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What the Future Holds

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Hope you had an excellent weekend. Our inspiring technological achievement for today comes from Singapore.

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The country has just recently issued their first few Singapore Dollars on the Ethereum blockchain. Project Ubin is running a private version of Ethereum so unfortunately, they’ve not opted for total transparency.

This news is a huge leap forward for blockchain technology, but unfortunately two steps backwards for fairness and income equality.

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Unless I misunderstood the project, which is entirely possible, this new money being developed in Singapore will be exclusively traceable by the banks and government, leaving private citizens in the dark.

Mati Greenspan
eToro, Senior Market Analyst

Please note: All data, figures & graphs are valid as of June 12th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

The damage done by Theresa May seems to be quite contained at this point, almost like a nuclear weapon that may or may not be deployed.

The Tories unlikely alliance with the Northern Irish DUP did manage to put the markets at some level of ease. Let’s hope that they are able to strike a solid deal soon.

For now, May is still in charge but after gambling with the fate of the nation and losing, there are many who would like to see her replaced asap.

The largest reaction can be seen in the British Pound, which fell more than 300 pips on the night of the election (blue circle). Since the Brexit referendum one year ago, there have been two surges upward. One was Theresa Mays “Strong Brexit speech on January 17th (yellow circle) and the second was when May called the snap elections and the markets perceived that she will strengthen her hand (orange circle).

Arguably, a strong May has been responsible for saving the Pound from falling below 1.2000. So further uncertainty could certainly bring it back to that point.

Other Markets

… don’t seem the least bit concerned about what happened in the UK. At this point, Brexit seems a foregone conclusion so the only real question is what kind of deal will the UK get with Europe.

Wall Street continued to venture into record high territories on Friday but the Dow Jones and S&P 500 did experience some minor pullbacks before the weekend.

Gold continued on downwards and is now seriously testing its short term support level (dotted yellow line). A stumble below that line could easily lead it to the bottom of the blue channel so watch out for any large sell orders.

Oil is also testing the lows and for the last three sessions has been holding at $46 a barrel. The blue box represents a large area of support between $42.5 and $45 a barrel. However, if the oversupply pushed it below that it could spell trouble.

Aside from the Trump-related drama in the USA, the markets are now waiting for the Federal Reserve meeting on Wednesday. For now, analysts continue to argue what the Fed will do and coming so close to the meeting with uncertainty still prevalent is not a good situation.

Cryptos Blast Off!!

The surge towards crypto assets continued this weekend. With Ethereum passing $300 for the first time and Bitcoin now trading above $3000 in Japan and China. The West is still a tad lower but if the trend continues we should catch up shortly.

Ethereum didn’t take any time to rest at this milestone and is already trading above $360 a coin. A new ICO called Bancor is coming online today could attract some fresh money into the Ether network.

This project is right at the heart of blockchain as the future of the internet and may one day completely replace CFDs as the main way people trade stocks, commodities and other financial assets online.

We’re still in the early stages of blockchain technology but the thought that Bitcoin and Ethereum could one day replace money and the internet is certainly gaining traction.

The total market cap of all digital assets, as reported by coinmarketcap.com is now just shy of $115 Billion and rising fast

Let’s have an amazing day 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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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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Analysis

Technical Analysis: Correction Continues but Coins Remain Stable

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It’s been another mixed session for cryptocurrency investors as judging by only the price action, the segment suffered losses across the board, but comparing the current sell-off to the January plunge reveals that the majors are much more resilient this time around.

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The largest digital currencies are holding on to most of the gains of the recent weeks, and the price action near the crucial support zones is also encouraging. With all that said, the correction is not over yet, and further losses are still in the cards, but barring a substantial change in price action, the coins will likely continue the rally.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin has been trading around the key $10,000 level all day long, and, so far, a clear break-down has been averted. The short-term momentum indicators are now in neutral territory regarding the most valuable coin, and that could mean that a bottom is close, and investors should already add to their holdings here. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

XMR/USDT, 4-Hour Chart Analysis

Correlation between the majors has increased during the sell-off, but there are still clear outperformers and laggards, adding to the bullish case. Monero remains among the strongest coins from a technical perspective, trading right at the lower boundary of the bullish consolidation pattern, with the $280 price level holding up for now. The coin faces strong resistance near $300 and $335, but we expect the uptrend to continue with the next target being ahead at $400, while further support is found at $240.

(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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