Daily Technical Analysis by XtreamForex

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BITCOIN HOLDS ON TO $7,000

Bitcoin’s on the move early, with $7,200 levels in play should Bitcoin avoid a pullback to sub-$7,000 levels in the first half of the day.
Bitcoin gained just 0.15% on Sunday, following Saturday’s 5.48% tumble, to end the week down 14.55% to $7,023.9.
Moves through the early part of the day saw Bitcoin continue to call on support at sub-$7,000 levels, with Bitcoin falling through the first major support level at $6,912.6 to an early morning intraday low $6,890 before recovering to $7,000 levels through the late morning.
The afternoon failed to deliver a weekend rally for the Bitcoin bulls, with a recovery from a second slide through the first major support level to an afternoon low $6,896.1 leaving Bitcoin relatively flat for the day and trailing the majors, not just on the day, but for the week.
While Bitcoin managed to hold above the 23.6% FIB Retracement Level of $6,757 and hold on to $7,000, the extended bearish trend formed at 5th May’s swing hi $9,999 remained intact, the latest pullback from $8,000 levels seeing Bitcoin’s bullish trend reverse through the last week.
On the day, the news wires were on the quieter side, providing much needed support to Bitcoin and the broader markets, though Sunday’s moves reflected investor sentiment and concerns over what lies ahead for the broader cryptomarket.
News of yet another fraudulent ICO in South Korea did little damage to sentiment across the broader market on Sunday, with the recent slide across the cryptos coming off the back of an expectation that the South Korean government will go ahead and roll out policies ahead of the G20’s delayed unified rules and regulations later in the year.
At the time of writing, Bitcoin was up 0.84% to $7,084.8, upward momentum from Sunday afternoon continuing into the early hours of this morning, with Bitcoin moving through the first major resistance level at $7,112.6 to an intraday high $7,153.6 before easing back to sub-$7,100 levels.
A start of a day $7,020 low saw Bitcoin steer clear of the first major support level at $6,912.6 and more importantly continue to hold above the 23.6% FIB Retracement Level of $6,757.
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BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 08/08/18

The cryptos are in free fall once more and if the ship doesn’t steady by late morning, there may well be more pain ahead.
Bitcoin Cash Slumps to mid-$600s
Bitcoin Cash tumbled by 4.92% on Tuesday, following on from Monday’s 2.61% fall, to end the day at $657.
A mid-morning rally saw Bitcoin Cash move back through to $700 levels, with an intraday high $713 before easing back, with the day’s first major resistance level at $712.5 pinning Bitcoin Cash back from any breakout in the early afternoon.
Bitcoin Cash slid through the late afternoon, a broad based news driven market sell-off pulling Bitcoin Cash through the first major support level at $673.7 and second major support level at $656.4 to an intraday low and new swing lo $645.6 before a partial recovery to $650 levels.
At the time of writing, Bitcoin Cash was down 4.51% as Tuesday’s late sell-off spilled into the early hours of this morning.
Bitcoin fell from a start of a day $657 high, through the first major support level at $630.07, to a new swing lo and morning low $626, the morning slide being seen across the broader market.
For the day ahead, a move back through the first major support level to $670 levels would support a recovery and bring the day’s first major resistance level at $698.47 into play, though with the negative sentiment weighing, we will expect major resistance levels to be left untested.
Failure to move back through $630 to $670 levels by the early afternoon could see Bitcoin Cash taken another hit later in the day, the day’s second major support level at $603.13 in play, with any pullback to sub-$610 levels bringing sub-$600 levels into play.Litecoin Hit Hard
Litecoin slumped by 8.52% on Tuesday, following Monday’s more modest 1.22% decline, to end the day at $67.34.
Tracking the broader market, a mid-morning rally saw Litecoin move through to an early afternoon intraday high $75.5 before easing back to $74 levels, the day high falling short of the first major resistance level at $76.22.
The late in the day sell-off saw Litecoin slide through the first major support level at $71.89 and second major support level at $70.03 to an intraday low and new swing lo $66.6 before recovering to $67 levels, the day’s moves reaffirming the extended bearish trend formed in early May.
At the time of writing, Litecoin was down 2.45% to $65.71, with a choppy start to the day seeing Litecoin succumb to the broader market sell-off and slide to a morning low and new swing lo $65.65, having recovered from a start of a day $65.69 low to $67 levels.
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GOLD PRICE FORECAST – GOLD GIVES UP INITIAL GAINS ON TUESDAY

Gold markets roll over during trading on Tuesday as we hit a minor one hour downtrend line. The market looks likely to continue to test these lower levels, as compression becomes a big factor.
Gold markets have continued to find selling pressure on rallies, and of course Tuesday was no different. The $1215 level is the beginning of the selling pressure during early New York trading, as the market gave back much of the gains from earlier in the day. I believe that the market is trying to tell us that it wants to test the $1200 level underneath, so I suspect that rallies will continue to be sold. Longer-term though, I think $1200 could tell the entire story.
This being the case, I do like the idea of buying dips but I also like the idea of buying dips a little bit closer to 1200. As a shorter-term trader, I would be looking towards selling rallies that show signs of exhaustion, has there should be plenty of them. I believe that the next couple of weeks could be more compression, as we are heading into the quietest month of the year, as many of the world’s largest traders away at vacation. It’s very likely that we will see a lot of volatility, but in the end I suspect that the market is still focusing on $1200 more than anything else.
Trade war talks have been surprisingly negative for the gold market, but this is probably a function of treasuries being bought more than anything else. Ultimately, we could get some good news, and that could turn things around. If we break down significantly below the $1200 level, that would be extraordinarily bearish for gold, perhaps opening up the door to $1140 next.
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BITCOIN FALLS SHARPLY AS SEC DELAYS ETF DECISION UNTIL SEPTEMBER

Bitcoin takes an early hit as the broader market continues to slide following the SEC’s latest delay, the bears firmly in control early on.
Bitcoin slid by 6.96% on Tuesday, following on from Monday’s 1.16% fall, to end the day at $6,714. Bitcoin falls after the Securities exchange and commission postponed the approval of Bitcoin’s ETF until September.
Yesterday, a bullish start to the day saw Bitcoin move through to an early afternoon intraday high $7,150, Bitcoin breaking through the first major resistance level at $7,116.07, before easing back, while holding on to $7,000 levels through the afternoon.
Late in the day, a broad-based market sell-off saw Bitcoin slide through the day’s first major support level at $6,809.47 to call on support at the second major support level at $6,674.93, with an intraday low $6,677 before recovering to $6,700 levels by the day’s end.
Of greater significance on the day was Bitcoin’s pullback through the 23.6% FIB Retracement Level of $6,757, a further reaffirmation of a resumption to the extended bearish trend formed back at 5th May’s swing hi $9,999.
News of yet another postponement by the SEC on approving a Bitcoin ETF did the damage on Tuesday, the continued delay in approvals suggesting that there is more to the postponing than meets the eye, with the markets all too aware of the delayed release of unified rules and regulations by the G20.
With Bitcoin and the broader market suffering at the hands of the crypto bears, the sensitivity to any news has weighed significantly, in spite of a delay being quite different to a decline.At the time of writing, Bitcoin was down 6.96% to $6,537.8, with Tuesday’s late sell-off continuing into the early hours of the morning, investors unable to shake off the jitters following the SEC’s latest decision to delay.
The early morning slide saw Bitcoin pullback from an opening $6,718.7, through the first major support level at $6,544 and the second major support level at $6,374, to a morning low $6,360.5, before finding much need support to recover to $6,500 levels.
Read more:http://www.xtreamacademy.com/cryptocurrency-news

 

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NZD/USD REBOUND VULNERABLE TO DOVISH RBNZ FORWARD GUIDANCE

TRADING THE NEWS: RESERVE BANK OF NEW ZEALAND (RBNZ) INTEREST RATE DECISION
The Reserve Bank of New Zealand (RBNZ) meeting may do little to boost the appeal of the New Zealand dollar as the central bank is widely expected to keep the official cash rate (OCR) at the record-low of 1.75% in August.
The RBNZ may continue to endorse a wait-and-see approach for monetary policy as ‘the recent weaker GDP outturn implies marginally more spare capacity in the economy than we anticipated,’ and Governor Adrian Orr & Co. may continue to tame expectations for higher interest rates as officials argue that ‘the best contribution we can make to maximising sustainable employment, and maintaining low and stable inflation, is to ensure the OCR is at an expansionary level for a considerable period.’ In turn, more of the same from the RBNZ may produce a bearish reaction in NZD/USD especially as the Federal Reserve remains on course to further normalize monetary policy.
However, like the Reserve Bank of Australia (RBA), an unexpected shift in the RBNZ’s forward-guidance for monetary policy should heighten the appeal of the New Zealand dollar, with a batch of hawkish rhetoric likely to fuel the recent rebound in NZD/USD as it encourages bets for higher interest rates.To no surprise, the Reserve Bank of New Zealand (RBNZ) kept the official cash rate (OCR) at the record-low of 1.75% in June, with the central bank noting that it is ‘well positioned to manage change in either direction – up or down – as necessary.’ The central bank went onto say that the ‘he recent weaker GDP outturn implies marginally more spare capacity in the economy than we anticipated,’ and it seems as though Governor Adrian Orr & Co. will stick to the sidelines over the coming months as officials note that ‘the best contribution we can make to maximising sustainable employment, and maintaining low and stable inflation, is to ensure the OCR is at an expansionary level for a considerable period.’
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[xtreamforex.com]

BITCOIN FALLS SHARPLY AS SEC DELAYS ETF DECISION UNTIL SEPTEMBER

Bitcoin takes an early hit as the broader market continues to slide following the SEC’s latest delay, the bears firmly in control early on.
Bitcoin slid by 6.96% on Tuesday, following on from Monday’s 1.16% fall, to end the day at $6,714. Bitcoin falls after the Securities exchange and commission postponed the approval of Bitcoin’s ETF until September.
Yesterday, a bullish start to the day saw Bitcoin move through to an early afternoon intraday high $7,150, Bitcoin breaking through the first major resistance level at $7,116.07, before easing back, while holding on to $7,000 levels through the afternoon.
Late in the day, a broad-based market sell-off saw Bitcoin slide through the day’s first major support level at $6,809.47 to call on support at the second major support level at $6,674.93, with an intraday low $6,677 before recovering to $6,700 levels by the day’s end.
Of greater significance on the day was Bitcoin’s pullback through the 23.6% FIB Retracement Level of $6,757, a further reaffirmation of a resumption to the extended bearish trend formed back at 5th May’s swing hi $9,999.
News of yet another postponement by the SEC on approving a Bitcoin ETF did the damage on Tuesday, the continued delay in approvals suggesting that there is more to the postponing than meets the eye, with the markets all too aware of the delayed release of unified rules and regulations by the G20.
With Bitcoin and the broader market suffering at the hands of the crypto bears, the sensitivity to any news has weighed significantly, in spite of a delay being quite different to a decline.
At the time of writing, Bitcoin was down 6.96% to $6,537.8, with Tuesday’s late sell-off continuing into the early hours of the morning, investors unable to shake off the jitters following the SEC’s latest decision to delay.
The early morning slide saw Bitcoin pullback from an opening $6,718.7, through the first major support level at $6,544 and the second major support level at $6,374, to a morning low $6,360.5, before finding much need support to recover to $6,500 levels.
For the day ahead, a move back through the first major support level at $6,544 would support a run at the 23.6% FIB Retracement Level of $6,757 to bring $7,000 levels and the day’s first major resistance level at $7,017 into play, though sentiment across the broader market will need to materially improve following Tuesday’s late and this morning’s early sell-off.
Read more:http://www.xtreamacademy.com/cryptocurrency-news

 

[xtreamforex.com]

GOLD PRICE CHART HINTS AT BOTTOMING AFTER US 10-YEAR BOND AUCTION

GOLD & CRUDE OIL TALKING POINTS:
Gold prices rise as US bond yields, Dollar fall after record debt sale
Crude oil prices drop, talked down by officials from China and Iran
Chart setups hint gold may be set to bounce as crude oil suffers losses
Gold prices rose yesterday as the US Dollar retreated alongside Treasury bond yields after hitting a 13-month high intraday. That helped the yellow metal leverage its appeal as an anti-fiat and non-interest bearing alternative. The move came after demand held impressively steady despite a record-setting offering of $26 billion in 10-year notes.

The bid-to-cover ratio registered at 2.55, only a hair lower than the 2.57 reading recorded at the prior sale of comparable paper. Investors seemed to interpret the outcome to mean that the oncoming flood of new issuance needed to finance the widening budget deficit will find healthy take-up. That sent US debt prices higher, trimming baseline borrowing costs.
GOLD TECHNICAL ANALYSIS
Gold prices edged above trend line resistance set from mid-June, hinting an upswing may be in the works. The appearance of a bullish Morning Star candlestick pattern and positive RSI divergence reinforce the case for a rebound. A break above range floor support-turned-resistance at 1221.25 opens the door for a test of the 1236.6-40.86 area. Immediate support is at 1204.59, the August 3 low.
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[xtreamforex.com]

GOLD PRICES PLUNGE AS EASING MARKET PANIC BOOSTS BOND YIELDS

GOLD & CRUDE OIL TALKING POINTS:
Gold prices plunge as risk recovery boosts yields while US Dollar holds up
Stock index futures hint at deeper losses but headline sensitivity still elevated
Crude oil prices looking to API inventory data after aimless seesaw Monday
Gold prices sank to the lowest level in 19 months as the US Dollar held onto its crisis-inspired gains while Treasury bond yields recovered. That undercut support for non-interest-bearing assets epitomized by the yellow metal.
Rates edged up as the dust began to settled after Friday’s bloodletting in emerging markets spilled over into broader risk aversion. Turkey’s central bank announced an emergency liquidity boost, calming investors’ frazzled nerves (at least for now).
Crude oil prices swung lower alongside US shares as EM-related worries resurfaced in the early part of Monday’s Wall Street session, hitting a two-month low. The move proved short-lived however as EIA drilling productivity data showed output from new wells is expected to dip in September.
GOLD MAY EXTEND DROP, API INVENTORY DATA DUE
Looking ahead, futures tracking the FTSE 100 and S&P 500 equity benchmarks are pointing to continued recovery in risk appetite as London and New York come online. That may continue to pull bond yields higher, pressuring gold downward.
The durability of the risk-on recovery is nevertheless at the mercy of incoming news flow. A fresh batch of worrying headlines from Ankara, Moscow or other emerging markets flagged as potential trouble spots in recent days (like India and South Africa) could see sentiment deteriorate anew.
As for crude, API inventory flow statistics are in focus. They will be sized up against forecasts calling for a 2.77 million barrel drawdown to be reported in official EIA figures due Wednesday. If API reports a larger outflow, prices might rise. Needless to say, a smaller one may send them downward.
GOLD TECHNICAL ANALYSIS

Gold prices plunged through support marked by the July 2017 low at 1205.02, suffering the largest one-day loss in two months. The next layer of support is at 1176.57, the 38.2% Fibonacci expansion, with a daily close below that exposing the 50% level at 1158.44. Alternatively, a move back above 1205.02 – now recast as resistance – opens the door for a retest of the 1236.66-40.86 area.
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[xtreamforex.com]

BITCOIN – DOMINANCE BEGINS TO RISE AS OTHERS FALTER

Bitcoin on the rise early, though holding on to $6,300 levels will be key in the early part of the day to avoid a pullback later in the day.
Bitcoin gained 1.24% on Sunday, following on from Saturday’s trend bucking 1.5% rise, to end the week down 10.2% at $6,310.1.
A late Saturday reversal continued into the early hours of Sunday morning, with Bitcoin pulling back to a start of a day intraday low $6,162 before recovering to $6,300 levels, the day’s low steering clear of the first major support level at $5,998.23 and more importantly sub-$6,000 levels.
Through a choppy afternoon, Bitcoin broke through to $6,400 levels, with an intraday high $6,499 seeing Bitcoin test the day’s first major resistance level at $6,489.63 before pulling back to $6,300 levels.
While there was no major weekend rally to speak of, the gains over the weekend cut the deficit for the week and of greater significance was the clear level of support at sub-$6,300 levels, any pullbacks to $6,100 levels being short lived, leading to recoveries to $6,300 levels on each occasion.
In spite of the support, Bitcoin continued to fall well short of the 23.6% FIB Retracement Level of $6,757 and $7,000 levels needed to begin a near-term bullish trend formation, with the markets yet to fully dust off the recent negative news to hit the wires.
For the broader market, it was a particularly tough week, Bitcoin’s dominance rising from a start of a week 47.3% through to 51% at the time of writing, with the cryptomarket total market cap sliding from $259.99bn to a low of $206.97bn before recovering to $214bn levels.
The Bitcoin bulls will be fully aware of the rise in Bitcoin dominance over the week, reflected in the minor losses relative to the broader market, the support for Bitcoin certainly evident over the weekend.
On the news wires, there was no materially negative news over the weekend, supporting Sunday’s gains though we can expect the regulatory chatter to return following a couple of weeks of relative silence.
At the time of writing, Bitcoin was up 0.59% to $6,351, some early support seeing Bitcoin recover from a start of a day $6,306.8 low to an early morning $6,380 high, before easing back, the early moves leaving the major support and resistance levels untested.
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US DOLLAR PRICE ACTION SETUPS AFTER FRESH YEARLY HIGHS IN USD

The US Dollar has burst up to fresh yearly highs over the past few trading days, starting on Friday morning as EUR/USD price action began to plunge through the 1.1509 support level that had held up for the past couple of months. That theme of USD strength has largely remained ever since, with USD gapping-up on the open and running into a long-term Fibonacci level around 96.47. That resistance held into this morning, at which point USD bulls pushed through to fresh higher-highs along with the prospect of more.
US DOLLAR BREAKS OUT AND RUNS TO FRESH YEARLY HIGHS
The big item of interest since our last webinar on Thursday was the topside breakout in the US Dollar. The last time we looked at USD, we remarked on the potential for topside breakouts to fresh highs, specifically citing resistance potential at 96.00 and 96.47, which is the 23.6% Fibonacci retracement of the 2011-2017 major move in USD.
US DOLLAR MONTHLY PRICE CHART: FEBRUARY SUPPORT AT THE 50, AUGUST RESISTANCE AT THE 23.6

That 96.47 level was the initial target for our US Dollar Q3 Technical forecast, and this came into play shortly after this week’s open, helping the Dollar to hold resistance into this morning. A few hours after today’s US open, bulls would take no more and pushed through to fresh highs. At this point, that area of resistance becomes potential short-term support for bullish continuation in USD. And the prior area of resistance can also be re-utilized for support potential.
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