion won ($9 million) on security enhancements. This includes complying with new guidelines for financial institutions requiring 5% of company staff be made up of IT specialists. Bithumb has reportedly exceeded that quota by a wide margin.

The Seoul-based exchange confirmed that it had migrated outstanding crypto balances to cold storage and said it will fully refund affected users. Transactions on the exchange remain suspended for now.

Although news of the attack hit the airwaves on Wednesday, some analysts believe the theft occurred several days earlier as part of Bithumb’s data upgrade. However, the exact cause of the breach remains unclear.

Goldman Sachs Weighs Crypto Trading as an Option

U.S. multinational investment bank Goldman Sachs is considering taking a bigger dive into cryptocurrency by launching a full-scale trading operation, according to COO David Solomon.

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” Solomon said during an interview in China, as reported by CCN. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Currently, the Wall Street investment giant is clearing bitcoin futures contracts. It has also announced plans to introduce a new bitcoin trading operation, which includes using its own money to trade with clients in a variety of contracts linked to bitcoin.

Institutional traders are awaiting the arrival of custodial services dedicated to cryptocurrency before taking the full plunge into digital assets. To that effect, the San Francisco-based  Coinbase exchange is leading the charge by announcing a new line of crypto custodial services to unlock up to $10 billion in institutional capital.

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.

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4.6 stars on average, based on 461 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Bitcoin Stalls at $6750 as Rally Attempts Fade

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The top coins are trading slightly lower today in early trading, as the rally of the last two days ran into strong resistance. The majors are all holding up above last week’s lows but the short-term downtrend that could have significant long-term implications is clearly intact. The overnight dip was partly fueled by news on yet another possible exchange hack, this time Bithumb, but the losses are limited so far.

Correlations are still elevated between the majors even as relatively narrow trading ranges dominate the market. Trading activity remains low, as the segment continues to consolidate last week’s wild swings, and summer trading conditions are also starting to set in. The total value of the market is hovering around $280 billion, as the rebound failed to hold the capitalization above the $300 billion mark.

BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to regain the $6750 resistance despite several rally attempts, as it continues to trade dangerously close to last week’s lows and the crucial long-term resistance between $5850 and $6000.  The short-term trading range around the $6350 level is intact, and the coin remains on a sell signal on the 4-hour time-frame. Further resistance is ahead near $7000 and $7350, while primary support is currently found at $6500.

Ethereum Still Strong but Short-Term Picture Shaky for Altcoins

ETH/USD, 4-Hour Chart Analysis

While the long-term outperformance of Ethereum is still impressive, the other previously leading coins are not ahead of the broader market, and without a clear leadership, a sustained rally is not realistic. The current setup favors at least a re-test of the lows, and possibly another leg higher with regards to the majority of the top altcoins.

Ethereum is trading above the $500 level despite the early selloff today, and the coin is just below the declining trendline, although with several strong resistance levels above the current price, the coin will likely follow the broader market lower in the coming days. Primary resistance is still ahead between $555 and $575, while further support below $500 is found at $450, $400, and $380.

XRP/USDT, 4-Hour Chart Analysis

Ripple remains below the $0.54 level, EOS is just above the $10 support, and the most bullish Binance Coin is also drifting lower today, with IOTA’s short-term relative weakness being apparent. Among the long-term laggards, Litecoin, Dash, and Monero are all under pressure, and should they breach last week’s lows, selling could intensify again.

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.

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4.6 stars on average, based on 278 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.




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