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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 (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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  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

Crypto Update: Post-Crash Oversold Bounce Ensues in Crypto-Land

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As Bitcoin plunged below $10,000 yesterday, nearing the crucial $9000 level, all of the majors followed the most valuable coin in the panic sell-off. Our trend model turned short-term neutral in most of the cases, while the long-term prospects also improved thanks to the deep and violent correction.

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Bitcoin itself already traded at slightly attractive levels, as it breached our first possible target for the correction, but we expect a lengthy bottoming process with a possible dip to the $8200 or $7650 supports.

As for the short-term, the oversold rally initiated from the lower boundary of the declining trend channel, and a choppy, hard-to-trade consolidation period is likely ahead that could last throughout the weekend. Strong overhead resistance is found at $13,000, likely capping the advance for now, while the $11,300 support/resistance level could also be in the focus in the coming sessions.

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BTC/USD, 4-Hour Chart Analysis

Altcoins

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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 Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 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

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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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