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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.

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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.

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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 29 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

Bitcoin Leads Cryptocurrency Market Back Above $500 Billion

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The cryptocurrency market’s broad recovery continued on Saturday, as bitcoin inched closer to $11,000 and nearly all major altcoins reported gains.

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$500 Billion Market

Cryptocurrencies achieved a combined market cap of $508 billion on Saturday, their highest since Jan. 30. The market is up 22% over the past seven days and a staggering 84% from the Feb. 6 bottom of $276 billion.

Gains were reported across most major assets on Saturday. Bitcoin led the major market rally, climbing more than 7% to a high of $10,874.24. At last check, the currency was trading at $10,813 for a total market cap of $183.4 billion.

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The recent rally attempt has given bitcoin strong momentum, with RSI and MACD indicators showing the continuation of bullish upside. The coin is currently trading at more than two-week highs, having recovered 81% from its early February low. Its share of the total market is just over 36%, up from around 34% last week.

Several other major cryptocurrencies, including Ethereum, Ripple and bitcoin, were also higher on Saturday. All are part of the top-five coins by market cap.

Privacy coin Monero was among the biggest gainers percentage-wise, rising 12%. Cryptocurrency Lisk also rose by a similar amount.

Momentum Builds

Momentum has been gradually returning to the market as “fear of missing out” replaced “fear, uncertainty and doubt” as the major paradigm. South Korea also sent positive vibes throughout the market after government officials downplayed fears of an all-out ban on domestic exchanges. As Hacked reported earlier this week, Minister Hong Nam-ki says his government will focus on making digital currency exchanges more transparent.

According to a report that appeared in BusinessKorea on Monday, Seoul is exploring the possibility of a licensing system for domestic exchanges. The report indicated it would be similar to the BitLicense system currently employed in the U.S. state of New York. Under this regime, digital currency exchanges must seek regulatory approval before entering the market.

Speculators have spent most of their time on the sidelines since the market tanked earlier this month. The latest rally could draw more investors back into the fold as “FOMO” mentality takes root. The turnaround in the market has been broad-based, with only ten of the top-100 coins reporting declines on Saturday.

The market’s rebound also came as bargain hunters scooped up coins at rock-bottom prices last week. One trader reportedly purchased $400 million worth of bitcoin between Feb. 9 and Feb. 12. The identity of the so-called “bitcoin whale” remains anonymous.

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 145 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

Technical Analysis: Cryptocurrencies Show Strength amid Slight Correction

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The crypto segment is trading in a short-term correction, or rather consolidation pattern today, as bullish signs continue to dominate the landscape, despite the pause in the surge. The largest coins are mostly down by a few percent from the overnight highs, but the momentum of the move is not substantial, for now, and several currencies are showing relative strength.

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Bitcoin is hovering around the key $10,000 level after hitting an overnight high above $10,300, with the short-term MACD indicator showing the possibility of a short-term correction. With that in mind, investors and traders should wait for a dip before entering new positions, even as further gains are possible. The next key resistance level is at $11,300 with further strong levels ahead at $13,000, and $14,250, while the line-in-the-sand support is still found between $9000 and $9200.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin Cash, Litecoin, NEO, and Ethereum Classic are all among the stronger coins, while Ethereum is also holding up well amid the weak pullback in BTC. The price of the ETH token has been very stable today after a period of underperformance, and it is still trading well below the next resistance level at $1000, but also significantly above the key support near $850.

We still expect the currency to consolidate more before a clear move out of the downtrend, but investors could still use the dips to boost their holdings. Further support levels are found at $740, $625, and $575, with resistance above $1000 ahead at $1175.

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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4.7 stars on average, based on 96 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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Analysis

Crypto Update: Coins Enter Shallow Correction

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The segment experienced a rush of optimism yesterday, as Bitcoin’s price pushed over $10,000, Litecoin, the undoubted leader of the rally hit an intraday high at $235, and the other relatively strong coins like Monero, Dash, and IOTA also shined.

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Ethereum Classic, the early leader continued its short-term correction, while the slightly lagging currencies, most notably Ethereum and Ripple, registered modest gains.

Most of the majors got slightly overbought from a short-term technical perspective, and it’s no surprise that the rally halted, especially given the strong resistance zone in the current area following the heavy selling of the last several weeks. The coming pull-back will be a crucial one, as, after the higher swing highs, the coins should form higher swing lows as well, to establish short-term uptrends.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin hit an overnight high near $10,300 before the consolidation began, but it’s still trading well above the key $9000-$9200 support zone that could be in focus during the short-term correction. Resistance levels above $10,000 are at $11,300 and $13,000 while further support is between $7650 and $7850.

 

XMR/USDT, 4-Hour Chart Analysis

Monero, which has been among the first majors to break the dominant declining trendline touched the $300 level, before turning lower overnight, and it remains in a good technical position to form a new uptrend. The coin is trading right at the $280 support level, with further levels at $240 and between $200 and $215.

Look Out for Signs Rotation During the Consolidation

XRP/USDT, 4-Hour Chart Analysis

As the segment is still acting bullish, with low correlation and volatility and positive volume patterns, the rotation between the coins will likely continue. That could mean that the currently lagging coins might have their moment in the sun in the coming period, so traders should watch Ripple, ETC, ETH, NEO, and Stellar for signs of early strength, even as ETH and NEO are still expected to continue their broader correction.

As the weekend is shaping up to be an exciting one for investors looking for re-entry points, stay tuned for our detailed technical analysis later in today.

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 96 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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