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You Can’t Quit. You’re Fired!

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The thought seems almost ridiculous but it seems that this is exactly what’s happening.

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President Trump’s suggestion that if we’re removing statues we might as well remove the statues of the founding fathers Thomas Jefferson and George Washington both of whom owned slaves.

The comparison to the statue that started all this, that of Confederate General Robert E Lee, seems quite shocking at first glance but once you drill down it seems that many hard line left wingers are already petitioning for the founders names and statues to be removed.

You gotta love this guy. Aside from making everybody upset on “many sides” it seems that Donald has been able to finally get Americans interested in politics again, which in and of itself is a wonderful thing.

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@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of August 17th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Getting ahead of the news once again, Donald Trump has tweeted that he will be disbanding two of his business advisory councils. This comes after eight members of the manufacturing council quit and there were reports that one of the councils was preparing to disband itself.

It’s not difficult to imagine what type of pressure he’s talking about.

The stocks seemed poised for a very positive day until this message hit the news. The Wall Street Journal reports that many buy orders were cancelled immediately following the tweet.

So instead of having a fantastic day, the US stocks ended with very minor gains.

Asian stocks were rather flat as the US – North Korea conflict has been abruptly shoved to the back burner making investors in China and Japan unsure of how to proceed.

The opening in Europe today is quite telling as the most major indices there are starting out in red.

The Minutes…

…of the FOMC’s last meeting were released with some rather shocking news. It seems that many of the Fed members were in favour of announcing a date to begin unwinding the balance sheet at last months meeting.

The US Federal Reserve is currently holding approximately $4.5 Trillion worth of assets that it bought since the financial crisis in order to sustain markets and bring them where they are today. Over the past few months the Fed has been toying with the idea of gradually selling off some of these assets but nobody really imagined that they are this close.

The US Dollar was already under pressure when the news broke but this sudden shift in reality caused it to fall a bit further…

We can expect this debate to be played out further in upcoming fed speeches and events, of which there are many coming right up.

Also keep an eye open for the meeting minutes from the European Central Bank that will be released 13:30 Frankfurt time.

There is a very similar situation happening there. Only here, the debate is when to start reducing the asset buying program, which is still ongoing.

Crypto’s Don’t Quit

After what turned out to be only a miner retracement, crypto markets are back on their feet and forging new record gains. The market cap of all the cryptocurrencies in circulation reached a new high of $142.8 Billion earlier this morning.

The total pullback on bitcoin as seen on this chart was rather sizable but actually really small when we compare it to the amount of gains we’ve been seeing lately.

From peak to trough BTC fell $594 in the span of 11 hours before turning around again.

At the moment we’re seeing some resistance at $4,400. Of course a break of this resistance point would be considered an extremely bullish sign.

Thanking everyone for the amazing feedback. Your comments and questions are my main inspiration for writing.

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are 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. t[email protected]

    August 17, 2017 at 10:22 am

    Omg, I came here to read about financial freedom, not some liberal brainwashed propaganda bullshit again.

  2. Chris G

    August 18, 2017 at 7:14 am

    we need to develop a cryptocurrency that uses Trump’s chances of impeachment as the basis for its algorithm, because I see a major price surge coming … looking forward to seeing all the delusional #MAGA -nazis eat it big time

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Cryptocurrencies

Trade Recommendation: Syscoin

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The price bounced from the support zone formed by the uptrend line and SMA50. MACD and DMI support upward movement. If the price breaks the resistance level and the previous swing high, we’ll get a signal confirming that the market is going to move higher. Pending orders for buy can be placed at 0.00002550 level with stop orders at 0.00002150 level. Profit targets are 0.00003000 and 0.00003800 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: SYSBTC
Buy: 0.00002550
Stop: 0.00002150
Profit Targets: 0.00003000 and 0.00003800

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Syscoin.

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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Bitcoin

Trade Recommendation: Ride the Next Rally of Bitcoin

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The profit taking period that saw the Bitcoin market fall from 19,697 to a low of 13,501 in a matter of a few days is almost up. The market appears to have generated a new higher low and will use that level to make its next move up.

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Technical analysis reveals a large reversal pattern in the hourly chart that could signal the end of the correction. In addition, volume has been steadily decreasing. On Coinbase, volume spiked by as much as three times its average value in the hourly chart during the height of selling. In the last seven hours, however, volume has been way below its average indicating that bears have lot ammunition. More importantly, RSI in the hourly chart is far from overbought territory. This gives the market a lot of room to breach resistance at 18,000.

The strategy is to buy the market when it goes above 18,000. With signs of selling exhaustion, bears may not put up much of a fight the next time the pair breaches 18,000 on Coinbase. Also, the market has no stiff resistance above 18,000 so it has a clear path to our target of 22,500.

Hourly Bitcoin Chart on Coinbase

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As of the time of writing, Bitcoin is trading at 17,200.

Summary of Strategy

Buy: breach of 18,000

Support: 17,200, 16,800, and 16,450

Target: $22,500

Stop: Move below 16,450

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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Cryptocurrencies

Ethereum Just Broke $700 for the First Time

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Ethereum caught a tailwind higher on Wednesday, as prices broke above $700 for the first time ever amid general optimism in the cryptocurrency arena.

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ETH/USD Price Levels

The ETH/USD exchange rate was trading at session highs at press time, rising 18% to $721. Trade volumes surged, with 24-hour turnover exceeding $5.2 billion. That’s equivalent to around 301,779 bitcoin.

Trading activity was spread out across the major exchanges, with Coinbase’s GDAX accounting for more than 11% of total transactions. South Korea’s Bithumb also accounted for roughly 11% of the daily transactions.

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At present values, Ethereum’s market cap is $68.7 billion, according to CoinMarketCap. Ethereum is the world’s second largest cryptocurrency by overall market capitalization, outshined only by bitcoin.

Ether’s surge appears to have originated Tuesday afternoon, when prices first broke $600. By the early evening, ETH/USD was trading near $670. A sharp correction back down to $600 would soon follow before prices resumed higher over the next 12 hours.

Prior to the latest rally, ether found itself in a prolonged rut as prices struggled to rise above $500. Some analysts say ether’s transaction woes are limiting its upward momentum. The platform currently supports around 15 transactions per second. By comparison, Visa processes 45,000 per second. For ether to generate mainstream appeal, it will likely have to increase its transaction capacity. Discussions on the best way of doing so are ongoing.

Swiss Banking Giants Leverage Ethereum

Ether’s newfound strength comes on the heels of a new partnership announced by Swiss financiers UBS, Barclays and others to advance data collection and reconciliation tied to upcoming MiFID II regulations. The consortia, which also includes KBC, SIX and Thomson Reuters, is relying on Ethereum’s smart contracts to allow financial institutions to identify and sort out data-related anomalies. By leveraging smart contracts, the banks will be able to reconcile sensitive reference data without compromising sensitive information.

By using smart contracts, the banks hope to bring down costs associated with data collection and storage.

A UBS analyst heralded the partnership as an important step in advancing blockchain’s benefits beyond the obvious clearing and settlement market. MiFID II regulations will come into effect Jan. 3.

The cryptocurrency’s use cases have grown since the Enterprise Ethereum Alliance (EEA) was established. EEA boasts an impressive collection of Fortune 500 companies, startups and subject matter experts converging on smart contract research and development. The goal of the Alliance is to “define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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