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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 (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 34 rated postsSenior Market Analyst at Etoro.com.




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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

Crypto Update: Coins Remain Under Pressure but Supports Still Hold

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The correction of the post-crash rally is still dominant in the cryptocurrency segment, despite the encouraging bounce on Friday, as Bitcoin is dragging the market lower. The coin turned relatively weak in recent days after an extended period of outperformance, but even BTC is holding up well, with the bearish momentum being far from disastrous.

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Ethereum’s relative strength, on the other hand, is slowly building, as we first noted it during the Thursday sell-off, and the second largest could be spearhead the next leg higher. The early leaders of the rally, Ethereum Classic and Litecoin are also acting bullish, and the overall picture remains in line with the orderly correction scenario.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin still hasn’t tested the key $9000-$9200 zone despite several waves of selling that hit the coin, but it’s still stuck below the $10,000 level. We expect a short-term bottom in the coming week, as the momentum of the decline suggests accumulation, and investors should use the dip to add to their holdings, even if a test of the primary support zone is still possible here, with further resistance levels ahead above $10,000 at $11,300, $11,750, and $13,000.

LTC/USD, 4-Hour Chart Analysis

Litecoin put in a higher short-term low during the weekend, retaining its leading position in the rally from a technical standpoint. The MACD indicator already gave a bullish signal after dipping into negative territory, but should Bitcoin continue to struggle, LTC could be in for more consolidation before despite the relative strength. The $200 level is still in focus with a strong resistance zone just ahead between $220 and $235, with the rally high at $250, while further key support is at $180.

Altcoins Mixed in Quiet Trading

ETH/USD, 4-Hour Chart Analysis

Percentage changes are not significant today following yesterday’s decline, and most of the majors are holding up above or near key support levels, with relatively low volatility and notable divergence between the coins.

As for the recently weaker coins, Ripple is still trading well below the $1 level, while IOTA managed to bounce hard off the correction low reaching back to the $1.9 resistance, and edging closer to a break-out from the still dominant downtrend.

The rest of most established coins are still drifting lower, with no major moves in the last few days, so without notable red flags, we remain positive regarding the long-term setup.

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 115 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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Analysis

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

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The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

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Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

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That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(more…)

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 115 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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Analysis

Crypto Update: Encouraging Bounce before the Weekend

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The correction that started out in the major lagging altcoins and spread to the leaders of the market yesterday is weakening, with a nice rally today in early trading in most of the majors.  Although the segment is not out of the woods just yet, the bullish signs which have been present ever since the lows three weeks ago still persist.

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Bitcoin stayed clear of the key $9000-$9200 support zone, for now at least, which would be an ideal bottom for the correction, but as we noted long-term investors should accumulate the coin during the correction, as the short-term momentum is already back to neutral. The $10,000 level is still in the focus, while the next major resistance is found at $11,300 and the prior rally high near $11,750 is also ahead as an obstacle.

BTC/USD, 4-Hour Chart Analysis

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The early leaders of the rally, Litecoin and Ethereum Classic are once again showing strength and that could signal that the next leg higher already started. That said, with several coins still stuck in broader downtrends, investors should still expect a bumpy road, with the occasional volatile sell-off.

Litecoin got very close to the $180 support that we have been monitoring throughout the correction, but it quickly bounced above the $200 level again, as the broad bounce started after testing the previously dominant declining trendline. So far, the price action in the coin is consistent with a new uptrend and we still expect LTC to lead the market higher.

LTC/USD, 4-Hour Chart Analysis

Ethereum Showing Positive Signs Again

ETH/USD, 4-Hour Chart Analysis

After yesterday’s early signs of relative strength, the second largest coin is now clearly showing evidence of accumulation, as it quickly recovered above the $845 level following the selloff after the US close. The coin established a new support near $780, and as the MACD is close to providing a bullish cross, it might signal the bottom of the correction.

Despite the bullish price action across the board, even in the recently lagging XRP and IOTA, the correction could still continue, but we still advise traders and investors to look for entry points as we expect the recovery to continue, although traders should still use smaller positions in the relatively weaker coins.

Stay tuned for our detailed technical analysis later on today.

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 115 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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