Let’s dive straight into the technical analysis of all the related charts. Just a preview of things last week: Cryptos had a good week and looking to hold on to the gains, Greenback retreated yet again after a false breakout on the Dollar Index while U.S Stocks closed flat.
The Crazy Cryptoverse
The past week was perhaps one of the best weeks that the digital coins have had in a while not just because of the bounce because it seems to be confirming the much eluded bottoming of the Cryptos. The total MarketCap sits @ 285 billion at the time of writing up significantly from the 250 billion mark last week. Ripple was the weakest & Bitcoin was the best performing last week.
Bitcoin (BTCUSD — MT Neutral, ST Bullish)
Ethereum (ETHUSD — MT Neutral, ST Neutral)
Bitcoin Cash (BCHUSD — MT Neutral, ST Neutral)
Ripple (XRPUSD — MT Bearish, ST Neutral)
EOS (EOSUSD — MT Bearish, ST Neutral)
Here’s a look at some the major headliners from the Cryptoverse last week:
- Schnorr Is Looking Poised to Become Bitcoin’s Biggest Change Since SegWit
- BlackRock, the World’s Largest Asset Manager, is exploring Cryptocurrencies
- Privacy Coin Monero Successfully Completes First “Bulletproofs” Audit
- IBM Is Helping Launch a Price-Stable Cryptocurrency Insured By the FDIC
- World’s Top Four Auditors Join Taiwan-Led Trial for Blockchain Fiscal Audit System
Greenback generally remained strong for the most part of the week but receded from the highs to end a little lower against the Majors after comments from U.S President about interest rate decisions by FOMC & currency manipulations by EU & China. Biggest move was in Pound which hit a 10 month low breaching the psychological barrier of 1.3000 before rebounding. Important data events next week include: Australian CPI, ECB interest rate decision, U.S GDP release & Japan CPI numbers. Moving on the technical analysis of the Top 5 Majors.
EURO (EURUSD — MT Bearish, ST Bullish)
POUND (GBPUSD — MT Bearish, ST Bullish)
YEN (USDJPY — MT Bullish, ST Bearish)
AUSSIE (AUDUSD — MT Bearish, ST Bullish)
LOONIE (USDCAD — MT Bullish, ST Bearish)
Markets took two steps forward and three steps back this week in U.S to end flat. The euphoria & bullish sentiment was neutralized by the continuing threat of additional tariffs by U.S on China. Moving on to the weekly numbers of the Major Equity markets around the World, it shows lacking direction right now.
U.S. — DJIA (+0.15%), S&P 500 (+0.02%), NASDAQ (-0.07%),
Europe — FTSE100 (+0.22%), DAX (+0.16%), CAC 40 (-0.57%)
Asia — Nikkei 225 (+0.44%), BSE Sensex (-0.12%), Shanghai 50(+0.68%)
Looking at the S&P 500 index it still sits pretty above the bullish trend line but has receded from the recent highs and further consolidation might be seen to the confluence of previous high & this trend line to continue the gains. Extended consolidation would take it down to the support area but as long that holds the chart looks constructive.
Wrapping things up here here is the weekly trade idea of the week – MTW
China has always been criticized for fudging the economic numbers. I think so too.