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Imaginary Numbers & Irrelevant Laws

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Even though the World Wide Web has been around for nearly 30 years legislation surrounding this groundbreaking technology is still in its infancy. Two laws have just been passed that could change things quite significantly.

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In Europe, a new privacy law is set to go into effect on May 25th that will give users full control over who can store and access their personal data. This is a huge win for consumers but could prove very expensive for large corporations to implement the necessary changes by the deadline.

In the United States, things are going the other way. The FCC has just voted to repeal the Obama era law of net-neutrality. This is a win for large cable companies who will now be able to offer faster Internet speeds to clients using their services and smaller websites will likely be a lot slower going forward.

This ruling by the FCC is being seen by many as a slap in the face of the US constitution and citizens rights to freedom of speech. As large corporations gain the upper hand in speed they will be able to assert much tighter controls over the flow of information.

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As with many things, technology has a way of fixing itself. Web 2.0, which is currently under construction with the help of blockchain and smart contracts may well render both of the above rulings useless over the next decade.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of November 22nd. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

US stocks reached another all time record high yesterday for the first time in a week and a half with the S&P 500 reaching a milestone of 2,600 points.

Stocks in Asia and Europe are following suit with notable gains across the board.

This comes as the US Dollar is under a bit of pressure. Let’s take a look at the USDJPY, which is now meeting a critical support level of 111.50 (blue line). It just so happens that the average price for the past 200 days (yellow line) is sitting just above that support. So a strong break of both lines could lead us to the bottom of the range around 109.

Volatility Ahead

There are several large announcements coming out today that could shake things up a bit. The FOMC minutes later this evening should set the tone on Wall Street ahead of the Thanksgiving break tomorrow.

There are also several other announcements coming out during the US session including Durable Goods orders and Crude Oil inventories. With oil up near $58 this will be something to watch closely.

But before all that, the focus right now is on the UK and the annual budget that will be released at 12:30 PM in London.

The ruling Tory party would probably like to splurge on some fancy vote winning initiatives but the Chancellor of the Exchequer Philip Hammond will more likely propose something a bit more level-headed. The effects of Brexit are still a huge source of uncertainty so being conservative with the national treasury may be the prudent move at this time, even if it is largely unpopular.

The British Pound has been trading in a tight range in anticipation of this announcement.

Dash!!

Though the overall rally in the cryptomarket has been losing a bit of steam over the past 48 hours things are still trucking ahead fairly consistently.

One of the outstanding exceptions is Dash, which has recently broken through it’s all time highest level and has managed a gain of 21% over the past 24 hours.

Here we can see the price growth since the beginning of the year, a jaw-dropping gain of 4,881%. We are firmly in the realm of imaginary numbers folks.

One thing that could be giving rise to this specific coin on this specific day is a $550,000 partnership that was announced between the Dash Foundation and Kuvacash. The new project aims to bring some level of financial stability to the country of Zimbabwe through a peer to peer payment system that will be accessible to anybody with a mobile phone.

In our bi-monthly webinar yesterday we had a great discussion about cryptocurrencies on eToro as well as the benefits that are available to our members. You can catch the recording of that here: https://attendee.gotowebinar.com/recording/4385655401945804545

As always, please feel free to reach me anytime with any questions. Have an awesome 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.

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: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

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

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Cryptocurrencies

Trade Recommendation: NEM

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The trading idea is based on a trend reversal signal. The price is at SMA100 which is strong resistance line. If the market can break this zone and move above the local swing highs, we’ll get the trend reversal signal. DMI and MACD support upward movement. We have good buy opportunity for long run. Buy orders should be placed at 0.00004100 level with stop orders at 0.00001900 level. Profit targets are 0.00009000 and 0.00012000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: XEMBTC
Buy: 0.00004100
Stop: 0.00001900
Profit Targets: 0.00009000 and 0.00012000

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

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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