Connect with us

Analysis

Daily Analysis: Stocks Prepare For Move as Bitcoin Pushes Higher

Published

on

Monday Market Recap

// -- Discuss and ask questions in our community on Workplace.
Asset Current Value Daily Change
S&P 500 2360 0.35%
DAX 12185 -0.30%
WTI Crude Oil 52.86 1.15%
GOLD 1253.00 -0.34%
Bitcoin 1204 2.01%
EUR/USD 1.0595 -0.08%

 

Stocks are having a very quiet day so far, as the tensions that Friday’s Syrian missile attack caused calmed down somewhat, and financial markets remain steady. US futures are pulling international markets higher, although the European and Asian indices are still slightly in the red. The improved sentiment shows in other asset classes as well, as safe-haven assets are trending lower while risk-on assets are better off on the first session of the Easter-week.

The US Dollar continued higher against most of its most important peers, although the recovering British Pound has been the strongest major so far. The Euro remains under pressure, as the French presidential election looks to be getting more competitive. The Yen and Swissie are both weaker today, just as gold thanks to easing of the political fears. Oil is inching higher again, and the closely related Canadian Dollar is also among the winners, especially after Friday’s positive employment report, that underlined the positive trends in the economy.

// -- 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 -- //

Bitcoin hit a new 3-week high over the weekend, after testing the $1175 level, and it is trading near the crucial $1200-$1215 zone today. Monero is also creeping higher once again, but Dash is finally diverging from XMR, after weeks of very similar trading. Dash is drifting back towards the $60 level, and Litecoin is also significantly lower, back below $9, even after topping the $11 level during the weekend. Ripple and Ethereum are also slightly lower as the market focuses on the moves in Bitcoin again.

Bitcoin, 4-Hour Chart Analysis

Technical Picture

S&P 500, 4-Hour Chart Analysis

The S&P 500 remains stuck in a narrow range near the all-important 2350-2355 zone, even after the Syrian attacks and almost a month of sideways trading. The dominant broadening Megaphone pattern remains in play, as traders await the next major move in global stocks. The MACD indicator is also showing a neutral picture, while the previous leaders, the German Dax and the Nasdaq, remain a bit weaker.

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
22:00 US Fed Chair Janet Yellen Speech

 

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
10:30 UK CPI Index 2.20% 2.30%
11:00 GERMANY ZEW Economic Sentiment 13.2 12.8
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?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Analysis

Daily Analysis: Dollar Falls, Gold Jumps after Yellen’s Final Move

Published

on

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2668 -0.02%
DAX 13125 -0.45%
WTI Crude Oil 56.65 -0.68%
GOLD 1258.00 1.35%
Bitcoin 16,100 -6.32%
EUR/USD 1.1842 0.73%

The Federal Reserve hiked interest rates as expected today, and although the central bank’s monetary statement was slightly more hawkish than expected, the market’s reaction didn’t reflect the much-anticipated move. The worse than expected Core CPI reading that underlined the low-inflation narrative weighed on the recently strong Greenback, while stocks were unchanged after decision and bonds gained ground as yields retreated.

// -- Discuss and ask questions in our community on Workplace.

EUR/USD, 4-Hour Chart Analysis

The major indices are hovering near their all-time highs with the DOW leading the way higher, hitting a new record for the second day in a row. While volatility Is expected to remain low as we approach the end of the year, market internals and valuation levels are still concerning from a long-term perspective, and stocks outside the US are also negatively diverging. The action in crude oil could be slightly more interesting as the commodity is starting to act in a slightly bearish manner after a grinding multi-month rally.

// -- 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 -- //

WTI Crude Oil, 4-Hour Chart Analysis

The Brexit process is still in the center of attention in Europe, although volatility took a nosedive on the old continent as well, and it’s unlikely that the Christmas period will be much different, given the predictable drop in volumes and trading activity. The date of the next election in the financially and politically troubled Italy has been set to March 4th next year, and the early date caused some turmoil in the countries assets, which dragged the Euro Stoxx 50 lower today, together with the DAX and the other major indices.

Cryptocurrencies

As the total market cap of the crypto-market crossed the incredible $500 billion mark, Ripple, NEO, and Ethereum made headlines with lofty gains in the face of the severely overbought readings elsewhere in the segment. While XRP and NEO are still not overbought from an investment perspective, Ethereum reached our final target for its break-out and triggered a long-term sell signal.

ETH/USD, 4-Hour Chart Analysis

The previously surging IOTA continued its correction, Litecoin consolidated in a relatively narrow range, while Dash, ETC, and Monero scored marginal new highs before turning lower together with BTC. The most valuable coin that has lost some of its momentum “mojo” in recent days fell back below last week’s highs, and that could mark a failed break-out and a start of the deeper correction that seems more and more likely.

BTC/USD, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
11:30 UK Average Earnings 2.5% 2.5% 2.3%
11:30 UK Claimant Count Change 5,900 3,300 6,500
11:30 UK Unemployment Rate 4.3% 4.2% 4.35
15:30 US Core CPI 0.1% 0.2% 0.2%
15:30 US Crude Oil Inventories -5.1 mill -3.6 mill -5.6 mill
21:00 US Fed Rate Decision 1.5% 1.5% 1.25%
21:00 US FOMC Statement

Featured image from Shutterstock

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?

Continue Reading

Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

Published

on

Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

// -- Discuss and ask questions in our community on Workplace.

While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

// -- 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 -- //

Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

(more…)

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?

Continue Reading

Analysis

Technical Analysis: Bitcoin Grinds Higher as Records Tumble in Altcoins

Published

on

The historical surge in the segment, which is the second such move this year, continued today, with another round of break-outs in some of the major altcoins and tepid gains for BTC investors. Ethereum, Ripple, Dash, and first and foremost Litecoin was leading the charge, with the recent star LTC topping $300, just after a day of hitting the $200 mark.

// -- Discuss and ask questions in our community on Workplace.

Litecoin defied all odds after reaching extremely overbought readings, and the coin rode the speculative wave, turning exponential, not unlike IOTA and Bitcoin previously. With the coin being stretched in an unprecedented way on all time-frames, investors could even consider selling their core positions at the current levels, as a deep correction is almost granted in the coming period. The first meaningful support level is found at $125, and a re-test of the $100 level is probable during the next major correction.

LTC/USD, 4-Hour Chart Analysis

// -- 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 -- //

Ripple finally ended a long period of relative weakness today, and the only major on a long-term by signal jumped over primary resistance at $0.26 and crossed the $0.30-$0.32 too in the euphoric sentiment. As the coin is not long-term overbought following the 6-month long consolidation, the buy signal in XRP remains intact, with the only major resistance level being found at the all-time high near $0.425.

XRPUSDT/USD, 4-Hour Chart Analysis

(more…)

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?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Trending