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Stocks Slightly Off Lows in Thin Holiday Trading

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Trading volumes are generally low today across asset classes, and most of the key markets trade in narrow ranges thanks to the US Independence Day. Yesterday, markets reversed yet another rally attempt, and Asian markets remained weak, especially China, despite the fact that in the aftermath of yesterday’s PBOC intervention the Yuan kept on appreciating against the USD.

USD/Chinese Yuan, 4-Hour Chart Analysis

The key topics that have been dominating news flow in recent weeks are still hot, with emerging market currencies struggling to gain ground, Chinese equities being in deep trouble, and US markets still positively diverging compared to almost all markets around the globe.

Shanghai Composite, 4-Hour Chart Analysis

The Shanghai Composite failed to bounce meaningfully of its recent lows despite the Yuan’s rally, and the benchmark remains firmly in bear market territory. The Nikkei is also among the weakest major indices globally, and the short-term outlook is still clearly negative for the region.

DAX, 4-Hour Chart Analysis

European equities have been drifting higher today in the quiet environment, but the charts still look wounded with the major benchmarks in clear short-term downtrends even after the recent German deal on immigration and the subsequent relief rally.

EUR/GBP, 4-Hour Chart Analysis

Although the economic calendar is virtually empty today, the British Service PMI provided a positive surprise, coming in above the consensus estimate, adding to the week’s bullish tone with regards tot eh the UK economy. The Great British Pound continued its meager rally on the news against the USD, but

Gold Extends Rally as Oil Turns Volatile

Gold Futures, 4-Hour Chart Analysis

The oversold rally in gold continued in Asian trading, and the precious metal is now trading near $1260 after dropping below $1250 and testing key support near $1240 in recent days. Gold could be in for a significant rally, should the global risk-off shift prove durable, as the metal is strongly oversold form a longer-term perspective.

Crude oil, especially the WTI contract got smacked lower yesterday after a huge rally in the end of June, and although the commodity recovered from the lows volatility remains high today, and trading activity is relatively high in the crucial market.

The spike lower came on the heels of a statement from Saudi Arabia that reassured the Kingdom’s commitment to raise crude output. We remain negative on the outlook for oil, although traders should be aware that the short-term supply constraints in the US could still drive the shorter dated contracts in the WTI higher.

Featured image from 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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4.7 stars on average, based on 465 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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NEO Price Analysis: NEO/USD Bulls Eyeing an Explosive Move Higher as Cryptocurrency Enters Western Markets

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  • NEO/USD bulls are penetrating overhead resistance of a triangular pattern formation.
  • NEO Global Development (NGD) has set up an office in Seattle, Washington, keen to break into the Western markets.

NEO/USD: Recent Price Behaviour

The NEO price over the past week has managed to see some upside momentum, having gained around 25% since 7th February. At the time of writing, NEO/USD is running towards another session in the green, which would make it nine in the last ten. This is the best run of gains observed since the crypto market uptrend of December 2018.

In terms of the latest push to the north, NEO/USD bounced off a critical near-term supporting ascending trend line, which makes up a triangular pattern structure. It began the formation of this back in mid-December 2018 when the bulls entered a decent path of upside. However, the bulls eventually ran out of steam and were forced to narrow and trade within the confinements of the mentioned pattern.

NEO Looking to Make Ground in Western Markets

The team at NEO is taking serious steps towards expansion into U.S. markets, following its latest announcement to open an office in Seattle. This is the site of the new NEO Global Development (NGD) office. NGD will begin immediately recruiting for the new set up, which is going to be headed up by ex-Microsoft executive John deVadoss.

NEO is hosting its 2019 DevCon in Seattle, Washington between 16th February through to 17th. There is much anticipation around the announcing and details of NEO 3.0. As it currently stands, no clear specifications about the upgrade have been disclosed. Previously, NEO co-founder Erik Zhang said:

“NEO 3.0 will be an entirely new version of the NEO platform built for large scale enterprise use cases. It will provide a higher TPS and stability, expanded APIs for smart contracts, optimised economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.”

More on DevCon: NEO Price Update: Bulls Take Control as Anticipation for DevCon Builds.

Technical Review – NEO/USD

NEO/USD daily chart.

The NEO/USD price continues to trade within the earlier described triangular structure, demonstrating signs of late for a possible breakout higher. The markets bulls have been testing the upper acting trend line of the pattern; given the recent penetration, one would suggest a subsequent breach is likely. The resistance is currently tracking at $8.60; a break and daily closure above could invite another wave of buying pressure.

Further to the north, eyes would be on a retest of the significant psychological area of $10.00. The price last peaked up at these heights on 9th January, before running into sellers and being forced back south. At the time this was the highest NEO/USD had reached since 20th November. A push above this will then call into action $13.00, where the price consolidated briefly during the heavy November selling. Lastly, a return to the pre-November fall levels near $20.00 would be the next likely target.

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 123 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: Another Spike Fails in Crypto-Land

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The major cryptocurrencies continue to follow the pattern which consists of sudden spikes followed by choppy sideways periods. Today, the top coins jumped higher, with the strongest currencies testing their recent swing highs, but the move quickly failed. The market continues to be dominated by low liquidity and the bearish long-term forces, making it difficult to make money trading the long side.

That said, the short-term break-outs, which were formed one week ago, remain intact and our trend model is also on short-term buy signals in the case of the relatively stronger coins. Despite the buy signals, traders should remain cautious with new positions, as the long-term forces continue to work against bulls here.

The leadership of last week’s move continues to be weak and without a new batch of coins hitting new short-term highs, it’s hard to see what could propel the market higher. The top 3 coins haven’t been able to pull their weight either, so odds clearly favor the continuation of the bear market from a broader perspective.

BTC/USD, 4-Hour Chart Analysis

Bitcoin remains stuck below the $3600 level despite today’s spike, and the bearish drift that started last week in the coin continues. BTC’s relative weakness is a negative sign for the whole segment, and although it’s still above the support/resistance zone just north of $3450, the long-term setup continues to point of the $3250 and $300o support levels.

That said, the short-term buy signal is still in place in our trend model, and traders could open small, speculative positions in BTC, with strong resistance zones being ahead near $3850 and between $4000 and $4050.

XRP/USDT, 4-Hour Chart Analysis

Ripple has also been showing relative weakness in recent days, and today it dipped back below the key $0.30 support/resistance level following the failed rally attempt. While the coin once again avoided a move towards the next main level of interest at $0.28, it is still likely to violate that level and test the August low near $0.26.

With that in mind, traders should stay away from XRP, with our trend also being on short- and long-term trend signals, and barring a move above $0.32, the immediate outlook is also negative, with further resistance levels ahead near $0.3550 and $0.3750.

Litecoin Tests $44 Level Again as Ethereum Clings to $120

LTC/USD, 4-Hour Chart Analysis

After settling down near the $41 price level, last week’s star LTC spiked as high as $44 today, but it failed to break-out above the key resistance zone. While the break-out remains intact and the MACD indicator still only points to a correction, the market-wide trends remain negative, and the previously leading coin hasn’t shown signs of relative strength in the last couple of days.

Traders could still hold their positions here even though a swing low is not yet confirmed, but strict rsik management rules should still be applied. A move back below $38 would trigger a downgrade in our trend model, which is still on a short-term buy signal. Above the initial resistance at $44, further levels are ahead near the recent swing high near $46 and at $51, while support below $38 is found near $34.50 and between $30 and $30.50.

ETH/USD, 4-Hour Chart Analysis

Ethereum has been trading in a narrow range today and the recent short-term swing high capped the rally attempt in the second largest coin. While the coin is still holding on to most of its gains from last week, trading well above the $112 level, the lack of bullish follow-through is a negative sign even regarding the short-term outlook.

The hostile long-term setup raises the odds of a failed short-term rally, and although pour trend model remains on a short-term buy signal, traders should only consider small, speculative positions here. The $120 level continues to be at the center of attention, with another strong resistance above that being found near $130, while further support is found in the $95-$100 zone.

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 465 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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XRP Price Analysis: XRP/USD Could be in Serious Trouble as Test of Major Support Back in Play

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  • Ripple’s XRP price is seen trading marginally in negative territory towards the latter part of Friday, with XRP/USD heading for a weekly closure in the red.
  • Ripple has announced a newly improved XRP Ledger 1.2.0 for improved censorship resistance.

XRP/USD: Recent Price Behaviour

Ripple’s XRP price continues to cool, running towards is a third consecutive session in the red as the bulls fail to sustain any upside. XRP/USD has dropped more than 5% over the mentioned period, with the bears set to the test the big psychological $0.3000 mark once again. The price had not traded below this area since 8th February, when it received a chunky amount of buying pressure.

Ripple Announces Newly Improved XRP Ledger 1.2.0

Ripple, the San-Francisco-based blockchain startup, released an updated version of its XRP ledger 1.2.0. The update is expected to significantly improve user experience, in addition to expanding upon the range of services within its offering.

Details provided by the Ripple team suggest that this update has seen its resistance to censorship improve. In other words, a single entity will not be able to decide success or fail. No one will have the ability to alter any transaction once added to the ledger.

Moreover, the upgrade has introduced the MultiSignReserve amendment. Ripple has further streamlined the process, reducing the number of barriers for those involved in signing the transactions. The amendment will now allow just a reverse of 5 XRP, in comparison to the prior of between 15-50 XRP.

The blockchain startup has also announced a bounty program, inviting developers to review their updates in the new version. Should any vulnerabilities or errors be detected, Ripple will reward those who communicate such to them.

Users of the ledger should update to the latest version before 27th February 2019. It is critical that users complete the upgrade, as the server will not be able to determine the authenticity of the ledger. Without the upgrade, transactions will not process and cannot be submitted.

Technical Review – XRP/USD

XRP/USD daily chart.

Last week, the XRP/USD bulls managed significant double-digit gains of around 11%, breaking out of a descending wedge pattern formation. The bearish structure had contained price action since the back-end of December 2018. It was forced to drop around 30% while moving within this wedge after such a promising initial recovery started from the middle of December.

In terms of support to the downside, eyes will be on a retest of the upper part of the wedge pattern. It can be seen tracking around the high-mid $0.28000 region. A significant buying area is also in proximity, ranging from $0.3000 to $0.2500; an area that has on several occasions proven to attract decent sized buyers. Any failure of this providing necessary comfort will expose $0.2000 as the next target.

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 123 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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