- November 16, 2018 at 9:56 am #2846
Bitcoin Storm That Came Again
Bitcoin slides once more and, whereas its recovered from earlier losses, there may be a lot of to come back relying upon the end result of today’s onerous fork.
Bitcoin fall down 8.31% on Wednesday, following a 0.19% rise on Tuesday, to end the day at $5,922.4, the day’s loss the largest since an 8.81% slide on 5th September.
Another range bound start to the day saw Bitcoin strike a late morning intraday high $6,485.8, falling shy of $6,500 levels and the day’s first major resistance level at $6,507.77. It what was Bitcoin’s last range bounce move of the day and possible of the week, the deadlock between the bulls and the bears broken, with that much undertakes storm being delivered as Bitcoin slid from beginning to end the day’s most important support levels to a late afternoon intraday low and new move to and fro lo $5,678.
As you would have thought, the sell-off gathered momentum through the early hours of the afternoon, with stop-loss bounds getting hit across the majors, the new swing lo reaffirming the bearish inclination formed back at early May’s swing hi $9,999.
There was no single news event that throw in to the late morning sell-off that, not only left Bitcoin down in the dumps, but saw the rest of the foremost suffer heavier losses, the cryptomarket’s total market cap sliding to $187.74bn, having been on the edge at around the $210bn mark in recent days.
Possibly of greater connotation is the fact that Bitcoin’s dominance failed to rush forward, currently sitting at 52.9%, reflecting the depth of the sell-off that, timing wise, could be featured to uncertainty surrounding today’s Bitcoin Cash hard fork that could distribute a blow to Bitcoin Cash and the broader market should there be no compromise.
While Bitcoin made an effort come back to $6,000 levels, with a post sell-off $5,911.4, improbability over the cause of the sell-off and the Bitcoin Cash divergence itself later today will have given the crypto investors reason to pause, with another sell-off on the cards should things not go Bitcoin ABC and Bitmain’s way later in the day.
Bitcoin was surely not the worst performer on the day, with Monero’s XMR sliding by 13.58% and Bitcoin Cash by 13.03%, with only a handful of other crypto majors managing to stay away from double digit failures on the day.
Get Into Cryptocurrency Trading To
At the time of writdaying, Bitcoin was down 3.13% to $5,737.1, with moves through the early hours seeing Bitcoin fall from a start of a day morning high $5,940 to a morning low $5,712 before steadying, the day’s foremost support and resistance levels left untested early on.
Somewhere else, things were no better, with Bitcoin Cash, the likely mastermind of this week’s sell-off, down 6.43% at the time of writing, as sentiment towards today’s BCH hard fork continued to strike the majors.
For the day ahead, we can look forward to Bitcoin Cash and the outcome of the hard fork to eventually influence Bitcoin and the broader market, with those having wished for the return of instability to the markets likely to be regretting it.
A move back through the morning high $5,940 to $6,000 levels would provide the markets with some anticipation of a second half of a day bounce back, though we can expect Bitcoin Cash SV and Bitcoin Cash ABC futures price and hash rate chatter to grip the cryptomarket ahead of today’s main event.November 19, 2018 at 12:03 pm #2889
Factors Indicating Major Top – U.S. Dollar
The combination of the tame inflation report, comments from Fed Chair Powell on cooling international demand and the dovish comments from Fed Vice Chair Clarida defining that the Fed is acquiring closer to neutral, are all signs the Fed may slow its speed of rate treks and this should be bearish for the U.S. Dollar.
Last week, the U.S. Dollar stopped up lower against a basket of the currencies. Nevertheless, it wasn’t a regular weakness, it was a technical finishing price exchange top, which means the selling was sober. If proved this week, we could see begin of a two to three-week rectification. Additionally, if the selling demands makes physically powerful over the near-term, we could even see alteration in trend to down.
Last week, the December U.S. Dollar Index settled at 96.333, down 0.401 or -0.41%.
Even though it is frequently said, that technical analysis precedes the fundamentals, this time the probably bearish chart example appears to be working in sync with a change in the fundamentals.
For years, we’ve read that the dollar is being supported by the difference of opinion in economic policy between the hawkish U.S. Federal Reserve and the dovish central banks. In other words, rising U.S. interest rates at a time when several central banks are still holding rates at historically low levels, have made the dollar a highly desirable asset.
We’ve also read that at times, the dollar was being treated as a safe-haven asset. The “go to” asset throughout times of financial pressure. This has been a well-liked asset theme in 2018 because of the heightened volatility in the stock market, political uncertainty in Washington and geopolitical indecision over Brexit and the simmering tension between Italy and the European Union. Moreover, the pressure created from the remaining trade dispute between the United States and China, has also illustrate investors into the relative safety of the U.S. Dollar.
Dollar fight backs at 16-month High
Early last week, the U.S. Dollar hit a 16-month high against a basket of currency. The move happened without much fanfare because investors have gotten used to the stronger dollar. The early rally was fueled by safe-haven flows ignited by political uncertainties in Europe and fears of an international financial brake.
The headlines told us that investor self-confidence had been eroded by “bitter trade tensions between the United States and China, fears of a no-deal Brexit, and a confrontation between Rome and Brussels over Italy’s deficit-deepening financial statement.”
Three Factors Pressured the U.S. Dollar Last Week
The dollar index started strong on Monday, but many investors discounted the move because it was a U.S. holiday. Tuesday, the dollar index came to an end lower but inside the preceding day’s range. On Wednesday, the selling started. This move set the tone for the rest of the week.
What happened Wednesday that changed investor response?
Inflation May Not Be Overheating
The administration reported that U.S. consumer prices amplified by the majority in nine months in October. The report showed that the increase was supported by increase in the price of gasoline and rents. This further supported the conception that progressively rising inflation would likely keep the Federal Reserve on track to raise interest rates again in December.
Despite this potentially bullish news, the dollar finished lower. The reason for this was the news was stale. It didn’t reproduce the slouch in crude oil and gasoline prices. So moving further, we expect to see overall inflation slow in the months ahead. This news may also be a suggestion that inflation is not overheating. It may also put less pressure on the Fed to raise rates forcefully in 2019.
Powell Sees Risks Ahead
Comments from Federal Reserve Chairman Jerome Powell may have also weakened the U.S. Dollar. He said on November 14 that the financial system is performing well, but he sees potential risks in front. These risks contain a hold up in worldwide growth, the fading impact from tax cuts and the cumulative weight of the Fed’s own tightening financial policy.
Fed’s Clarida May Have Sealed Dollar’s Fate
On Friday, the dollar index chop down further, leading to the lower weekly close. The greenback sold off after Fed Vice-Chair Richard Clarida cautioned on global growth. Clarida said the Fed is getting closer to neutral and that there is “some evidence” that the international financial system is slowing.
The outlook for Dollar Bearish
The combination of the tame inflation report, comments from Fed Chair Powell on cooling global demand and the dovish comments from Fed Vice Chair Clarida stating the Fed is getting closer to neutral, are all signs the Fed may slow its pace of rate hikes and this should be bearish for the U.S. Dollar.For more information visit us:- https://www.xtreamforex.com/academy/factors-indicating-major-top-u-s-dollar/November 20, 2018 at 11:45 am #2890
Key Highlights of Cardano’s ADA Technical Analysis
It’s an unhurried beginning for Cardano’s ADA early on, but should the extensive market hold onto early increase, a run at $0.06 levels could be on the cards.
• Cardano’s ADA dropped by 15.5% on Monday, following on from last week’s 19.1% slide, to end the day at $0.0527.
• The day’s first most important confrontation level at $0.0638 was left unproven with a start of a day intraday high $0.06242.
• A day long sell-off saw Cardano’s ADA slide through the day’s foremost support levels to an intraday low $0.05079 ahead of finding support at $0.0500.
• The extended bearish movement was reaffirmed with a new move to and fro lo $0.05079, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1305.
Price Support of Cardano’s ADA
Cardano’s ADA dropped by 15.5% on Monday, following on from a 19.1% slide from side to side last week, to end the day at $0.0527.
It was a predominantly bearish day at the begin of the week, with Cardano’s ADA following the extensive market in a mass sell-off, sliding from a start of a day intraday high $0.06424 to a late afternoon intraday low and new swing lo $0.05079 earlier than finding support.
The day long sell-off saw Cardano’s ADA fall through the day’s most important support levels with qualified ease, Cardano’s ADA not capable to break back from end to end the day’s third main support level at $0.0567 by the day’s end, support at $0.0500 avoiding heavier losses on the day.
A new move back and forth lo $0.05079 reaffirmed the comprehensive bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA falling well short of the 23.6% FIB Retracement Level of $0.1305 and more prominently for the crypto bulls, the 38.2% FIB Retracement Level of $0.1798.
At the time of writing, Cardano’s ADA was up 0.35% to $0.052883, a reasonably range jump start to the day seeing Cardano’s ADA rise to a start of a day morning high $0.05375 prior to easing back to a morning low $0.052, the moves through the early morning leaving the day’s main support and resistance levels untested.
For the day ahead, a move back through the morning high $0.05375 to $0.0553 would support a run at the day’s first major resistance level at $0.0598, with Cardano’s ADA lagging the broader market early on, supporting a possible catchup move should sentiment remain positive through the late morning, though we can expect plenty of resistance at $0.060 to pin Cardano’s ADA from more material gains.
Failure to maneuver through the morning high $0.05375 to $0.0553 might see Cardano’s ADA come back on the spot later within the day, with a pullback through the morning low $0.052 conveyance Monday’s swing lo $0.05079 and sub-$0.050 levels into play before any recovery, the day’s 1st major damage at $0.0482 possible to stop a additional material reversal within the event of a broad primarily based crypto sell-off later within the day.
You must be logged in to reply to this topic.