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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?

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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.

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@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 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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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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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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 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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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 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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