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Analysis

Don’t Click Anything Day

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So this gives a whole new meaning to the term Cyber-Monday.

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Imagine coming into work only to find that your entire workplace has been compromised. A simple message is flashing on the screen, saying something like: ‘Your files have been encrypted and will be unscrambled only once you pay a ransom of 1000 BTC to the following wallet: 1MG19cxxSqkj5Rr5itqaQGVcUH6Ty77gp1’

All because one employee in the organization clicked a link that he received in the Email. A link that looked legit and he innocently thought it was coming from his boss.

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More than 200,000 computers in 150 countries have already been known to be affected by the WannaCry virus and 1.3 million systems are still vulnerable.

As we rely more heavily on computers in our daily lives it is of the utmost importance to remember that we are always at risk of falling victims to cyber crime.

Don’t click any links or download any attachments without first verifying where they came from and that they are safe to open.

Mati

Please note: All data, figures, & graphs are valid as of May 15th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Stock markets around the world are still pretty flat. It seems like investors are happy with the current elevated levels and are waiting for further news before trucking forward.

Famous investor Jefferey Gundlach made a bold call stating that the US markets are going to underperform in the coming few months and recommended a strategy to short the American Indices and buy the Emerging Markets.

There’s a touch of safe haven playing in the global markets this morning as North Korea performed one of their most provocative tests today.

The missile that they fired this morning landed less than 100 kilometers from Russian territory and Pyongyang has claimed that they are able to attach a nuclear warhead to such a device.

Gold is up ever so slightly on the news, which has given it a good level of support (yellow line) for technical trading. If the support holds, the next target above is around $1300 an ounce.

 

OPEC Delivers

Oil ministers from Russia & Saudi Arabia have announced that the massive OPEC production cuts that are currently in place will remain all the way through Q1 of 2018.

Most analysts were expecting them to extend the deal for six months so this was a nice surprise for oil bulls. There was indeed a nice rebound off of the lows seen last week and the price is now within familiar territory once again.

The OPEC announcement is both a cause for joy and concern. On the one hand, it’s good to see some action being taken to curb the massive oversupply in the market. On the other, this type of drastic action indicates that the problem may be worse than most people think.

Many traders on eToro are skeptical that oil would be able to maintain even $60 a barrel and very few think that it could reach as high as $100 again.

All investors should watch Oil carefully. As we’ve seen before the global economy runs on the stuff and the energy sector is often a leading indicator of economic growth.

What else?

The Prime Minister of the United Kingdom will be doing a Facebook Live event this evening at 8:00 PM in London. With May refusing to take part in a television debate this may be the best insight the public will be able to get before the elections on June 8th.

The event will be hosted by ITV so you should be able to view it on their page: https://www.facebook.com/itv/

A strong conservative party has been seen as a good thing for the British Pound lately. So if Ms. May is able to put up a strong performance tonight we could see some excitement in the GBPUSD.

Lately, the Pound has been struggling against major resistance at $1.30. So a strong breakout of this level could lead to a much stronger Sterling.

Let’s have an awesome day!

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

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

 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.
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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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

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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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Analysis

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(more…)

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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Analysis

Technical Analysis: Bitcoin Tests $13,000 as Hectic Correction Continues

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The cryptocurrency segment remained generally bearish in the middle of the week, as the Ripple and Bitcoin-led move spread to almost all of the majors, with even the recent leader Ethereum getting hit today.

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As BTC got smashed below the dominant rising trendline, a wave of selling pushed the coin under the key $13,000 level before a violent bounce started. Despite the bounce, the long-term picture remains negative, and we still expect a test of the correction low near $11,300 in the coming weeks, with a likely dip below $10,000 before the end of the current cycle. Further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple got very close to the key support level at $1.50 today in early trading, and after the sell signal six days ago, the coin is nearing a neutral short-term signal in our trend model, and a more durable bounce is possible here. That said, the long-term picture remains bearish and further corrective price action is likely before the end of the current cycle. Despite the likely consolidation, long-term investors could already accumulate new positions on the short-term sell-offs near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum’s rally topped out near $1350 for now, and given the now severely overbought long-term picture we expect the short-term trend to end in the coming days. With that in mind, although traders could still enter small positions near the trendline, correction risk is now high, and investors should wait for a deeper move lower before entering new positions. Key support levels below $1000 are still found at $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(more…)

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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