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Global Shifts

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The future is rapidly moving towards us. At this very moment, dozens of new apps are being developed that rely on blockchain technology, most of them based on the Ethereum network.

Last night a new project called Brave Browser created a new token called BAT (Basic Attention Token). This new browser is being developed by Mozilla co-founder Brendan Eich.

The new BAT tokens sold out in just 24 seconds raising about 156,000 ETH (about $36 Million) for the new startup.

Though this was one of the most successful ICOs (Initial Coin Offering) to date, we anticipate that the rate of such events will only grow as the Internet migrates to decentralized applications.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 1st. Al trading carries risk. Only risk capital you can afford to lose.

Has globalization really peaked?

We’ll get a big hint today. President Donald Trump will announce his decision on the Paris Climate agreement at 3:00 PM New York time.

President Obama was a big part of the COP 21 Paris Climate Convention where global leaders made a monumental pact to cap global emissions. Donald Trump isn’t too fond of this and has vowed to back out of the agreement. According to his Twitter feed, the decision is imminent.

Some of Trump’s top advisors have urged the President not to renege on this one but at the moment we have no indication what the announcement will be.

Meanwhile, the Prime Minister of China, Mr. Li Keqiang, will be visiting Brussels today with the goal of making the world more connected. The One Belt One Road project has been a favorite of President Xinping to connect global supply lines with better infrastructure.

What about Brexit?

But perhaps the most titanic test of globalization will come from the UK. The general elections will be in exactly one week and the situation seems to be deteriorating by the minute.

According to the latest polls, Jeremy Corbyn’s Labour party now trails Theresa May by just 3 points!!

Of course, we know that the UK polls are not always the most accurate but for the first time, the media is asking, what if they actually win?

Well, most likely Brexit will still happen. Following the referendum last June, and the trigger of Article 50 in March, it is now seen by most as the will of the people and an irreversible decision. However, under Labour leadership, it will no doubt be a more soft exit than the one planned by May.

Market Overview

Many markets remain stagnant. Volatility ticked up a bit yesterday as Wall Street returned from their long weekend but the VIX volatility index still remains muted at 10.41.

The Asian session is looking pretty upbeat with stocks in Japan, China, and Australia all firmly in the green.

All investors are still watching the price of Crude Oil intently as the global oversupply remains a major concern. Yesterday, the price failed to climb above $50.50 a barrel (blue line) and subsequently slipped to lows below $48 (white circle) before recovering.

The Crude Oil inventories will be released this afternoon and could have a fair impact on the price, depending on the result of course.

Crypto Watch (technical analysis)

The Cryptocurrencies remain volatile. Some traders are expecting a major pullback and some are betting the farm that we’re about to shoot to the moon.

Bitcoin did break above $2350 this morning (dotted yellow line). Certainly a positive sign but the period of a clear trajectory towards the sky is still in question. We can expect heavy resistance around the 2500 to 2600 region (blue square).

Ethereum, on the other hand, seems to have built itself a nice solid support line on the short term chart…

Let’s have an awesome 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.

Best regards,

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 144 rated postsSenior Market Analyst at Etoro.com.




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  1. rtacconi

    June 1, 2017 at 6:11 pm

    I am still seeing a lot of speculation and volatility, still, the potential is of Ethereum is great.

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Altcoins

Blockchain Goes Mobile: The First Crypto MVNO Announces Loyalty Rewards Program

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This week, Miracle Tele (blockchain based Mobile Virtual Network Operator / MVNO) announced the public launch of a loyalty rewards program which has been available to token-holders and investors since last October.

The rewards are distributed in the form of an exchangeable crypto token, compared to the non-fungible ‘points’ systems more commonly known (redeemable only for products created by the points distributor).

In this scenario, the customer is afforded full freedom with how they choose to spend their rewards. As far as this writer is aware, the scheme is the first of its type to be offered by any MVNO provider, although it wouldn’t be the first for an MNO.

MNOs and MVNOs

‘Mobile network operators’ (or MNOs) is the term used to describe most of the best known mobile network service providers, such as T-Mobile and O2.

MNOs are wireless cellular providers which possess whole ownership of all the necessary operational components required for the sale of mobile telecom services.

‘Mobile virtual network operators’ (or MVNOs) are companies that enter into a service agreement with the aforementioned MNOs in order to rent their services at a business or wholesale rate.

These companies subsequently apply their own business ideologies, as well as market offerings (unique service packages and value-lines) ideally to contribute to bringing a greater level of competition and choice in the mobile telecom marketplace.

Blockchain in the Mobile Space

Miracle Tele isn’t the first blockchain based company operating in the mobile phones area, and it most likely won’t be the last!

Last year, popular blockchain trading-game ‘Crypto Kitties’ hit the news yet again for being integrated into all factory-setting HTC U12+ devices (the flagship smartphone for the company in 2018).

It wouldn’t be the first time HTC has flirted with crypto either, like when they controversially sold that ‘HTC Exodus 1‘ phone exclusively in exchange for cryptocurrency.

Additional examples of blockchain-based product developers or service providers within the mobile space include providers of token wallets and mobile-apps for exchange. In addition to SBI-backed mobile payments token ‘S Coin’.

Blockchain MVNOs Viable?

There is very little competition of note that is bridging the gap between blockchain and MVNOs, suggesting that the companies we do see will be representative of whether such partnerships will build or bust in the following year(s).

For those interested in learning more about MVNOs in the blockchain space as well as / enjoying my prose, I recommend that you check out an article I wrote here at Hacked.com about how an underrated star in crypto (Electroneum) recently partnered with such a company, growing its portfolio of real-world use cases for p2p financial transaction in line with its mission statement.

Another company in the space, however with less legitimate coverage is one by the name of ‘YOVO’.

Disclaimer: The author owns small quantities of Bitcoin and Ethereum. 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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Analysis

Crypto Update: Coins Settle Down After Weekend Pump & Dump

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While crypto bulls had something to cheer about early on during the weekend following a rally attempt in the majors, the move once again failed to improve the technical setup in the segment, and the top coins quickly gave back their gains. Now, most of the coins are trading near the bottom of their short-term ranges and technicals continue to point to the continuation of the bear market.

Correlations are still very high, there is no sign of a developing bullish leadership, and with none of the key coins showing bullish momentum, bulls are facing strong headwinds. While trading volumes and volatility remain relatively low thanks to the range-trading environment a move below primary support could trigger larger moves in the majors soon.

The negative long-term trends are still in no danger, and although there is still a slight chance of a failed break-down pattern to develop in the market, odds favor a bearish short-term outcome as well. With that in mind, traders and investors still shouldn’t enter positions here, with our trend model being on sell signals on both time-frames in the case of the majority of the coins.

BTC/USD, 4-Hour Chart Analysis

Although Bitcoin is still relatively stable compared to its most important peers, it gave back all of its weekend gains and fell back below the key $3600 support/resistance level yesterday. Now, BTC is threatening with a break-down below the prior sing low, and given the recent weakness, our trned model is now on a short-term sell signal.

While bulls could still be saved by a move above $3850, the failed rally attempts warn of selling pressure, and a bearish continuation is more likely here. Further strong resistance is ahead between $4000 and $4050, with support zones still found near $3250 and $3000, and traders should still not enter positions.

ETH/USD, 4-Hour Chart Analysis

Ethereum shoed relative weakness during the rally attempt this weekend, and it is now very close to a break below the key swing low, which would likely lead to a move towards the key support zone between $95 and $100. The coin remains on sell single son both time-frames, and with a test of the bear market low near the $80 price level seems likely in the coming weeks.

Strong resistance is ahead just above the current price level and near $130, with further zones at $145, $160, and near $180 while a weak short-term support is found near $112, and the coin’s weakness is a negative sign for the whole segment.

Altcoins Still Weak Despite Rally Attempt

STR/USD, 4-Hour Chart Analysis

While none of the major altcoins broke the key short-term support levels, the overall picture remains bearish and we haven’t seen signs of resilience that would indicate a short-term bottom and the resumption of the counter-trend move.

Stellar, which has been among the bearish leaders towards the end of 2018, is once again showing relative weakness while following the trends in the broader market, should the coin violate the $0.10 level, a quick to new bear market lows would be likely, with the $0.09 level being the only lone of defense for bulls.

XRP/USDT, 4-Hour Chart Analysis

Ripple still seems very fragile from a technical standpoint, and a move below $0.30 looks inevitable in the coming weeks, with a likely test of the bear market low near $0.28. The $32 support/resistance level remains in focus, but given the weak rally attempts and the bearish long-term setup, we don’t expect the coin to get back to the $0.3550 level in the coming period.

Our trend model is still on sell signals on both time-frames, with further strong support found near the $0.26 level, with resistance ahead near $0.3750, and in the key long-term zone between $0.42 and $0.46.

LTC/USD, 4-Hour Chart Analysis

Litecoin is back near the key $30-$30.50 support zone after the volatile weekend, and it also looks ready to dip below that zone, even as the short-term trading range is still intact. The steep long-term downtrend is intact despite the recent counter-trend move, and traders and investors shouldn’t enter positions here, with the short-term setup also being bearish. Strong resistance is ahead near $34.50, $38, and $44 with further support found near $26 and $23.

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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4.7 stars on average, based on 445 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

GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

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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4.6 stars on average, based on 112 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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