Daily Analysis: Summer Trading is Back with Cryptocoins Still on the Move | Hacked: Hacking Finance
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Daily Analysis: Summer Trading is Back with Cryptocoins Still on the Move

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Daily Analysis: Summer Trading is Back with Cryptocoins Still on the Move

Introduction

This article was posted on Monday, 17:14, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2475 0.15%
DAX 12257 -0.32%
WTI Crude Oil 48.80 -1.92%
GOLD 1264.00 -0.03%
Bitcoin 3360 3.48%
EUR/USD 1.1782 0.07%

With most of the trading desks closing for vacations after Jobs Friday, and with only a few major economic releases coming out during the week, low volumes are almost certain. Today’s session already reflects that as moves in the major asset classes are muted, and even the recently active forex market quiet. The New Zealand Dollar is the only exception as the Kiwi is tanking before the RBNZ’s rate decision that is scheduled for Wednesday, as inflation expectations came in below the consensus today. Oil and the whole energy complex is also active today, with crude oil being down by 25 after hitting resistance near $50 last week.

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NZD/USD, 4-Hour Chart Analysis

The US Dollar is still in the center of attention following the strong bounce on Friday, but so far the move has stalled and the currency is trading in a narrow range today against its most important peers. Stocks are little changed today, with a slight outperformance for the NASDAQ and more weakness from the DAX, thanks to a negative surprise in German Industrial Production. Day traders should be aware that this week could continue to be choppy, without clear trending moves, and a better environment for range trading strategies.

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Cryptocurrencies

Bitcoin made headlines with its new all-time highs during the weekend, and the currency rallied again today in early trading, hitting $3400 for a new high. The most valuable coin now surpassed $55 billion in capitalization, while the total market got close to $120 billion as confidence returned after the deep correction and the Bitcoin Fork last week. That said, the second largest coin, Ethereum is still more than 30% off its high, Ripple is still trading at less than half of its maximum and the other majors are also shy of their highs. With the overall long-term picture being bullish, we expect more upside in the coming weeks, as only Ripple and ETC are still in downtrends among the majors.

BTC/USD, 4-Hour Chart Analysis

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Technical Picture

The NASDAQ is trading slightly higher today, but it’s still within a narrow range around the 5915 level after a period of negative weakness last week. The 6000 level is still ahead as primary resistance, while a break below 5850 would signal a deeper correction, with a target zone around 5725. Trading volumes are very low today, and that could lead to a low volatility drift until Friday, when the CPI reading hits the wires.

NASDAQ 100, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
1:30 AUSTRALIA AIG Construction Index 60.5 56.0
7:00 JAPAN Leading Indicators 106.3% 106.2% 104.6%
9:15 SWITZERLAND CPI Index -0.3% -0.3% -0.1%
9:30 UK Halifax HPI 0.4% 0.3% -1.0%
10:30 EUROZONE Sentix Investor Confidence 27.7 27.8 28.3

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
3:30 CHINA Trade Balance 60.2 65.7
14:15 CANADA Housing Starts 206,000 213,000

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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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Dmitriy Lavrov
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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
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P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
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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
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