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Exciting Times

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It’s gonna be a huge day for all markets!!!

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Stocks, Currencies, Commodities, Cryptocurrencies, and even Alt-coins have big announcements coming up.

There is a huge conference happening at the moment in Chengdu China. Unfortunately, representatives from our Shanghai office couldn’t make it this time and apparently neither could Vitalik.

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Blockchain technology is growing incredibly quickly and even the bureaucratic EU is getting in on it. Just recently, they’ve put together a task force to explore new non-financial applications of the Ethereum network.

Exciting times indeed.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs are valid as of June 14th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Last week’s election results were a disaster for Theresa May and her Tory party. At this point, they’re 8 seats shy of a government, and the far right Northern Irish DUP is holding 10.

We were expecting some kind of deal yesterday between May and the DUPs but the meeting concluded with DUP leader Arlene Foster leaving out the back door and no announcement.

It’s a tough walnut to crack. Some within the Tory party are saying that this could lead to a breakdown of the Northern Ireland peace treaty.

Arlene says that she’s confident there will be a deal sooner rather than later.

It seems that the markets believe her though and the Pound is up sharply this morning. If you’re trading the Pound. Keep your ears on Sky News. They seem to have the scoop.

 

Fed Day!!

The US federal reserve is due to announce their interest rate decision at 2:00 PM on Wall Street.

Today’s announcement could be a real thriller!

They have been getting pretty aggressive lately. At the moment, we’re off the floor but still pretty low. Here we can see the interest rate in the US since the financial crisis.

At the moment the market is pricing in a 94% chance that there will be a 0.25% increase today. However, many economists are saying that there’s a high probability for them to disappoint.

The jobs numbers are good and unemployment has come down. However, wage growth and inflation are well below what you would expect for Fed aggression to continue.

The biggest market moves usually come when there’s a sudden announcement that changes things, especially interest rates, so watch the Fed. If there’s no change, expect fire works!!

Oh Goldmen

Due to high demand from their clients, Goldman Sachs has finally put out their first technical analysis on Bitcoin.

Guess what… they’re bearish…. but not too bearish.


Here we can see the chart put out by their analysts, Elliot waves and all.

What they may not realize is the fundamentals of this market and certainly, they are not taking into account that we may be on the cusp of the financial revolution.

All in all, I do agree with the possibility of a massive retracement, even just in the short term. Most of the volumes we’re seeing are quite speculative and speculation money has a way of panicking pretty easily.

Of course, in the long term, if we are looking at the tipping point in Japan, the market cap of bitcoin would need to be at least 50 times its current value to support even a fraction of Japanese commerce.

Personally, I’m glad Goldman is acknowledging this asset even if they’re not trading it. I can’t wait to one day see a bitcoin ticker at the bottom of Bloomberg television. Then we’ll be in business.

Have an amazing day ahead!!

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.



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Analysis

Technical Analysis: Bitcoin Grinds Higher as Records Tumble in Altcoins

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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.

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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

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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

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Cryptocurrencies

Trade Recommendation: Siacoin

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The price bounces from the support zone. RSI confirms price reversal. MACD lines support upward movement. DMI allows opening long trades. Buy orders can be placed at 0.00000057 level with stop orders at 0.00000048 level. Profit targets are 0.00000070 and 0.00000100 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: SCBTC
Buy: 0.00000057
Stop: 0.00000048
Profit Targets: 0.00000070 and 0.00000100

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Siacoin.

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: Bitcoin Cash

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The price passes through the cloud. ADX line of DMI indicator rises and it tells us about possible strong price movement. We have trading opportunity. Buy orders can be placed above the high of the signal candle and the downtrend line at 1503.00 level. Stop orders must be placed below the local swing low at 1120.00 level. Profit targets are 2000.00 and 2400.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BCCUSDT
Buy: 1503.00
Stop: 1120.00
Profit Targets: 2000.00 and 2400.00

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The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Bitcoin Cash.

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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