Categories
Crypto Market Analysis

Daily Crypto Update 10.07.2018 – Pronounced Sales

As we wrote yesterday in the Market Update, the pronounced sales started all around the charts, the market lost 8 billion in capitalization and we expect a negative week in most of the cryptos, only 4 coins of the top 100 are in positive today: Kucoin Shares, Bitcoin Diamond, Bitcoin Gold and Tezos; the others have losses of up to two digits being Walton chain with -17.2% the top loser in the last 24-H.


General Overview


Market Cap: $254.246.070.665

24h Vol: $14.234.158.046

BTC Dominance: 43.2%

Pronounced Sales

Top 100 Gainers of the day

Matryx MTX 72.92%
Hurify HUR 39.98%
TokenDesk TDS 38.21%
United Traders Token UTT 29.67%
United Bitcoin UBTC 27.48%

Top 100 Losers of the day

Thrive Token THRT -35.93%
SalPay SAL -35.75%
DAEX DAX -32.44%
Transcodium TNS -31.35%
EJOY EJOY -28.71%


News


FCoin Manipulation Of Ethereum Network Spurs Threat Of Legal Action
Activity on the Ethereum network spiked at the end of last week causing transaction fees to hit all-time highs and now fingers are pointing to an obscure Chinese trading platform called FCoin. Accusations are being made against founder Zhang Jian, formerly of Huobi, of orchestrating a series of Sybil attacks in order to drive up traffic, crippling the Ethereum Network and gaining publicity for itself.
Source: newsbtc.com

Study Finds That Over Half Of ICOs Die In First Four Months
A new study out of Boston University has found that at over half of crypto startups that complete fundraising through an ICO is dead within four months of their coin launch.
As the ICO has become the preferred method for emerging tech companies to raise funding the space. Is has become overpopulated with coins that are never going to make it to an exchange. The first ICO was launched only 5 years ago, but most probably never heard the term until 2017, when the strategy took off along with the rising price of cryptocurrency.
Source: newsbtc.com

Decentralized Exchange Bancor Falls Victim To $24 Million Security Breach
A popular decentralized exchange platform, Bancor, recently took to Twitter to announce that the platform fell victim to a security breach, giving further details about the apparent hack.
On July 9th at 8 AM (UTC), Bancor released a Tweet noting that its web service would be closed down for maintenance. This announcement, which came out of nowhere, got some users worried, as they wondered what had occurred.
Source: newsbtc.com


Analysis


LTC/USD

LTC/USD as with the other cryptos is under heavy pressure, Litecoin has lost -7.54% in the last 24-H and -12.2% in 2 days; as the currency correlates with the BTC, further losses are expected this week.



Earlier, Litecoin touched $74.40 and now is moving around $75.80 trying to cross the Pivot S3 upwards, probably the price will bounce here and will make a movement towards $73.00.


Market sentiment

4-H chart technicals signal a strongly bearish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot points

R3 85.4058
R2 84.2418
R1 82.3481
PP 81.1841
S1 79.2904
S2 78.1264
S3 76.2328

NEO/USD

NEO has crossed below the 100 EMA and the Pivots S1 and S2 in this 4H chart showing the buying pressure is here.
The price touched $32.82 this morning and now is trying to retrace a little but the market has turned even more bearish in the last hours.



 

NEO has dropped -11.40% in the last 24H and if the Pivot S2 can’t be crossed upwards, the price could possibly visit $32.13 in the short term.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 41.38
R2 40.32
R1 38.29
PP 37.23
S1 35.21
S2 34.19
S3 32.13

EOS/USD

EOS continues the big drop initiated yesterday from $8.62 and is now sitting in the $7.24 area, trying to find support in the Pivot S1. The indicators are in the oversold zone but nothing seems to stop the drop.



 


Market sentiment

4-H chart technicals signal a Strongly Bullish sentiment.

Oscillators are showing sell signals and pointing down.


Pivot points

R3 9.76
R2 9.25
R1 8.46
PP 7.95
S1 7.16
S2 6.64
S3 5.85

 Conclusion


The bears remain in control of the market and it will most likely continue as well because pronounced sales continue. BTC is dragging most of the alt coins decidedly.

Categories
Crypto Market Analysis

Daily Crypto Update 19.06.2018 – Green Market But Some Uncertainty

The market is in green again and after the unexpected positive movement in all the charts yesterday, there is a question in the air and it is; how manipulable is the market and where these unexpected movements come from when it is evident that there is no important fundamental news especially in BTC which is the currency that moves the others?


General Overview


Live Crypto News:
Market Cap: $293.010.746.832
24h Vol: $13.905.498.839
BTC Dominance: 39.8%


marketCap19.06 - Live Crypto News:
marketCap19.06

The capitalization of the market continues to rise as well as the daily volume, this may mean that we could have a continuation of the increases if there is a strong enough push in the buyers.


Live Crypto News


TRON [TRX] the only double-digit gainer among top 50 [24 hrs].
Source: ambcrypto

‘Flaws’ in Japan’s Biggest Crypto Exchanges Will See Regulator’s Warnings
A handful of major Japanese exchanges including bitFlyer, Japan’s biggest and best-funded crypto trading platform, are facing business improvement orders from the country’s financial regulator and watchdog.
Source: ccn.com

‘A Moral Hazard’: Bank of Korea Opposes Central Bank Digital Currency
The Bank of Korea (BoK) has revealed it is against the idea of issuing a central bank digital currency following a feasibility review.
Source: ccn.com

Active Blockchain Projects in Use? Logistics is Overtaking Finance
Many predicted that finance would be among the first innovators in the blockchain. Harvard Business Review concluded that education about blockchain is no longer lacking in finance as it is in industries like manufacturing, predicting we’ll see finance projects finished first.
Source: ccn.com


Analysis


ETH/USD

Ethereum responded positively to the markets rise yesterday which represents gains of 7.37% in the last 24 Hours, after the breakout of the critical resistance of $520 the pair reached pivot R1 in $540 and at this moment is trying to cross this line. Nevertheless, the EMA of 100 periods is a little lower doing its job as strong resistance at this time. The RSI is in the overbought area as well as the Stochastic so the buyer impulse may be weakened in the next hours.



Market sentiment

ETH 4h chart bullish.

Oscillators are on the overbought zone.


Pivot points

R3 629.1 
R2 584.3 
R1 540.6 
P 494.7
S1 451.1 
S2 406.5 
S3 362.2

TRON/USD

TRON has gained 16.32% in the last 24 hours, apparently due to the negotiations that have already been made public about reports that founder Justin Sun is up to close a deal to acquire BitTorrent.


Now TRX is trading at $0.049, up from $0.041 from yesterday; the price has crossed the pivot R1 and now is trying to beat the EMA-100 after crossing the upper line of the descendant channel. If buyers pressure is strong enough the price should stay above the R1 for the next hours, waiting for a trend change that is not yet confirmed, the RSI and Stochastic indicators are in an overbought area which could send the price back to the channel.


Market sentiment

TRX 4H chart is showing Bullish.

Oscillators are on the overbought zone.


Pivot points

R3 0.0599 
R2 0.0545 
R1 0.0484 
P 0.0428
S1 0.0369
S2 0.0313 
S3 0.0252

ADA/USD

ADA has gained 4.55% in the last 24H but has been moving within a narrow range in the last week, the price has not reacted to the latest news that says Cardano has been added to a tradable asset on eToro.


The support at $0.155 has been tested several times while the immediate resistance is at $0.1721. My appreciation for the pair is of a bearish continuation in the medium term, even though the indicators have already left the overbought area.


Market sentiment

ADA 4H chart is showing Bearish.

Oscillators are pointing up in and over the 50 level.


Pivot points

R3 0.2194 
R2 0.2003 
R1 0.1804 
P 0.1614
S1 0.1414
S2 0.1224 
S3 0.1029

Conclusion


Live Crypto News: Difficult levels were overcome in the short term for many pairs but nothing is certain for the next sessions. Most of the cryptocurrencies are in green due to the unexpected yesterdays rise, but there is a lack of clarity about these movements and very likely the tendencies that were strong in the main pairs will be recovered; but if capital continues to enter the market it will help the main Cryptocurrencies to recover all the critical levels lost the last week.

Categories
Forex Market Analysis

Too Much To Handle?

 


Macroeconomic Outlook


Ahead there is a complex week full of powerful references

–          Apart from the fact that we start from an inconclusive G7

o   More like a G6 + 1

Regarding the references and what needs to be considered

–          Central Banks

o   Fed will raise rates this week to 2% (already discounted)

  • And how many more increases there will be this year
  • Probably one more but open to speculation

o   ECB

  • When will it finish its asset purchase program?

o   Issue of Italian debt

o   Extremely important

  • It will condition what ECB will do

o   Bank of Japan

  • Will repeat with -0.1%

–          Prices

o   Industrial Prices in USA

  • Increase to 2.9 from 2.6

o   European Inflation

  • Remain at 1.9

–          USA – North Korea Meeting

o   Just speculation and news

Bearing in mind all this, it is going to be a hard week, and the best position is to wait on the sidelines to see what the outcome is of all these events and then consider a more clear position.

 


Technical Analysis


US Dollar Index


It is in a danger zone between two monthly bearish trends. Possible rebound from the support one on its way. In the next days, it will clear and show whether it confirms the bounce and breaks the resistance above it or if it is just testing and continuing the monthly bearish trend.


EURUSD


Undecisive, presently, going sideways. For now, we remain bearish as long as it remains below the monthly resistance which it is approaching now. In case it approaches it, we´ll see whether it is just a retest or a breakout creating a bullish trend.


GBPUSD


After breaking out the two resistances, it confirms the creation of a new bullish trend. Hence, we open a new long position looking for a long trend after breaking through the resistances and retesting them afterwards.


USDJPY


As explained in the previous weeks. USDJPY has been and will be going sideways without a clear direction. However, the sideways space is narrowing, and soon, it will be forced to take a side, whether long or short. For now, we wait while the resistances and support get closer to each other.


DAX


It could not close above the resistance we based in our long position. So, this week it will be key to know whether it can close above at some point, eliminating all the fears of a possible bearish trend. In case it does not close above and confirms the retest we will close the position and open a bearish one.


Crude Oil


After breaking the bullish resistance it was holding on to, it is now retesting it. This retest confirms the continuation of the recent bearish trend. For now, we remain bearish.

 

 

Categories
Forex Market Analysis

Expansive Economic Cycle Still Supports Markets


Macroeconomic Outlook


The past week was mainly influenced by two relevant factors:

  • Oil Price

o   It has reached the benchmark of $80 per barrel

o   It has raised concerns about inflation

  • Ten-year Treasury Yield is at 3.07
  • Italian Elections

o   Populist coalition between the 5 Star Movement and The League

  • This has increased the difference between Italian’s debt to the German one by 155 basis points
  • Depreciation of the Euro against the dollar

So how can these factors influence this week

  • It is reasonable to consider a positive impact rather than a negative one

o   Italian coalition creates further stability to other outcomes

  • Such as Italy leaving the Euro

o   Oil price can still rise due to tension in the Arabic region

  • It can prompt more concerns about inflation
  • However, it is unlikely to change expectations in the monetary policy in central banks
  • Which will support markets
  • $80 barrel is a reasonable price within an expansive economic cycle

Regarding macro indicators, to be published in the coming week:

  • PMI in the eurozone

o   It will consolidate the current slower growth compared to the beginning of the year, however, it will show guidance towards a bigger upcoming economic cycle

  • The economic cycle will be the clear guidance toward a positive environment
  • The outlook is still positive for the markets which are facing the second semester in a good context of moderate globalisation

Technical Outlook


 

US Dollar Index


Monthly resistance has been broken leaving a space until the next one. Hence, it is confirming the continuation of a solid bullish trend through the breakout of this resistance, which leaves space to capture until the next one. A retest may happen to confirm the breakout. In that case, it would be reasonable to double the trade.


 

EURUSD


After breaking and retesting the last weekly resistance, it has confirmed the strength of this bearish trend. It recently touched the profit target, and the strength of the trend shows it has more downturn potential in the coming days. There are no significant resistances ahead which leave more space for another bearish position.


 

GBPUSD


 

After a strong bearish trend, GBPUSD may find a turning point in the coming days, thanks to the monthly resistances ahead. They are significantly strong and may confirm a bounce back.


 

USDJPY

 

USDJY is moving according to our expectations, and it is about to complete the bullish run. When it reaches its benchmarks, which is the monthly resistance ahead, it will be possible to consider a turning back point on the chart.


 

Crude Oil


 

After continuing the bullish trend, it has again touched bullish resistance which gives a reason to still believe in an upcoming downturn. For now, under normal conditions, it would be good to hold, and in case it breaks above the resistance the position would be closed.


 

DAX


 

With no significant resistances ahead and after strongly breaking the previous ones, DAX has a clear bullish route to complete until the next significant resistance. For now, holding the position would be the right decision, since both chart and fundamentals confirm a positive outlook for the markets.

 

Categories
Crypto Market Analysis

Bitcoin Update March 17

Bitcoin Update

The Bitcoin price today reports losses of around -3.50% as the session has progressed on Monday, the day started with a downward movement that sent Bitcoin below $ 8,000. Now it is currently at about  $7.984 After the strong rally we could see last week, on this one many buyers may be expecting a considerable pullback.

The 100 SMA is above the 200 SMA, which tells us that the price has little resistance to the upside, or to put it in other words, it is more likely that rise will start than the price falls. The space between these two indicators is still expanding or indicates a strengthening of the bull’s pressure.

The 100 SMA will be an important support to beat for bears and is close to $ 7836, a break of this support can send the price to $ 7000-7200, which could indicate that the bears are strengthening again.
The stochastic is at intermediate levels above 20, which shows a rest in the buyers and allowing sellers to take over from here. The RSI is also pointing down towards the oversold levels or indicating that we are close to the upward pressure that will lead us to overcome the highs of the last week and most likely find new highs for this week.

BTC/USD April-17/2018

 

The slight fall in the price of Bitcoin is stimulated by the imminent tax filing deadline in the US on April 17. (Massive withdrawals to pay taxes) Traders are anticipating more gains for the cryptocurrency after the deadline because investors will reopen their positions. In addition, the second quarter of the year (Q2) has been historically positive for the price of Bitcoin, so it will not be a surprise that investors make a strong movement inside the market before the end of the period.

Volume in Bitcoin continues to rise, despite recent bans in India and Pakistan. The market remains nervous for regulatory measures but the news that large hedge funds are preparing to invest more in the crypto market will overcome these nerves.

© Forex.Academy

Categories
Forex Market Analysis

market overview for US index & pairs

News

No need to say that that the hour talk now is about hitting Syria by US, France, & Great Britain

Of course, there’s a lot of action going on as U.S. tells UN it’s ready to hit Assad again, if necessary.

Also U.S. Eyes Russia Sanctions for Syria, U.K. Sees One-Time Hit.

UN Ambassador Nikki Haley, speaking Sunday on CBS’s “Face the Nation,” said U.S. Treasury Secretary Steven Mnuchin will announce new sanctions Monday that “go directly to any sort of companies that were dealing with equipment” related to Syrian leader Bashar al-Assad and his chemical weapons.

Oil prices, which already are above their three-year highs, may be about to jump further.

As Brent oil could spike to $80 a barrel if the U.S. and European Union reimpose sanctions on Iran, and as Western powers expand the scope of the Syrian civil war.

 

US Index

S&P500 behaviour has been intensively bearish on Daily frame, with a sideways movement during the last ten weeks.

There are perfectly well-noticed signs indicating that prices will be up active again.

Reversing from the support level at 88.35, bouncing from the uptrend’s  2018 low, and forming a double bottom, which is a reversal pattern, to give shape to a harmonic pattern (crab).

The price is facing a strong resistance test at the down trend lin from the high of May 2017, also with the red resistance zone (90.45-91.65).

If the price successfully breaks these levels, we can see it climbing up to its next zone (92.55-93.9). as it’s 61.8% & 78.6% Fibonacci, B harmonic level, and turn down from the high of 2017.

 EUR/USD

On 1H frame, we can see that the price broke the uptrend line provided by reversing from resistance zone (1.239-1.2425). The most important issue is that it approached the downtrend line traced from 2008 high.

The price draws a triangle that, if broken down, we can easily test the levels 1.23 then 1.226

 

 

GBP/USD

On 1H frame, the pair touched the resistance 1.428, with a megaphone pattern.

The price is expected to visit the 1.42 level to retest it. In case it breaks it, we can see it touching 1.415 and then 1.409

 

NZD/USD

The pair has faced its resistance level at 0.939 by breaking the uptrend line and rising reversal wedge. It’s supposed to retest the uptrend from the low of April at 0.732 then 0.727