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So Much Trouble in the Markets

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No words can describe the sadness. When a man decides to take his own life in order to kill children at a pop concert, the entire world mourns. Our hearts go out to the victims and their families.

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Some reports went as far as to say that the British Pound is falling on this tragedy. Though I don’t think there is any direct correlation it’s a comforting thought that perhaps financial markets can feel pain or even cry.

-Mati

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

Market Overview

Today the White House will unveil their new budget plan, which they’ve proactively named “A New Foundation for American Greatness.”

As expected, the plan calls for increased military spending and decreased funding for the poor and the sick. Though the Republicans have a strong majority in congress, they are unlikely to wave this budget directly through.

Perhaps it will work in the administration’s favor that Trump himself is off overseas trying to bring peace to the Middle East. This way, his administration and congress can hash things out as quickly as possible, without distraction, so that everybody can get on to something that everybody feels passionate about, cutting taxes for the rich.

The financial markets have gone flat again. As Air Force One left Washington DC the VIX volatility index dropped notably. Yesterday Wall Street was able to claw back a bit of the losses from last week’s Trump Dump but many analysts are skeptical of these low volume gains.

For now, there is just a touch of safe haven trading.

Gold once again finds itself near the top of its range and finding some resistance at $1264 per ounce. Should further geopolitical uncertainty continue, it could carry it past the yellow line and $1300 may be around the corner.

The USDJPY is inching towards support at 110.25 (yellow line). If investors continue with the safe haven appetite it could push as low as 108 (blue line) below which there is no support for quite some distance.

RIP Ripple

In an article published on Huffington Post, of all places, senior officers of the company that created Ripple attempted to fight back against accusations and defend what they see as the future of banking.

They did make a few fair points about how the old system is too slow and expensive. However, they did not make a convincing case to explain why they felt justified in owning outright more than half of the global supply of XRP (Ripple) tokens.

By the end of the piece, they had even stooped so low as to start bashing bitcoin. They called her slow and unscalable. Of course, I’m sure they know by now that a solution for the bitcoin scalability issue could be just around the corner.

In fact, in a New York conference yesterday, Bitcoin Miners agreed that a solution for quick and easy verification of Bitcoin transactions could be implemented as soon as September.

Not only that, a new startup called RSK Labs is now developing a project to bring Ethereum-like smart contracts to the bitcoin network.

The total market cap of the bitcoin blockchain reached a new high yesterday of $37 Billion. Still, a very small number if you think about the growth that is likely to come from Japan in the coming months.

However, this is probably the riskiest market since the dawn of time. Even just last night we saw a huge drop of more than $100 in less than 10 minutes. So please proceed with caution.

Let’s have a safe and successful day ahead!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re 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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4 Comments

4 Comments

  1. Stagediver

    May 23, 2017 at 11:10 am

    Hi Mati,
    interesting read on the Ripple, though calling it “RIP Ripple” is a bit harsh. Yes there is no end to end concept by ripple and bitcoin bashing is not the idea. Still i believe the overall approach of ripple and vision sounds appealing + still it is not a matured market, as you said. And ripple seems to be out of all “banking ILP solutions” based on blockchain is the most advanced. Not saying they will succeed in long term but definitely not “RIP” – very alive.

  2. Mati Greenspan

    May 23, 2017 at 3:48 pm

    Hi Mr. Diver,

    Some very valid points you carry. Thanks.

    XRP is on a monster rip and that’s not for no reason.

    However, in my view, mass adoption by the banking sector is unlikely over the long term.

    If not only because they’re holding most of the supply than because there are other more efficient systems to turn to that will eventually keep more of the wealth in house.

    Have a great day!!

  3. Crytokings

    May 23, 2017 at 11:28 pm

    Hey Mati,
    I appreciate your insight, especially as related to the importance of Trump getting down to business of making the rich richer & poor poorer. Since I joined hacked.com the info has been invaluable. You are helping us “commoners” beat this rigged system! My hat is off to you sir! Thanks for all you do. Bob

  4. Mati Greenspan

    May 24, 2017 at 4:06 pm

    Wow!! Thanks a lot for the excellent feedback kind stranger. Feel free to hook up on the eToro network as well. My handle is @matigreenspan

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Altcoins

Bitcoin Cash Spikes on South Korean Volume

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Bitcoin cash (BCH) resumed its uptrend Friday following a sudden spike in South Korean trade volumes. Recent activity in the Asian country suggests that the bitcoin alternative could gain more exposure in the short term.

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BCH/USD Price Levels

The BCH/USD exchange rate surged above $1,750 on Thursady, where it was still some $800 shy of the all-time high. Prices would later consolidate below $1,700 as markets paced the gains. At press time, BCH/USD was up 6.6% at $1,662.

With the recent gain, bitcoin cash is worth a combined $28.4 billion, according to CoinMarketCap. That puts it third among active cryptos, behind online bitcoin and Ethereum.

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Thursday was bitcoin cash’s second major spike of the month, with more traders backing the alternative blockchain. After months of futility, BCH caught fire in mid-November after the backers of Segwit2x abandoned their planned hard fork. Following an initial spike, bitcoin (BTC/USD) declined sharply.

The complete opposite has occurred in recent weeks, with bitcoin cash tempering its advance and BTC adding thousands en route to multiple record highs. The original bitcoin was down more than $110 on Friday, but continued to trade well north of $8,000.

BCH has put up strong gains in recent weeks, a clear sign that the market has moved to a higher base. The cryptocurrency struggled to make a name for itself after it broke away from the original blockchain on Aug. 1. Based on the latest price action, BCH is making the case for a return to $2,000.

South Korea Factor

Trading activity in South Korea continues to be at the center of bitcoin cash’s rally. The Asian country has emerged as a major player in the global cryptocurrency market, with investors there showing a greater propensity to adopt altcoins.

On Thursday, the country’s Financial Supervisory Service (FSS) said it had “no plans” to monitor the cryptocurrency space because it believes the digital tokens do not represent real money.

“Though we are monitoring the practice of cryptocurrency trading, we don’t have plans right now to directly supervise exchanges,” said Choe Heung-sik, the agency’s chief. “Supervision will come only after the legal recognition of digital tokens as a legitimate currency.”

Positive vibes from South Korea may be partially responsible for the huge upswing in trading volumes tied to BCH. Trading volume in the cryptocurrency has risen above $4.1 billion in the past 24 hours, according to CoinMarketCap. That’s the highest level in nearly two weeks.

Bitcoin cash is also benefiting from Bitstamp’s decision to integrate the cryptocurrency next month “in response to the demand.”Bitstamp is the world’s twelfth largest digital currency exchange, according to Business Insider.

Separately, digital wallet provider Bitwala announced plans to integrate BCH into its platform, a clear sign that the token was gaining wider acceptance. The platform, which has more than 57,000 users, said it will now facilitate storage of BCH as well as money transfers. The team also said it is working hard to integrate mobile BCH wallets in the near term.

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 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

Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues

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The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.

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LTC/USD, 4-Hour Chart Analysis

Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.

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ETH/USD, 4-Hour Chart Analysis

Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.

(more…)

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Altcoins

Zcash Dip Offers Chance to Buy

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The ZEC/USD pair went into a downtrend for several days after hitting the 435 level in June. It shed more than half of its value before establishing strong support at 140. The market tried to reclaim resistance at 310 twice, but was sent back on both occasions. As a result, we have a massive reversal structure that might skyrocket the pair into a new all-time high.

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The market closed above 310 a couple of days ago on weak volume which is why it’s struggling to stay above that level. Technical indicators show that momentum is weakening, increasing the likelihood of a dip. A slight correction not only gives the market legs for its next move up, but it also offers you a chance to place orders.

They key indicator to watch for is volume. As long as volume remains sluggish, the market will most likely slide down to 280 first and then 262 next. That’s a good zone to accumulate positions. If volume suddenly spikes, at least 230k at Bitfinex, then we have a legitimate breakout that will take the market to 465.

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 Summary of Strategy

Buy: between 280 and 262 OR confirmed breakout with volume of at least 230k at Bitfinex

Support: 280, 262, and 243

Resistance: 310, 352, 400, and 412

Target: 465

Stop: If the market breaches 243

 

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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