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Fire & Fury

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Hi Everyone,

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Global stock markets are in a bit of a tizzy this morning. The recent escalations between the USA and DPRK seem to be a bit more than your average sticks and stones name calling between international leaders.

Though the stocks have been largely able to ignore this issue as remote for the past few years it does seem that a bit of reality is interrupting the day to day euphoric stock buying cycle. By no means are we in a bear market. The stocks are doing exceptionally well in so far in August.

However, there are some telltale signs of fear creeping into the global financial picture. Let’s take a look…

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Please note that by popular demand, political opinions will be kept out of today’s update. The pissing match between Donald Trump and Kim Jong Un is not the issue being discussed.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Missiles at Guam

Volatility Up

Gold up

Crude Oil Today

RBNZ Tonight

U.S. Inflation on Friday

Awesome Ethereum

Please note: All data, figures & graphs are valid as of August 9th. All trading carries risk. Only risk capital you can afford to lose.

First, let’s start with the obvious.

Volatility Is Up

The VIX, volatility index spiked yesterday to it’s highest level this month and closed above 11 points. Not a historical high or anything, just a break from the lower volatitliy theme that’s been prevalent lately.

Stocks Are Not

The Dow Jones has been on a serious winning streak lately. The past 10 sessions have all ended in green taking us ever deeper into record high territory. Just the fact that it ended the day with a negative number yesterday is notable even if that number was just 0.15%.

The declines in Asia today are a lot less tame. With North Korea being closer to home, the Nikkei 225 in Japan is down 1.29% today and the China 50 is down 0.56% so far today, not bad for a country that doesn’t allow short selling.

Gold is up today as well. So far gaining more than half a percent today. A clear indication that at least somebody is getting nervous. But the main place that we can see the fear playing out is in the…

Currency Markets

Here, take a look…

Usually, the Australian Dollar has a strong correlation with the commodity markets since most of their exports are commodities. So seeing it this far down on a day when the commodities are up is more than a bit odd.

The Japanese Yen gaining more than a half a percent since the beginning of the day tells us that Asian investors are indeed nervous.

The kicker of course is the Swiss Franc. An upward movement of nearly 1% tells us that something is definitely wrong.

For those of you looking for extreme volatility, take a look at the AUDCHF, which is looking at its biggest single day movement since Trump’s election (white circle).

Crypto Doesn’t Care

…or maybe it does.

The total market cap of all cryptocurrencies is at a record high of $123 Billion this morning.

As we can see, the South Korean exchange bithumb is responsible for more than 17% of today’s volume, more than both of the next two exchanges combined.

The real winner today is Ethereum, which is up above $300 again making for a 10% gain in the last 24 hours and 50% since the start of the month.

Wishing you an amazing 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 (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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4.6 stars on average, based on 68 rated postsSenior Market Analyst at Etoro.com.




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  1. Inverstor Clouseau

    August 9, 2017 at 12:28 pm

    That etherium entry call was on point

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Altcoins

Bitcoin Cash Surges as Cryptocurrency Bear Market Winds Down

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The value of bitcoin cash rose sharply on Wednesday, as momentum returned to the altcoin following a two-month downtrend.

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BCH/USD Price Levels

Bitcoin cash jumped nearly 16% on Wednesday, outpacing bitcoin and the rest of the major altcoins. In doing so, prices came to within a few dollars of $900.

At the time of writing, BCH/USD was trading at $883.53 for a total market cap of $14.9 billion, according to CoinMarketCap. That puts BCH comfortably in fourth spot on the cryptocurrency leader board when measured by market cap.

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By comparison, the cryptocurrency market as a whole added 5.2% on Wednesday to $342 billion. The total market has now gained more than 37% over the past week, a strong sign that the bear market had ended.

BCH generated trade volumes of $611 million on Wednesday, which is roughly 3.3% of the total market. Digital currency exchange OKEx generated 14% of the daily volume, followed by Huobi (10%) and HitBTC (9%).

Investors tracking the coin’s bullish reversal are keeping close watch of the psychological $1,000 level. The cryptocurrency has generated strong support in the low $800s, with immediate resistance located between $890 and $900.

Bitcoin Cash: Undervalued?

While there was no immediate catalyst for BCH’s oversized gains, some analysts believe that a larger breakout is looming as volatility and trading volumes continue to grow. Bitcoin cash also has the perception of being undervalued, even in light of the recent price recovery. Traders looking to buy the dip still have plenty of opportunity with prices still down a full 78% from the December record.

Bitcoin cash has had prolonged periods of hot-and-cold since it was conceived last August. Prices generally trailed the broader cryptocurrency market until November when the backers of Segwit2x failed to activate their hard fork. The fork was cancelled after its backers were unable to form consensus on the upgrade. The market’s response saw BCH diverge sharply with the original bitcoin, with the former reporting huge gains and the latter equally large percentage losses.

BCH recorded multiple record highs in December after Coinbase announced it was offering trading of the cryptocurrency alongside bitcoin, Ethereum and Litecoin. However, the launch was shrouded in controversy amid reports of insider trading at Coinbase. As of last month, the company was battling a class action lawsuit over those claims.

 

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

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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4.5 stars on average, based on 332 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Monero Price Jumps above $225 as Coins Hold Their Ground

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The cryptocurrency segment is having a mixed but encouraging session so far, as the sudden selloffs of the last couple of days were all bought and the short-term correction lows held up.  Although most of the major cryptocurrencies are trading below their breakout highs as of now, there are standout performers, like Monero, Stellar, and Bitcoin Cash, and the early leaders of the rally are also showing stability.

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These signs of bullish rotation are positive, and as the short-term momentum indicators are back to neutral territory with regards to most of the majors, the segment could be ready for another leg higher in the coming days. That said, as the broad declining trend channels are still intact in both Ethereum and Bitcoin, a trend change is not yet confirmed and short-term trades should still apply strict risk management.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin held up above the key support zone near $7650, despite the spikes lower, and the low volume consolidation continues to be the dominant pattern. The $8400 resistance is now perfectly aligned with the declining trendline that capped rally attempts all year, and a crucial test of that zone is likely this week.

Long-term investors could still add to their holdings, while our trend model also turned bullish again today. The $9000-$9200 zone is the next target above $8400, while further support found at $7300.

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a similar short-term pattern, with the declining trendline also ahead as strong resistance for the second largest coin. Although ETH lost some of its relative strength against BTC, its stability in a very positive sign for the whole market, and the coin could resume the recovery in the coming days. Resistance is ahead at $535, with further zones between $555 and $575 and near $625, while support is found at $500 and $450.

Monero Surges as Litecoin also Shows Strength

XMR/USDT, 4-Hour Chart Analysis

The long-term leaders of the segment, XMR and LTC are finally pulling their weight again, as Monero left the short-term consolidation zone with a bang today, while Litecoin is also close to hitting new rally highs, despite yesterday’s dip. XMR still faces strong resistance at $240 and $300, but today’s move confirmed a new short-term uptrend.

Ripple, Stellar, ETC, Dash, and Bitcoin Cash are also benefiting from the bullish rotation, but EOS, NEO, and IOTA are also looking bullish after leading the market higher last week. Al in all, price action in the segment is I line with the continuation of the broad rally, even as a new uptrend is still not yet established and correlations between the coins remain above healthy bull market levels.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.5 stars on average, based on 224 rated postsTrader 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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Altcoins

Stellar Prices Jump to Six-Week Highs Ahead of Cannabis ICO

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Stellar’s XLM currency rose on Tuesday to its best levels in six weeks, bringing its total market cap to a high of $5.9 billion. Although there was no immediate catalyst for the rally, excitement over a Stellar-backed cannabis ICO may have contributed to currency’s oversized gains.

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XLM/USD Price Levels

The value of XLM reached a high near $0.32 on Tuesday, having gained nearly 12% from the previous day. The cryptocurrency was last seen trading at $0.30, where it was up 6.2%.

XLM, which trades against other major cryptocurrencies, was last valued at 0.000038 BTC (-2.6%) and 0.000597 ETH (-1.7%).

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By holding gains, Stellar overcame a broad reversal in the cryptocurrency market that began around 15:00 UTC. It remains the eighth-largest cryptocurrency by market cap and the 16th most traded by volume.

More than $112.5 million in XLM exchanged hands on Tuesday, according to CoinMarketCap. Binance accounted for roughly 30% of the total while Upbit processed more than a fifth of daily transactions.

Stellar: Future ICO Platform

In addition to riding the momentum of the most recent cryptocurrency recovery, Stellar is benefiting from positive speculation about its utility as an ICO platform. Case in point: Canadian cannabis company Nezly will launch its Stellar-backed token raise on Friday following a six-week pre-sale. The company is utilizing XLM blockchain “for enhanced crypto security, speed and robust intelligence.”

Nezly has a hard cap of $36.5 million U.S., with 120 million tokens available for purchase. The token raise accepts bitcoin, Ethereum and U.S. dollars as payment.

In November, Smartlands became the first ICO to launch on the Stellar network, raising a total $1.75 million.

For many, Stellar is one of a select few blockchains that can compete with Ethereum for ICO dominance. When it comes to ICOs, Stellar has several unique benefits, including decentralized exchange services embedded directly on the platform. This makes it easier to trade new tokens without having to pursue listings on major exchanges.

Stellar is also said to have customizable features that could appeal to many segments of the ICO market, which cuts across several industries and sectors. At the same time, it has purposely limited certain features to keep malicious actors from exploiting the program.

It will take a lot of work for Stellar to unseed Ethereum as the go-to ICO platform, but there are features in place that could make it more popular among developers wishing to launch a new token.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

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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4.5 stars on average, based on 332 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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