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Bitcoin: Don't Worry About A Thing

By Mati GreenspanMarket OverviewApr 27, 2018 09:02AM ET
www.investing.com/analysis/dont-worry-about-a-thing-200310103
Bitcoin: Don't Worry About A Thing
By Mati Greenspan   |  Apr 27, 2018 09:02AM ET
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Hope you've had a fantastic week so far. For those of you holding a large portion of cryptos in your portfolio, I'm sure you have.

Some in the community have been a bit worried about the recent movement of Bitcoin out of the Mt. Gox settlement wallets. Indeed, it appears that bankruptcy trustee Nobuaki Kobayashi has moved about 16,000 BTC out of cold storage, which may indicate that he's preparing to sell them on the open market.

The news actually spread while we were doing an impromptu YouTube live session.

This doesn't appear to have worried the market too much though as the price of Bitcoin and the rest are showing some bullish signs this morning (as we'll explore below). What's more reassuring is that Wall Street has ramped up their purchases.

On the CME group alone, the total XBT volume for Wednesday exceeded 51,000 coins.

Today's Highlights

Trump/Merkle & the Koreas

GDP Out Today

More Crypto Bull Babble

Please note: All data, figures & graphs are valid as of April 27th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Many of us will have been comforted by the images of the leaders of North & South Korea shaking hands on the contentious border. We still have no idea where this is headed and many are rightfully skeptical but I believe that most people agree that the progressions of the last few weeks have been a positive step for the peninsula and for the world.

The news will also focus today on a meeting between Donald Trump and Angela Merkel. Similar to what we saw between Emmanuel Macron and Trump, political analysts will be watching closely the body language between Trump and Merkel. Let's hope they're not disappointed.

Kidding aside, the two-hour meeting between the two leaders is highly expected to yield no results, which is why Merkle's own advisors told her not to go. This is very much in line with the persistence that she's known for.

All this, along with some arguably dovish comments coming from Mario Draghi yesterday, has the Euro sinking against the USD.

The approximate level of 1.2000 does hold historic importance for the EUR/USD. If it falls below that we could see the Dollar finally starting to pick up momentum.

EURUSD Chart
EURUSD Chart


It should be noted that Narendra Modi will be visiting Xi in China today as well, but no concrete steps are expected at this event either.

The BIG Announcement

Aside from all the geopolitics, there is a flurry of important economic data coming out today. Not least of which is the GDP numbers coming out of the United States.

The first quarter GDP in the USA is usually lower than average but Q1 is forecast to be particularly sour with analysts predicting annualized growth of just 2%.

Donald Trump believes that he can spur a sustained GDP of 3% and with all the stimulus and tax cuts provided it we hope he's right. Overall, even if the number today disappoints slightly it won't be the end of the world. Economists want to see the average numbers rising and care a bit less about individual data points.

GDP
GDP

Wall Street cares though and the sentiment on stocks today will likely be affected by the numbers. Of course, they're also concerned about what might happen with the regulation of big data as this fresh video from Goldman Sachs confirms.

NSDQ100
NSDQ100

Bullish Signs for Crypto

Bitcoin's strong push of the lows of $6,500 was a blessing. The pullback just shy of $10,000 was a curse. Now that we're at $9,000 the market has a crucial decision to make.

This morning it seems like the bias is to head north.

BTC Chart
BTC Chart

Caution is still advised though as we have yet to break the bear market. Psychological resistance remains at $10,000, which oddly enough is almost exactly where the 200 Day Moving Average (blue) is right now.

A break above that would be a very good sign.

BTC
BTC

Another great sign is that the cryptomarket is fanning out again. Here we can see all the digital-assets on eToro since the start of the week. Notice the wide spread in performance between the different coins.

BTC 3
BTC 3

Wishing you and yours a fantastic weekend. Keep up the social engagement please. :)

@MatiGreenspan

eToro, Senior Market Analyst

Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you're prepared to lose.

Bitcoin: Don't Worry About A Thing
 

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Bitcoin: Don't Worry About A Thing

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