Ripple price corrected lower recently and tested the $0.2450 support area against the US dollar.The price is currently climbing higher and is trading nicely above the $0.2500 level.There is a key bullish trend line forming with support near $0.2480 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely to continue higher and it might soon test the $0.2620 or $0.2650 resistance area.Ripple price is slowly rebounding above $0.2500 against the US Dollar, while Looking at the chart, ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is near the $0.2550 level. However, the bulls must clear the $0.2620 resistance area to push the price further higher. Conversely, a break below the $0.2450 support might call for a test of $0.2350.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed nicely above the 50 level.Major Support Levels – $0.2480, $0.2450 and $0.2350.Major Resistance Levels – $0.2550, $0.2600 and $0.2620.
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Author: Aayush Jindal
Futures on the Dow Jones Industrial Average (DJIA) and broader U.S. stock market rose in after-hours trading Thursday, clawing back some of their brutal losses from the prior session.
As the outlook on the U.S. economy continues to deteriorate, Bloomberg provided a sobering take on the so-called Trump rally.
Dow Futures Rise; S&P 500, Nasdaq Follow
Futures for all three major U.S. indexes rose during the Asian session, mirroring a similar performance just 24 hours ago. Futures on the Dow Jones Industrial Average climbed 81 points, or 0.3%, to 26,066.00. The contract was up by as much as 103 points earlier.
Futures on the S&P 500 Index climbed 0.4% to 2,890.50. Nasdaq 100 mini contracts rose 0.4% to 7,573.25.
U.S. stocks plunged during New York trading Wednesday after a mixed payrolls report from ADP raised concerns over the economy’s health. The payrolls report showed a net increase of just 135,000 private-sector jobs last month.
U.S. Stocks Have Barely Moved the Last Two Years: Bloomberg
Donald Trump’s presidency was met with euphoria on Wall Street, as investors rallied behind the prospect of fresh tax cuts, infrastructure spending and deregulation. But the picture has changed drastically in the last two years.
Despite returning to record highs recently, the U.S. stock market has barely moved from 21 months ago. As Bloomberg reports, the S&P 500 Index has gone nowhere since the start of 2018.
Over that stretch, the S&P 500 has set 18 record highs, experienced a technical correction and posted two more declines of 6% this year.
That volatility has been reflected in the CBOE VIX, Wall Street’s preferred measure of investor anxiety. The volatility gauge surged past 21 on Wednesday, where it traded just above the historic mean. A fear-index reading above 20 suggests rocky trading conditions are likely over the next month.
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Author: Sam Bourgi
The Tezos community has strong shared values, arguably as strong as bitcoin’s.
That’s the assessment of Castle Island Ventures partner Nic Carter, who said Tuesday:
“The number one lesson and takeaway of bitcoin is a core set of principles – defining them and making the chain a beacon to attract people who believe in those principles.”
He made the comment at TQuorum, a conference about the Tezos ecosystem organized by the Tocqueville Group. While the bitcoin and Tezos communities have different values, Carter argued both groups are comparably well-defined.
Tezos was funded by one of the largest initial coin offerings (ICOs) of them all, and Carter has been an ICO skeptic.
“But if you are going to do it, shoot for the moon and believe you are going to be able to create a new form of non-sovereign money,” Carter said of the Tezos ICO, which he says is the only ICO he’s participated in, adding:
“You don’t have enough advocates if it’s concentrated in a small number of folks.”
“There has to be a shared narrative,” Alison Mangiero, the Tocqueville Group’s president, told CoinDesk in an interview after the panel, explaining why her organization gathered leading members of the Tezos community for three days in New York.
Before the public conference began, Mangiero gathered some of the most active participants in the Tezos blockchain for a conversation about values. Some of the values her staff presented for discussion included open participation, token-holder-centricity, non-aggression, nuanced pragmatism and evolution (not revolution).
Culturally, Mangeiro noted that Tezos has been a very technical and academic project – one that has spent less time than others telling its story more broadly. However, there are developments happening now that could begin to interest outsiders.
She highlighted the fact that the Tezos answer to ERC-20 tokens has been built and its non-fungible token standard is coming soon as well.
Updates on bitcoin come more in the form of tools built for it rather than changes to the bitcoin software itself. One of the core values of bitcoin, of course, is the fact that it is very conservative. It changes slowly. It has a fixed monetary supply. It never rushes to shift the fundamentals.
Meanwhile, Tezos is built for change and these new features reflect that, Mangiero said. With formal verification built into the very protocol and its ability to be upgraded as its central feature, users who deploy new digital assets on Tezos have stronger safety and security assurances, she argued, adding:
“It’s like a public blockchain for adults.”
What’s the consensus?
So does the community possess a clear idea about the value of Tezos?
On the TQuorum conference floor, CoinDesk found the idea of a protocol that can change with the times to be one that came up repeatedly.
In fact, one interviewee (who preferred to remain anonymous) told CoinDesk he went from being a Bitcoin Maximalist to becoming stressed by bitcoin’s inability to change.
“I see a lot of people coming into [Tezos] from bitcoin because we saw a lot of things that were broken in the previous system,” he told CoinDesk. “Maybe this [Tezos] was something we could settle on and grow?”
Lukas Zuegg, a hobbyist baker (the Tezos term for those responsible for block creation) who also teaches workshops on validating the blockchain, said Tezos bakers have enough of a shared commitment to participating in governance that they have no compunction about naming and shaming each other on social media for not voting. Token holders also show they share these values by quitting bakers who skip votes.
That kind of culture gives Tezos a reputation for being a well-governed blockchain.
Still, Zuegg noted it’s small relative to other blockchains.
“I think it’s a challenge of managing bigger and bigger societies,” Zuegg cautioned.
Adrian Brink, a founder at Tezos startup Cryptium Labs, concurred that the network’s key feature is “constant, steady evolution, to go with the times.”
But he also echoed Zuegg’s point:
“The community is still very young so it’s fleshing out its ethos and its values.”
Image: Nic Carter, Castle Island Ventures; Tarun Chitra, Gauntlet Network; Lily Liu, investor and Coinbase alumna; and Joyce Yang, Global Coin Ventures. (Photo by Brady Dale for CoinDesk)
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Author: Brady Dale
ETH price is showing positive signs above the $172 and $170 support levels against the US Dollar.The price is currently trading near $180 and it might soon retest the $185 resistance area.Yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).The price is likely to accelerate gains if it succeeds in clearing the $185 resistance area.Ethereum price is slowly gaining momentum versus the US Dollar, similar to Looking at the chart, Ethereum price is clearly showing a few positive signs above the $172 and $175 support levels. However, the $185 level is a strong hurdle for the bulls. If there is a clear break above the $185 resistance, the price is likely to accelerate towards the $200 level (as discussed in yesterday’s analysis).ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently well below the 50 level, with bullish signs.Major Support Level – $172Major Resistance Level – $185
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Author: Aayush Jindal
Tesla stock (NASDAQ: TSLA) plunged dramatically in after hours trading Wednesday.
Starting the day off at $243 per share at the opening bell, the automaker’s stock dropped to $229/share by 5 p.m. Eastern. Tesla’s Quarter 3 delivery numbers caused the 5.7% plunge. But here’s the kicker: Q3 2019 was Tesla’s best quarter ever. So what are investors thinking?
“We have a shot at achieving our first 100,000 vehicle delivery quarter, which is an incredibly exciting milestone for our company!”
That email warmed markets up, and Tesla stock jumped more than 5% that day. The 100,000 figure represents a major psychological milestone. With 95,000 Teslas delivered in the record-setting second quarter of this year, it did look within reach.
Tesla Delivers 97,000 New Cars in 2019 Q3
But when the numbers came out Wednesday, Tesla’s 97,000 new car deliveries seemed disappointing. That’s despite the fact that this was Tesla’s best quarter ever. It really demonstrates the power of calibrating (or mis-calibrating) expectations.
Posting record quarterly sales would give most stocks a bump but Elon Musk set investors up to be disappointed with these figures. After Musk set the benchmark at 100,000, Wall Street expected to see 99,000. Tesla fell short of that goal because of delivery logistics.
In a press release Wednesday, the company said:
“With production stabilized, delivery and outbound vehicle logistics were our main challenges during Q3. We made many improvements to these processes throughout the quarter, and plan to make further improvements in Q4 so that we can scale successfully.”
But production of new Teslas has stabilized.
Tesla Stock Correction Adds Up
Despite the promising outlook and great Q3 numbers for Tesla, the market had to correct a valuation pumped by Musk’s typical bluster. Investors should have known better.
Earlier this year, former New York Stock Exchange President Thomas Farley minced no words:
“How do you even triage the false and misleading claims that come out of Tesla to decide which ones to take issue with?”
It might not be a coincidence that Tesla stock jumped nearly 6% last week on the hype figures, and then corrected nearly 6% in under an hour after the actual figures were reported.
That 6% was a “hype premium” on the Tesla stock price. It was based on nothing other than a nice round number, that sounds really good, uttered by a CEO with a history of setting unrealistic goals. (This shouldn’t be interpreted as an attack on Elon Musk.)
It’s admirable that Musk sets goals at a high level to “fail” at a high level. But investors who don’t know that by now haven’t done even basic homework before speculating on shares of Tesla.
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Author: Wes Messamore