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Snapping at the Heels

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I’d like to wish a very happy Bastille Day to all of our clients and colleagues in France.

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It’s great to see the country with a strong new president. The decision to invite the new US President as the guest of honor at Europes oldest and largest military parade was certainly a bold move.

For Trump, this is not only a special treat but a much needed Paris vacation away from the house and kids.

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@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs are valid as of July 14th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

An impressively boring performance from Janet Yellen in Washington DC has carried stocks onward and upward but not by much.

The Dow Jones rose a total of 25 points for a gain of 0.1%. Asian stocks today are up but also with approximately the same percentages. Nothing to see here folks.

With all this excitement it’s notable that volatility is back near record lows as the deep summer seems to have taken the life out of this market.

Currencies and commodities are pretty flat as well. Gold and Oil are increasingly directionless. Other than a 20 pip move on the Aussie Dollar there really isn’t much to speak about.

Turn to Crypto

Thrill seeking high-risk traders should all be on Crypto by now. Even on this flattest of flat days, Bitcoin has moved 1.39% and Ethereum 4.58%.

Unfortunately, the direction is down. Of the top 10 cryptos, 9 are red. Only Ethereum Classic is up, if you can call a move of 0.09% a gain.

Still, after the large correction that we’ve been seeing over the past few weeks and some recovery yesterday, these declines do seem muted. If the total market cap breaks significantly below $80 Billion or if it surpasses $91 Billion then we could see momentum start to pick up.

Emerging from the Shadow

One of the things I love about British Politics is their Shadow Ministers. For each secretary of the government, the opposition party sets up their own delegate who has absolutely no power but whose main job is to troll their counterpart.

Today Jeremy Corbyn will introduce himself to Europe’s chief Brexit negotiator and inform him that he is ready to take over the negotiations in the increasingly likely event that Theresa May’s government should fall.

Corbyn has been snapping at Ms. May’s heels since the night of the election but this is a whole new level of audacity that adds endless complexity to the already floundering negotiations.

For all the movements in politics and the markets since the Brexit referendum in June 2016, the EURGBP has remained incredibly stable. Here, take a look at this picture perfect range in the market…

Wishing you an exceptional weekend ahead.

This content is provided for information and educational purposes only and should not be considered to be an 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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Analysis

Crypto Update: Coins Remain Under Pressure but Supports Still Hold

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The correction of the post-crash rally is still dominant in the cryptocurrency segment, despite the encouraging bounce on Friday, as Bitcoin is dragging the market lower. The coin turned relatively weak in recent days after an extended period of outperformance, but even BTC is holding up well, with the bearish momentum being far from disastrous.

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Ethereum’s relative strength, on the other hand, is slowly building, as we first noted it during the Thursday sell-off, and the second largest could be spearhead the next leg higher. The early leaders of the rally, Ethereum Classic and Litecoin are also acting bullish, and the overall picture remains in line with the orderly correction scenario.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin still hasn’t tested the key $9000-$9200 zone despite several waves of selling that hit the coin, but it’s still stuck below the $10,000 level. We expect a short-term bottom in the coming week, as the momentum of the decline suggests accumulation, and investors should use the dip to add to their holdings, even if a test of the primary support zone is still possible here, with further resistance levels ahead above $10,000 at $11,300, $11,750, and $13,000.

LTC/USD, 4-Hour Chart Analysis

Litecoin put in a higher short-term low during the weekend, retaining its leading position in the rally from a technical standpoint. The MACD indicator already gave a bullish signal after dipping into negative territory, but should Bitcoin continue to struggle, LTC could be in for more consolidation before despite the relative strength. The $200 level is still in focus with a strong resistance zone just ahead between $220 and $235, with the rally high at $250, while further key support is at $180.

Altcoins Mixed in Quiet Trading

ETH/USD, 4-Hour Chart Analysis

Percentage changes are not significant today following yesterday’s decline, and most of the majors are holding up above or near key support levels, with relatively low volatility and notable divergence between the coins.

As for the recently weaker coins, Ripple is still trading well below the $1 level, while IOTA managed to bounce hard off the correction low reaching back to the $1.9 resistance, and edging closer to a break-out from the still dominant downtrend.

The rest of most established coins are still drifting lower, with no major moves in the last few days, so without notable red flags, we remain positive regarding the long-term setup.

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 115 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

DigixDAO: The Only Light in a Sea of Red

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DigixDao (DGD) advanced briskly on Saturday, confounding a broad downtrend in the cryptocurrency market that dragged most of the top-30 coins lower.

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DGD Price Levels

DGD rose more than 22% on Saturday, reaching $390 per token, according to data provider CoinMarektCap. The cryptocurrency was up nearly 26% against bitcoin and more than 23% versus ether.

At current price levels, DGD has a market cap of $779 million based on a circulating supply of 2 million coins. That’s enough for 30th place among active cryptocurrencies in terms of overall market cap.

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Trade volumes in the last 24 hours reached $77.3 million, with the vast majority of the trades being placed on Binance against bitcoin. Between bitcoin and Ethereum, Binance processed roughly 86% of the daily trade volume.

DGD has rebounded more than 83% from its recent swing low, but is still trading 14% below its all-time settlement high of $456.44 on Feb. 2.

Beating the Market

DigixDAO’s native coin has been rising gradually even as a week-long pullback in the crypto space shaved tens of billions of dollars off the collective market cap. This isn’t the first time DGD has outpaced the market. Three weeks ago, Hacked reported impressive gains for the cryptocurrency as virtually every other digital asset in the top-100 declined double digits.

At the time of writing, the total market cap of all cryptocurrencies was $430.5 billion, down 3.4% from the previous day and 6.7% from the intraday high of $461.6 billion.

Aside from DGD, Ethereum Classic was the only cryptocurrency in the top-30 to report gains on Saturday.

DAO Platform

As a Distributed Autonomous Organization (DAO), Digix was part of Ethereum’s first public crowdraise all the way back in 2016. The token raise launched in March of that year and reached its crowdfunding goal of $5.5 million in 12 hours.

DigixDAO is often referred to as a gold-backed cryptocurrency, but this only applies to its DGX token. The company operates two tokens, with DGX supposedly pegged to one gram of gold. Gold futures are up more than 15% year-to-date on a tumbling dollar and wavering risk sentiment.

Unlike most digital currency systems, the DAO protocol gives investors a voice in the company’s decision-making process. Depending on how the DAO is structured, investors can vote on how funds are deployed or which business proposals it entertains.

Ethereum founder Vitalik Buterin is planning to make DAOs central to future crowdraises. This will be accomplished by a new protocol called “DAICO,” or Decentralized Autonomous Organization Initial Coin Offering. Gaming platform The Abyss recently announced it will be the first company to utilize the DAICO model.

Through DAICO, companies can encode specific rules into their crowdfunding campaigns, such as KYC/AML requirements and investor approval for accessing project funds. The specifications behind DAICO were first laid out in January blog post penned by Buterin.

No other project has announced plans to utilize the DAICO model, although this may soon change as demand for transparency continues to grow.

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 166 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: Majors Stage Rally but Strong Levels Still Ahead

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The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

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Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

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That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(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 115 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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