FX TECHNICAL ANALYSIS
letter was sent to the CFTC from the Futures Industry Association, whose members include the largest Wall Street banks and some of the world’s largest b r o k e rs, r a i s ing o bj e ct io n s to the int roduction of these f u t u r e s contracts and hi g hli g ht ing potential risks a s so cia t e d with the m a r k e t volatility.
Comparatively speaking
In conclusion, with the price of bitcoin up more
than
1,700% year-to-date to 15 December, we thought it would be a worthwhile exercise to compare the performance of bitcoin to that of some other cryptocurrencies, as well as other asset classes.
According to BitInfoCharts there
were more than 650
cryptocurrencies to start trading in 2017. In addition to bitcoin, two of the other top 5 cryptocurrencies by market capitalisation, according to
coinmarketcap.com, are ripple
50 FX TRADER MAGAZINE January - March 2018
• litecoin gaining over 6,000% from the start of 2017.
In comparison:
Apple (AAPL): since its IPO price
of $0.53 in December
1980 to a close at $173.97 on 15 December 2017, the share price has rallied more than 32,000%. However, the largest annual return during this period was 212% in 1998, per
divided.com.
If any move down from the recent highs holds above the 29 November high, it may indicate a trending market that could continue to new highs in 2018.
Ryan Case
Head of Sales Trading - Europe ThinkMarkets
The ethereum trending market continue to new highs in 2018 could and litecoin with:
• ripple up more than 10,000% since the beginning of the year; and
NASDAQ Composite Index: from January 1995 to March 2000, the height of the dotcom bubble, the index rose by almost 600%.
What else to watch in 2018
Having traded to an 11 June high at $404, et he r eu m spent the next 6 months in a triangle, b efo r
e
b r e a k ing higher at the end of November.
The move l o w e r following the 29 November high held
above the trend line across the top of the triangle, which could suggest a trending market.
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