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Just as Good if not Better (Litecoin Available now)

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If you could buy a wristwatch that is the same quality as a Rolex or a Cartier for $350, would you wear it?

A company called Filippo Loreti aims to deliver just that. The level of support that the young company is receiving from alternative investors is truly inspiring.

Thanks to the power of the Internet this watchmaker has already raised $6 million in two rounds of funding making it one of the most successful crowdfunding projects in history.

One thing is clear. In the future people will have less tolerance for BS. Why pay a ridiculous price for something if you can get something that’s just as good if not better for a fraction of the cost.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of August 23rd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Stocks are on fire as a new found confidence in the White House has given investors a renewed hope that the Trump administration may just get their act together after all.

The issues with North Korea are far from resolved but the situation has found some semblance of containment for the time being. Though the problems have a possibility of resurfacing at any point, for now, the egotistical leaders of DPRK and the US of A are concentrating on other things.

Stocks in the US and Europe are up about 1% in the past 24 hours. The Dow Jones surged 196 points in total logging the biggest single day gains since April.

Typical of such a great day in the market, the volatility is at its lowest point in a week.

The US Dollar has not rejoiced like the markets have but at least for now the price is holding and after the massive declines since the beginning of the year that’s actually better news than it sounds like.

In fact, most of the currencies have been suspiciously quiet lately. Perhaps waiting for the upcoming Jackson Hole Symposium.

Ripple Making Waves

The magic of crypto is currently working hard on Ripple. The XRP tokens have nearly doubled since Monday.

The move comes after several weeks of very little movement. Check out the chart below where we can see a very clear hockey stick pattern has formed.

This surge is due to a brand new platform called The World Exchange, which allows developers to introduce new cryptocurrencies on the Ripple network very similar to Ethereum’s ERC20 tokens.

Critics of Ripple have always maintained that the network is flawed due to the fact that it’s run by a company and not completely decentralized like other cryptos. However, this new development has added an entirely new way to use the network that is potentially so useful that all the politics and ideals are simply not relevant.

Now tell me… why would developers choose to use smart contracts on Ethereum when they can just as easily issue a new token on Ripple?

Of course, the usual disclaimers apply. This is not investment advice and cryptocurrencies are much much riskier than any other asset. However, the idea that The World Exchange is presenting has been enough to shake the zealous alternative investing community.

Public Service Announcement!!!!

eToro is very proud to announce that Litecoin is now available for trading on the world’s number one social investment network.

Feel free to go ahead and try it out now at: etoro.tw/LTC

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 (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 142 rated postsSenior Market Analyst at Etoro.com.




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7 Comments

7 Comments

  1. cmiller11101

    August 23, 2017 at 1:34 pm

    If you do a little digging on the watch mentioned at the top of this post, you’ll find that it’s pretty much a scam… but seriously, why mention a watch? Is this an advertisement? Shady…

  2. kennymeyer

    August 23, 2017 at 3:15 pm

    I think you’re wrong… Rolex and other makers will be in demand, because of scarcity. Offering a 350$ watch looking the same as a Rolex is not a luxury product.

    • Mati Greenspan

      August 23, 2017 at 4:29 pm

      Sure they will. I don’t think Rolex is going out of business anytime soon. Also, their higher end products are laid with gems and diamonds that have physical value by themselves.

  3. Mauricio

    August 23, 2017 at 3:24 pm

    Isn’t eToro offering CFD???? it’s irrelevant to LTC price.

  4. Mati Greenspan

    August 23, 2017 at 4:30 pm

    Yes Mauricio. At this time all cryptocurrencies and stocks in eToro are provided as CFDs. Yes, it does affect the price as eToro hedges our risk by buying the underlying asset.

    • Mauricio

      August 24, 2017 at 3:48 am

      Thanks for your answer.

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Altcoins

Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again

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  • TRX/USD under heavy selling pressure late on Tuesday, dropping over 7%.
  • Bears are gunning for another retest of vital support, seen above a breached pennant patterns structure.

TRX/USD has been under heavy selling pressure on Tuesday, nursing chunky losses at the time of writing of 7%. Bears remain well in the driver’s seat in the latter stages of the day, with momentum picking up pace to the downside. The bulls lost much wind behind their sails on 10th January, this coming after enjoying a strong period in a run to the north. TRX/USD from 4th January – 10th January had gained a massive 75%, breaking out of a bullish pennant pattern structure. It also managed to briefly extend above a known area of supply, which exacerbated the upside pressure.

TRX/USD daily chart.

The above-described move saw the price print its highest level seen since 31st July 2018. Shortly after this high print, a big wave of selling kicked in. As a result, a very bearish daily candlestick was produced on 10th January. Daily sessions since this have closed in the red, apart from 14th January. TRX/USD managed to receive strong support on top of the breached pennant, providing some brief relief after the reversal was well underway. Despite the current trend south, news flow around the Tron foundation continues to be plentiful and upbeat.

OKCoin Supports TRX

As reported by the CCN team, OKCoin announced it has listed TRX on its trading platform. This coming via the exchange’s Medium blog today. OKCoin detailed that “starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.” Of note, the OKCoin platform was founded by the same people behind OKEx; however, OKCoin primarily focuses on traditional swaps and allows for bank deposits. In addition, OKCoin accommodates U.S clients, whereas OKEx do not.

Justin Sun Welcomes New Partner ABCC Exchange

ABCC Exchange, a cryptocurrency exchange platform, announced it is partnering with the Tron Foundation. The company tweeted, “ABCC is the 1st exchange that will list TRX 10 tokens. We are one of the top exchanges with great security and user interface. Stay tuned!” On the back of this, Tron founder Justin Sun replied, “ABCC is truly an awesome platform that has witnessed great development. We are glad to partner with ABCC as it’s the first exchange listing TRX10 tokens”.

Technical Review – TRX/USD

Given the current downside momentum, eyes are on another retest the breached pennant pattern structure. Where the two trend lines cross, support will be sought here, which could see the $0.02000 territory come under threat. Should the bears manage to force a breach, then a prior action demand zone will be called into play, within the $0.01700 price region.

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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4.6 stars on average, based on 106 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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Analysis

Crypto Update: Coins Retreat After Rally Attempt

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While yesterday the major cryptocurrencies recovered their weekend losses and bounced back above their prior lows, the bounce got halted before changing the short-term technical setup. As the world is focused on today’s key Brexit vote, trading volumes are once again very low, but the lack of bullish follow-through is a warning sign for traders here even considering the low level of trading activity.

We haven’t seen signs of a developing leadership in recent days, with correlations remaining high and with the top coins failing at the first major levels of resistance for now. That said, should the coins hold above yesterday’s lows and push above consolidation range, the formation of a bear-trap pattern is still possible even as odds still favor the continuation of the bear market.

In light of the short- and long-term setups, traders and investors should still stay away from entering new positions, with our trend model still being on sell signals on both time frames for the majority of the top coins.

BTC/USD, 4-Hour Chart Analysis

While the breakdown in Bitcoin got bought yesterday, the bounce failed to reach the $3850 level and the most valuable coin is still hovering near the $3600 level, leaving both the neutral short-term, and of course, the long-term sell signal intact in our trend model.

A move above $3850 would be a positive sign for bulls, but odds still favor a negative outcome and a likely test of the $3000 level in the coming weeks, so even short-term traders should still away from entering new positions here. Further, weaker support is found near $3250, with resistance ahead between $4000 and $4050, and near $4450.

ETH/USD, 4-Hour Chart Analysis

Although Ethereum briefly topped the $130 level after plunging below the $120 support, a failed breakdown pattern hasn’t been confirmed in the previously leading coin, and the short-term sell signal remains in place in our trend model.

With the bearish long-term picture in mind, and with the oversold short-term momentum readings now cleared, the outlook for the coin remains negative, even as the resumption the counter-trend rally is still a possibility here. Further support below $120 is found between $95 and $100, while resistance is ahead at $160 and near $180.

Altcoins Still Stuck in Downtrends Across the Board

LTC/USD, 4-Hour Chart Analysis

Litecoin’s rally stooped near the upper boundary of last week’s consolidation range, and although the coin is safely above the key $30-$30.50 support zone, the momentum of the bounce is waning. The bearish long-term forces still seem to be dominant, and the coin is well below the primary resistance level near $34.50, so our trend model remains on sell signals on both time-frames. Further strong resistance ahead near $38 and $44 and with support is found near $26 and $23.

XRP/USDT, 4-Hour Chart Analysis

Ripple experienced a brief period of relative stability after the weekend sell-off, but that didn’t change the bearish overall picture for the coin, and technicals are still hostile for bulls here. The coin continues to hover around the $0.32 price level, but we still expect a move below $0.30 in the coming weeks with a test of the bear market lows being the most likely scenario.

Another strong support level is found near the $0.26 level, with resistance ahead near $0.3550, $0.3750, and in the key long-term zone between $0.42 and $0.46.

XMR/USDT, 4-Hour Chart Analysis

Monero is also among the weaker majors and although it bounced back together with the broader market, it failed to sustainably recapture the $45 level, and it remains in clear short- and long-term downtrend. Our trend model is o sell signals on both time-frames as well, and the re-test of the bear market low just below $38 seems very likely in the coming weeks.

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 441 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

EOS Price Analysis: EOS/USD Back in Unsettled Territory, as Price Runs into Sellers Again

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  • The EOS/USD bulls are unable to sustain any upside momentum following a breach of critical support.
  • Near-term supply is eyed in the early $2.5000 region. A break above would likely open the door for another retest of the big $3.0000.

The EOS price was seen creeping lower again in the early part of trading on Tuesday. This comes after a big jump to the upside seen in the second part of the session on Monday. EOS/USD had gained a chunky double-digits, around 12%, at the close of the daily. Buyers came in after the low print on Sunday 13th at around $2.25. This was within a market demand zone, tracking from $2.25-$2.35, having supported the price on occasions in December and January.

Recap: Big Breach of Critical Support

EOS/USD daily chart.

As a reminder, EOS/USD throughout its most recent bull run, which was seen from 6th December right up to 9th January, was well-supported. An ascending trend line could be observed, providing necessary comfort to the bulls. However, all runs must come to an eventual end, and the bears smashed through this support on 10th January. Given the break through this vital area, it exacerbated the move to the downside. The price had dropped a heavy 22%, taking a big blow after a strong run.

Barriers Blocking Bulls

The bulls have been cut short for now, not being able to have sustained that momentum from the session on Monday. Trading has been extremely choppy since 19th December, via the daily chart view, highlighting a real lack of consistency in either direction. A consecutive streak longer than two days from either bear or bull camp hasn’t happened since the run higher in mid-December. This demonstrates just how mundane and non-committed market participant are for now.

In addition to the last statement above, further technical levels and areas continue to plague direction. To elaborate, there are more areas that the price must deal with now in comparison to the smooth bull run higher seen in 2017. Separately, if looking at 2018, the bears generally had an easy ride south. This is thanks to the cryptocurrency instruments being so young still in age.

Key Near-term Levels

For the bulls to see greater upside, a break of near-term supply within the early $2.5000 region will need to push prices forward. This should open the door to a fast move to see a retest of the breached ascending trend line. In proximity to this is the psychological $3.0000 mark, which has proven to be a huge barrier for the bulls. To the downside, the mentioned demand area of $2.35-$2.25 is critical, and a failure to hold will be very punishing. Lastly, EOS/USD would be subject to a move sub-$2.0000, where support can be eyed. As a further worth case, then $1.5500 to be retested, the December low.

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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4.6 stars on average, based on 106 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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