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The Dollar Beat Down Party

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Hi Everybody,

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Earlier this week, we commented on a controversial situation that is currently playing out in Poland. Indeed, since eToro has opened our platform in Polish this has become a region of interest. Thanks to several comments on hacked.com, I have been enticed to revisit the matter.

Today, the Economist reports that the European Commission is planning to pursue legal action against Poland, seemingly regardless of the fact that the bills in question were never passed.

Indeed, the issue is a bit more complicated than the EC, the USA, and the Economist makes it seem. In fact, the overhaul of the Polish Judicial System actually represents a very positive step towards cleaning out a system that has been quite corrupt for far too long.

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Is this the correct way to do it?

Well, we’ll need to let the Polish people decide that. From my part, I’m very glad to see the people excited about cleaning up the system and hope that they end up providing a good example for all of Eastern Europe.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Draghi Yellen or Trump

Breakouts in Euro and Pound

Cryptos Affected?

Please note: All data, figures & graphs are valid as of July 27th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Poor Super Mario. The President of the European Central Bank just can’t seem to catch a break. The more he tries to cool down the Euro the more it zooms for the sky.

Many thanks to Aleksandra for her clever comments on Central Bank actions lately and for the steady returns in her account so far. At this point, I’m not sure which is more enjoyable. 🙂

However, even though @RainbirdFx is short on the EURUSD along with 74% of other eTorians who are currently trading the pair, I just wanted to point out that we’ve just seen a breakout.

Thanks to Draghi and Yellen, and probably President Trump, the Euro is now at the highest level against the buck since January 11th, 2015.

Though the Euro may be the most notable it’s not the only one gaining. Even the British Pound is joining in the Dollar Beat Down Party with a breakout of its very own.

Now that the psychological resistance of 1.30 (yellow line) is well behind us, we’re able to see a nice solid rising support line (green) for the first time since the referendum.

Cryptos Affected?

Just like almost every other asset on the planet, cryptocurrencies are frequently priced in Dollars.

For the moment, the Crypto industry stands at a value of about $90 Billion.

The question is, how much of this recovery, from July 16th (reds circle in the charts above and below) until today, was due to the Dollar falling?

I want to take this opportunity to express my extreme gratitude to all clients, colleagues, and people of the Internet who have been providing constructive and positive feedback on these daily updates as well as the videos we’ve been doing lately. Your participation is not only appreciated, it is essential.

Have a spectacular day ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

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.



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Cryptocurrencies

Trade Recommendation: Monero

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The market moves in a horizontal channel between 85.00 and 100.00 levels. Now the price is at the bottom and we have a buy opportunity. RSI confirms price reversal and MACD histogram supports upward movement. DMI allows opening long trades. Pending orders for buy should be placed above the local high at 89.50 level. Stop orders must be placed at 84.30 level. The main profit target is 100.00 level. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: XMRUSD
Buy: 89.50
Stop: 84.30
Profit Targets: 100.00

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: DigiByte

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This is a new attempt to catch a trend reversal and open long trades on good levels. We have double bullish divergence which confirms price reversal with further upward movement. RSI confirms price reversal in the oversold zone. MACD supports upward movement and DMI allows opening long trades. It’s a buy opportunity based on the confirmed trend reversal signal. Entry level is 0.00000170 with stop orders at 0.00000125 level. Profit targets are 0.00000300 and 0.00000450 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: DGBBTC
Buy: 0.00000170
Stop: 0.00000125
Profit Targets: 0.00000300 and 0.00000450

The trading signal is based on Poloniex chart.

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Bitcoin

We Have to Talk About Bitcoin Again

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It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

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Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

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Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for the Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. “We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.”

Featured image courtesy of 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.



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