Good morning Steem network! The week ends on a crazy note, let's review some of what's happened recently.
- Credit-reporting company Equifax Inc massive data breach - approx 143 million consumers
- news from Caixin (China news agency), that China has plans to shut local bitcoin-fiat exchanges
- Russia news that they are going to regulate buying cryptocurrencies
- hurricanes and other natural disasters, Magnitude 8 earthquake around Mexico coast
Currencies:
- Euro longs largest since May, 2011
- DSI for DXY and CAD crazy - DXY 9, CAD around 95
What to make of all these news? Best advice i can give to anyone is not to fall for the predicting game, react appropriately but try not to predict too much. Let's see what the next week brings us and while we're at it, let's review some technical charts.
EURUSD not sure how long Euro can keep this up. Sentiment is extreme, buy pullbacks but also short extreme rallies.
DXY looks like its doomed but the sentiment is something that warrants caution - 9. This means people are crazy bearish on the dollar and the market likes to take money from the people. This doesn't mean it cannot continue lower, but the time to chase it is over.
USDJPY - same as DXY, falling through massive support. Currently getting some support from historic levels.
USDCAD daily massive divergence and a pinbar bottom, a little small for my liking though
XAUUSD daily. Gold stalled right at the 1.618 fib extension as we thought. Looking for some more pullback
WTI oil. Flag didn't complete fully, was killed at the channel's top trendline. Nevertheless, between those areas was a sweet 200 pips for those who had the success of taking it.
BTCUSD daily. China news can make bitcoin drop but the BTD-ers are out in full force. Still in bull channel.
ETHUSD daily. Channel bottom and support around here
These are the charts i will keep my eyes on for the beginning of next week. Let me know your thoughts in the comments. Thank you for reading and enjoy your weekend!
Title image from pixabay
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I don't understand. Crypto's are the money. And everybody are waiting for the price hike. Everybody are talking about price only .Here on the steemit on many other places.
Nobody is interested in baying staff with their currencies. Maybe you want to buy things in supermarket or Costa, Starbucks.
That is why this thing is in the bubble because it doesn't have usage.
If it doesn't have the usage it is not the money
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for people and businesses to use it as an actual currency, it cannot have wild swings like it has today. No one wants to accept bitcoin as payment when it's value can swing 10-20% in a day! And for those swings to stop, it needs some regulation.
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As more people buy into bitcoin it will stabilise for sure because there will be a lot more money, so large sell offs or buy ins wont really sway the market as the market grows. The volatility of bitcoin we are seeing today is not nearly as much as before mainly because of the large amounts of money people have in it.
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From my recent research i have found out that crypto is taking over and i am very in support of it.
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Nice write up mate.
ETH & BTC seem to be similar in BTD-er behaviour would you agree? I've been targeting the latter. What would you recommend here @furious-one?
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Thanks mate! Well while theyre both in their bull channels, btc has formed a disfigured bearish H&S. Atthe same time its relative strength is not catching up. Monthly chart needs some red first to be bought later.ETH - exactly on channel support, but while btc has been making new highs, eth hasnt, so on the grand scale, its buyers are not as agressive as btc. It may or may not mean that it will come down quicker on the event of marketwide correction. Nevertheless, while my personal bias is not bullish, i will buy for shortterm should they show signs of technical breakouts. Im a seller on marketwide corrections only on the weakest coins.. dont know whuch ones yet.
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We always Work for a Better Tomorrow..
But When Tomorrow Comes,
Instead of Enjoying,
We Again Think of a Better Tomorrow!
Let's Have a Better Today...
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