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Daily analytical report (28/07/17)

  • Bitcoins, ICO, Cryptocurrencies. Many headlines from media outlets not even connected to the world of finance are shouting these words from the front pages. This reminds me of the situation with gold from 2011, when XAUUSD was heading higher and higher, gaining interest from the wider public. Buying gold back them was trendy and was perceived as a great form of investment.
  • We all know what happened after 2011; the price declined and left the latest buyers with empty pockets. Is the current situation with bitcoin similar to the one with gold in 2011? For me, yes, especially when I look on the ATR and at volatility, which, in the past few months, has been significantly higher, a sign that is usually associated with trend reversals.
  • So far, there’s no sign that the price of bitcoin will reverse, but what I’m trying to tell you is to be extra careful now as market conditions are very similar to the times when reversals usually occur.
  • Let's come back to the traditional market and see what’s going on with silver, where we bounced off an area that had three important resistances crossing in one place. That worked out, and the price created a shooting star. Now we’re defending on the upwards trend line and the lower line of the upwards channel formation. If this support gets broken through, a sell signal will emerge.

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