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The Clock is Ticking

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In what was probably the most high stakes bet in modern times, Theresa May has shown us what happens when you gamble with the world.

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A hung parliament is the worst possible outcome too. The UK has officially triggered Article 50 in March. They have exactly until March of 2019 to make brexit happen.

At this point, they should be prepping negotiations with the EU. The last two months were a monumental waste of time and now it seems that the next two months will be as well.

The Pound is falling, the clock is ticking, May is over, summer is just beginning.

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@MatiGreenspan
Senior Market Analyst @eToro

Market Manipulation

Just moments before the testimony of fired FBI Director James Comey somebody made a rather transparent attempt to manipulate the price of gold.

Usually, if you want to sell a lot of a specific commodity, especially when the trend is going up, a savvy trader will place many different orders at different prices. That way, as the price moves higher you keep getting a better price on every trade.

Yesterday afternoon, somebody placed a single order to sell $4 Billion worth of gold at the current market rate. The order was placed just before Comey’s testimony at a time when the markets were very quiet and liquidity was low, giving it the maximum possible impact on the price.

The reason for this manipulation is quite clear as well. Since the beginning of the year, the precious metal was picking up momentum and has created itself a nice channel towards the sky…

On Tuesday, the price failed to break above the critical $1300 level and pulled back a bit on Wednesday. By putting in that large order, our culprit must have sought to send the price back towards the bottom of the channel rather than let it gather enough steam to cross $1300.

Digital Gold

Meanwhile, gold’s counterpart in the cloud has created some interesting patterns on the chart as well. Bitcoin has made a remarkable recovery since the massive pullback two weeks ago (yellow circle) and since has seen a new all time high of $2927 a coin.

Now, the fact that it recovered so quickly is a good sign. However, in the past, every time bitcoin makes a new high it is immediately followed by a surge. Here we can see that the new high was followed by a pullback.

As well, volumes from Asia have been muted over the past 24 hours and a lot of the trading is happening on speculative exchanges.

Certainly, we know that Bitcoin is becoming more and more useful in Japan and is now accepted in many supermarkets there. However, Mrs. Watanabe, the Japanese trading housewife is very savvy indeed. If she feels she’ll be able to buy in at a better price next week, she’ll likely have the patience to wait.

However, if we do start seeing new highs again, it could lead to another panic surge as analysts continue calling fo $10,000 a coin and higher.

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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  1. RF1508

    June 9, 2017 at 8:34 am

    Thx for the analysis! I already found that move down in the gold chart a bit funny. Now I know what it was. I am keeping my gold long positions open for the moment. What is your trade recommendation for Gold?

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again

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The most valuable coin had another encouraging week, as it emerged from a brief but violent correction, just to reach new highs towards the end of the week, draining capital from altcoins. The total value of the market is stagnating near the all-time high, but BTC crossed the $100 billion mark as it surged past the $6000 price level, controlling 58% of the market.

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With the long-term MACD clearly being overbought, and as the long-term target has been hit, investors should now be looking for exit points, even as the short-term uptrend is intact. The range projection target of the recent correction is found at $7000, but correction risks are already high, and only small positions should be kept in the current setup.

BTC/USD, Daily Chart Analysis

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Most of the major altcoins are trading in narrow ranges this weekend after a slightly bearish week, as the optimism surrounding Ethereum’s major update faded and the second largest coin re-entered its previous range.

Litecoin, Dash, and Monero are still looking encouraging despite the lengthy correction, while the recently, while the relatively weak Ethereum Classic IOTA continue to show worrying signs. As the Bitcoin long trade is getting stretched,  let’s see the how the daily charts of the altcoins are shaping up.

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Bitcoin

Bitcoin Hits $100 Billion as Record Rally Continues

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Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.

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Bitcoin’s Fresh Intraday High

BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.

At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.

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Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.

The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.

$10,000 Bitcoin?

Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.

Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.

Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.

It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s

A Day of Milestones

Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.

The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.

Featured image courtesy of Shutterstock. 

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Analysis

Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down

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Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.

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While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.

BTC/USD, 4-Hour Chart Analysis

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As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.

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