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We’re Moving to the Blockchain

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Every day mankind is finding new uses for the blockchain. Here are a few of the cooler applications that are set to improve things…

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A firm in China called BitSE has recently launched a new version of Ethereum that they call VeChain to make it simpler for large corporations to start using the blockchain for big business.

Walmart is also getting in big on the blockchain. Recently, they’ve successfully completed a test that will help track the origin of food products. Executives of the super supermarket have stated that this is not something they’re pursuing in order to give them a competitive advantage but rather they invited others to participate and strengthen the network. Food safety is a big deal and this new technology has the potential to drastically reduce the effect of foodborne diseases.

Here at eToro, we are continuing our path of innovation and integrating the blockchain in a brand new way. This new pilot will be the first blockchain wallet to allow clients to store and trade multiple cryptocurrencies at the same time and will record the transactions directly on the bitcoin blockchain.

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As a leader in cryptocurrencies and blockchain technology, we are very proud of this update. Feel free to read the full details on Market Watch at: http://www.marketwatch.com/story/etoro-presenting-a-new-pilot-blockchain-wallet-at-the-st-petersburg-economic-forum-2017-06-02

Let me know if you have any questions.

Mati Greenspan
eToro, Senior Market Analyst

 

Market Overview

Our hearts go out to all the victims and their families of the appalling terrorist attack in the heart of London. I was very glad to see that local law enforcement was able to deal with the threat in a timely manner and that people managed to carry on with their daily lives.

With three days left to the general elections, it is easy to get overwhelmed but I would like to urge our clients and colleagues in the UK to keep a clear mind in the coming days and focus on the issues that matter.

Perhaps it’s fitting that, unlike the Brexit referendum, this election will not yield and notable trading opportunities. eToro popular investor Mark Eden, AKA @InvestusMaximus, notes in this post on his wall that action on the GBPUSD and FTSE 100 remains “quite unpredictable.”

The State of the States

Job growth in the United States came out a lot weaker than expected on Friday.

The Non-farm payroll report, which was expected to show a gain of more than 180K jobs in May, came in weak at 138K. Not only that, the report for last month was also revised and it appears that in April the US only added 174K, rather than the 211K that was previously reported.

The US Dollar got slammed!!

It should be noted that since the election of Donald Trump many businesses have come out of a slump. The following charts show a massive surge in business activity and confidence in the US economy since the election.

However, the hard data has yet to catch up with this change in mindset and things like wage growth and inflation remain stagnant. All of which will make things very difficult for the Fed leading up to their meeting next week.

Fresh Trouble in ME

As if there wasn’t enough to worry about in the world, the temperature in the Middle East has again been turned up a notch.

Qatar has long been complacent in the fight against terrorism and her neighbors have had enough. We can expect increased border security and decreased political ties effective immediately.

The price of crude oil has spiked on this news as less cooperation in the Middle East tends to cramp supply lines but the move has largely been reversed by now as the downward trend on oil is strong at the moment.

Gold, on the other hand, is holding on to its gains. Gold experienced a significant breakout on the NFP results mentioned above and these type of tensions tend to increase demand.

I would like to wish those of you who are celebrating today a very happy Whit Monday!

Let’s have an amazing week 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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3 Comments

3 Comments

  1. smumo

    June 5, 2017 at 9:27 am

    hello,I liked your daily analysis on cryptocurrencies which made me subscribe.I was really hoping for your daily recommendation.Disappointment is the name of the game thus far.

    • Edward Talliot

      June 5, 2017 at 1:57 pm

      Hello Smumo, we do still provide daily crypto analysis 🙂

  2. Mati Greenspan

    June 5, 2017 at 9:34 am

    Hi smumo. Thanks for the feedback. Have a great day!

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

(more…)

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

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Analysis

Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs

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Cryptocurrencies are having another bullish session as the total value of the market surged to a new all-time high near $225 billion, with the help of the rally in BTC and Ripple, and despite the drop in the value of Bitcoin Cash. The most valuable coin its record high yet again after the brief but steep weekend correction, despite the still overbought long-term picture. We still urge traders and investors to wait for a deeper correction before entering new positions here, with support levels found at $7000, $6700, and $6000.

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BTC/USD, 4-Hour Chart Analysis

Ripple has been the other main mover of the day so far, as the coin skyrocketed on huge volume and breached the $0.26 level before turning lower and stabilizing near $0.23. The coin triggered a short-term buy signal by moving above $0.2250 and it remains bullish on both time-frames, despite the pull-back, with another major target level ahead at $0.30.

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Ripple/USD, 4-Hour Chart Analysis

The other majors are little changed expect IOTA, which further added to yesterday’s gains and reached overbought readings, while Ethereum Classic and Dash continue to drift lower in short-term correction patterns. Let’s see the detailed analysis of the short-term charts.

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