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New Bitcoin Abomination

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The entire crypto market is reeling this morning after some alarming news from the Korean peninsula.

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The young government of South Korea has just passed a law to try and reign in the overzealous population’s cryptocurrency craving. The law puts a blanket ban on opening anonymous crypto wallets and will give regulators the authority to shut down exchanges “if necessary.”

According to a recent poll, 31% of workers in South Korea have already transacted in cryptocurrencies. So this ominous threat from the government of the biggest cryptotrading country in the world is stinging the market at the moment.

The value of Bitcoin is down about 10% (blue circle) since the news broke sending prices back to where they were on Christmas day. Though we’re still far from the lows of December 22nd.

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Where we go from here is really in the hands of the Korean regulators and how they use their new power. Of course, the first stipulation about anonymous accounts is not enforceable. By nature, crypto allows for anonimity and anyone can open an anonymous bitcoin wallet and transfer coins there.

The power to shut exchanges is pretty scary. Though they wouldn’t be able to stop all cryptotrading in the country they could seriously hamper the free flow from Won to Crypto if they so choose.

We’ve seen the market sell-off (blue circle) when China implemented a similar ban back in September, but the market has since recovered.

@MatiGreenspan
eToro, Senior Market Analyst

Revision: Please note that I made a mistake in yesterday’s update. The total supply of XRP is 100 Billion, not 100 Trillion. Very sorry for the error. Many thanks to those who pointed it out. Glad to see you’re paying attention. 😉

Today’s Highlights

  • US Dollar Smear
  • Copper Rising
  • Hard Fork Scammers

Please note: All data, figures & graphs are valid as of December 28th. All trading carries risk. Only risk capital you’re prepared to lose.

Traditional markets

It was thought that Trump’s new tax plan would be very good for the US Dollar. Analysts were touting that companies that operate offshore would flock back to the United States bringing with them Billions of Dollars in “repatriation” money.

Well, the Dollar has been selling like a hot cake since the bill was signed into law on December 22nd.

Of course, the law doesn’t go into effect until next year. So if those analysts believe that it will indeed go up they’re gonna get an excellent price to buy in. Personally, I’m a bit hesitant. The Dollar has been sinking steadily since the beginning of the year and these last few days could be seen as a dangerous continuation of that trend.

With the selloff in the Buck we can see the commodities, which are mostly priced in US Dollars, gaining in comparison.

Yesterday, we spoke about gold and oil, which are still rising steadily. Today I just wanted to highlight Copper, which is trading at it’s highest level since 2013.

Yesterday, China ordered it’s top copper producer to halt production due to the high level of pollution. This comes on top of news earlier in the year from Chile who closed their biggest copper mines. Supply is low, demand is high.

Perhaps after a bit of a pullback, this could be a great metal to add to any diversified long term portfolio.

No2X-x2 (Scam Alert)

The Segwit2x fork is indeed planned for today but we certainly haven’t seen any rush on bitcoin like we did the last time.

The previous plan to implement the Segwit2x was called off due to lack of consensus in the community. This new version of Segwit2x apparently has less consensus and is even starting to smell a bit fishy.

This cute article from ccn.com gives an incredibly unbiased opinion of how this new fork is definitely a scam. Needless to say, eToro will not be supporting this new Bitcoin abomination.

There’s no doubt that bitcoin needs to upgrade the capacity of the network if she is to attain the status of a global monetary system. However, these incessant unsupported forks are nothing more than a distraction from progress.

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. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

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

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 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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Analysis

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

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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

Technical Analysis: Bitcoin Tests $13,000 as Hectic Correction Continues

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The cryptocurrency segment remained generally bearish in the middle of the week, as the Ripple and Bitcoin-led move spread to almost all of the majors, with even the recent leader Ethereum getting hit today.

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As BTC got smashed below the dominant rising trendline, a wave of selling pushed the coin under the key $13,000 level before a violent bounce started. Despite the bounce, the long-term picture remains negative, and we still expect a test of the correction low near $11,300 in the coming weeks, with a likely dip below $10,000 before the end of the current cycle. Further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple got very close to the key support level at $1.50 today in early trading, and after the sell signal six days ago, the coin is nearing a neutral short-term signal in our trend model, and a more durable bounce is possible here. That said, the long-term picture remains bearish and further corrective price action is likely before the end of the current cycle. Despite the likely consolidation, long-term investors could already accumulate new positions on the short-term sell-offs near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum’s rally topped out near $1350 for now, and given the now severely overbought long-term picture we expect the short-term trend to end in the coming days. With that in mind, although traders could still enter small positions near the trendline, correction risk is now high, and investors should wait for a deeper move lower before entering new positions. Key support levels below $1000 are still found at $850, $740, $625, and near $575.

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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