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Sunday 31 May 2020

Higher margins for unhedged F&O bets from today: What does it mean

The rules encourage safer strategies in which the initial margins are set to drop.

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With clients rethinking projects, Infosys flags risks

Infosys highlighted that the pandemic could pose a major risk going forward.

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View: Smell GDP numbers - a wake-up call to ramp up stimulus

It will be a while before we get back anywhere near the 7-8% growth of the go-go years.

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TCS revenue growth from Tata Group slows in FY 20

Revenue from Tata Sons as well as subsidiaries and associates grew to nearly Rs 2,656 crore compared to a more than 13% growth to Rs 2,566 crore in financial year 2019, when the software services exporter capitalised on the group's new technology initiatives.

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Slideshow | Experts advice #39;buy on dips#39;; Nifty may inch towards 10K

Last week, BSE Sensex jumped 1,751.51 points to close at 32,424.1, while the Nifty50 added 541.05 points to end at 9,580.3 levels. Here are the experts view on how will market tare in the coming week:

from Moneycontrol Latest News https://www.moneycontrol.com/news/market-cues/slideshow-|-experts-advice-39buydips39-nifty-may-inch-towards-10k_13842001.html

Oil prices slip as wary traders eye upcoming OPEC meeting

Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in the contract with August as the front month.

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Amazon#39;s Jeff Bezos invests in UK digital freight forwarder Beacon

Beacon said on Sunday it raised over $15 million in Series A fundraising, from investors including Bezos and venture capital firm 8VC.

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In pics | Stocks in the news: Equitas Holdings, HCL Tech, Dabur, Jubilant Life, 3M India

Domestic cooking gas price hiked effective from June 1

The hike will not impact beneficiaries of Pradhan Mantri Ujjwala as they are covered by the Pradhan Mantri Garib Kalyan Yojana and are entitled to a free cylinder till June 30.

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Lockdown in containment areas extended till June 30: Madhya Pradesh CM

The decision to re-start inter-state public transport will be taken on June 7, he added in a televised address on Sunday night.

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Haryana to open interstate borders from June 1, places of worship from June 8

Seeking to follow the Centre#39;s guidelines for the next phase of lockdown, starting June 1, the state government also decided to allow interstate movement of people and goods. As per the fresh guidelines issued by Haryana, the lockdown in containment zones will continue till June 30.

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IB Ministry releases e-booklet on Modi govt 2.0#39;s 1st year in office

The 92-page booklet #39;One Year of Modi 2.0 - Towards A Self-Reliant India#39; has been brought out by the Ministry of Information and Broadcasting.

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#39;Monsoon report critical for the Agri price movement now#39;

A normal Monsoon, with timely arrival would ensure the kharif crops get sown properly. This increases chances of improved productivity and higher sowing â€“ resulting in possibilities of higher production.

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US will consider rejoining WHO if it ends corruption, reliance on China: White House

President Donald Trump on Friday terminated America#39;s relationship with the WHO and accused the global health body of being hand in glove with China in sharing inaccurate information to the world about the coronavirus pandemic that has killed more than 370,000 people globally.

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COVID-19 lockdown extended in Himachal Pradesh till June 30 with more relaxations

Relaxation in curfew has been extended and it would be from 6 am to 8 pm, Chief Minister Jai Ram Thakur said on Sunday during a video conferencing with deputy commissioners, superintendents of police and chief medical officers.

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What changed for the market while you were sleeping? Top 10 things to know

Trends on SGX Nifty indicate a gap up opening for the index in India with a 136 points gain.

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Blackrock Advisors offloads stake in Equitas Holdings, GNFC, NCC, PTC India, Karnataka Bank

Blackrock Advisors also sold 17,92,796 shares of PTC India at Rs 33.46 per share and 16,42,384 shares of Karnataka Bank at Rs 34.83 per share.

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Hot Stocks | Vinati Organics, Kajaria Ceramics can give up to 10% return in short term

Month-on-month, we saw Nifty end lower but looking at the intra-month activity, the index managed to conclude May month at the highest of the month on a closing basis.

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Asia cautious as US riots weigh on SP futures

E-Mini futures for the SP 500 retreated 0.5% in early action, while gold rose 0.77% to $1,739 an ounce.

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Maharashtra allows film, TV shoots with social distancing

The state government also laid down conditions for resumption of shooting work.

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Coronavirus India News LIVE: Bihar#39;s COVID-19 tally soars to 3,806; global death toll at 3.7 lakh

Coronavirus India News LIVE Updates: Total confirmed cases in India have risen to 1,82,143.

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Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative

Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This movement has shown signs of being fleeting, however, as the crypto has lost some of its momentum. Although the cryptocurrency is flashing some subtle signs of near-term weakness, it is important to note that one data metric points to the cryptocurrency seeing a notable upswing in the days and weeks ahead. This possibility is elucidated by the cryptocurrency’s options skews turning negative, suggesting that traders believe it is primed to see upside volatility. Ethereum Retraces from Recent Highs as the Cryptocurrency Makes Third Attempt at New Highs Ethereum is currently trading up marginally at its current price of $235. This marks a notable rebound from recent lows of $205 that were set earlier this past week when the crypto was caught within a prolonged consolidation phase around $200. ETH’s recent volatility has largely come about independent of that seen by Bitcoin and most other major altcoins. Because the crypto is actually showing signs of leading the market, how it trends in the hours ahead could be one of the determining factors for where the aggregated market goes next. This latest uptrend did allow ETH to gain some serious ground against its Bitcoin trading pair. On Thursday of this last week, the cryptocurrency’s BTC price dived to lows of 0.022. After tapping this level, it incurred a massive amount of buying pressure that catalyzed this recent movement. Over the three days following this dip, ETH rallied to highs of nearly 0.026 BTC. This marked the third attempted breakout the crypto has seen against its Bitcoin trading pair this year – a pattern that Skew spoke about in a recent tweet while showing ETH’s price as a percentage relative to that of Bitcoin. “ETH / BTC: third breakout attempt this year,” Skew noted while pointing to the chart seen below. Image Courtesy of Skew This Pattern Signals That ETH Will Soon See Immense Volatility Although Ethereum now appears to be entering a consolidation phase in the $230 region, it doesn’t appear that this will last for too much longer. Skew also explained that the cryptocurrency’s options skew – which is an indicator of the volatility spread between options contracts with different expiry dates – has dived as of late. This indicates that the cryptocurrency is bound to see some immense volatility in the near-term. Because the options skew is negative, it is possible that this will lead to an upside movement. “Negative skew indicates risk of volatility now seen to be on the upside,” Skew explained in a recent tweet. Image Courtesy of Skew If Ethereum rallies higher in the near-term, it is possible that this will help guide the entire cryptocurrency market higher. Featured image from Shutterstock.

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Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why

In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next. A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained: “We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.” Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when BTC was rejected from this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed. $9,360 is also around where the downtrend formed after the $20,000 high currently sits, adding to its technical importance. Right now, things are coming down to the wire in terms of Bitcoin closing above this level. The asset trades at $9,400 as of the time of this article’s writing and the close is just a short while away, TradingView has shown. BTC price chart from a crypto trader “Cold Blooded Shiller” (@ColdBloodShill on Twitter). Bitcoin Being Dragged Down by Stock Market Bitcoin’s retracement to $9,400 ahead of the monthly candle close comes after it surged as high as $9,700 on Saturday, wrested higher by Ethereum. The underperformance of the flagship cryptocurrency seems to be related to a reversal in the S&P 500 futures, which reversed after passing 3,000 points last week. They are currently down 1% during the Sunday evening trading session, which is falling in response to a number of events. Featured Image from Shutterstock

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Lupin Q4 FY20 results: Key highlights of concall

The company expects specialty portfolio to breakeven in FY22.

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Why Traders Think Ethereum’s Strength Could Help Bitcoin Rocket Past $10,000

Ethereum has flashed signs of immense strength in recent times, as the cryptocurrency was able to rally to highs of $245 while Bitcoin and most other altcoins only saw tempered gains. Although this uptrend has flashed some signs of stalling as it struggles to gain a foothold within the $240 region, analysts are noting that the cryptocurrency’s heavy resistance currently sits around $260. As such, this is the level that bulls are likely to target if they are able to catalyze further upwards momentum in the near-term. Analysts are now noting that Ethereum’s momentum – should it continue strong in the near-term – could be enough to pull Bitcoin past $10,000 in the days and weeks ahead. One trader believes that if this possibility comes to fruition, Bitcoin’s break above $10,000 could provide Ethereum with even further fuel to rally higher. Ethereum Posts Strong Price Action as Analysts Watch for a Move to $260 At the time of writing, Ethereum is trading down marginally at its current price of $233, marking a notable decline from daily highs of $245 that were set yesterday. Although the crypto is flashing some signs of intense short-term strength, it is imperative to keep in mind that the rejection at these highs does point to some underlying weakness amongst buyers. Any further downside could confirm these highs as a local top, but analysts are noting that there is still a solid chance that Ethereum pushes higher in the days ahead, regardless of where Bitcoin trends next. One analyst spoke about this in a recent tweet, explaining that ETH doesn’t face any “real resistance” until $260. “ETH at last real resistance till $260ish,” the analyst noted while pointing to the chart seen below. Image Courtesy of Loomdart Because $245 was only a slight resistance level, it is possible that the crypto will target this liquidity region before it dips any lower. Could Ethereum Pull Bitcoin Higher? One highly respected trader recently noted that Ethereum’s uptrend could pull Bitcoin higher in the near-term. He also explains that Bitcoin breaking above $10,000 could provide Ethereum with even more strength, thus perpetuating its uptrend. “ETH continues to hammer up, dragging BTC past a $10k breakout. That adds fuel to ETH until ETH has gone fully absurd.” This could be a strong possibility, as Ethereum appears to have been leading this recent market-wide rally. The cryptocurrency began pushing higher yesterday while Bitcoin was hovering around $9,300. In the minutes following Ethereum’s jump, BTC followed suit and was able to climb back up to highs of $9,700. That being said, Ethereum’s price action could hold heavy influence over that of the entire cryptocurrency market in the days ahead. Featured image from Shutterstock.

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This Cryptocurrency Shows Clear Technical Breakout of 800-Day Downtrend

One of the cryptocurrency market’s worst-performing altcoins has finally broken out from an over 800-day downtrend. With all remaining diagonal downtrend resistance cleared, what’s next will likely be retests of key horizontal and psychological resistance levels above, and possibly even the asset’s former all-time high. What exactly will it take for this cryptocurrency to get there, and could this be yet another sign the next bull run is beginning? Remembering The Cryptocurrency Bubble and Altcoin Explosion Some two weeks after Bitcoin shocked the world by reaching $20,000 per BTC, a FOMO driven retail rush to buy altcoins like Stellar, Ripple, Ethereum, and countless others cause their valuations to skyrocket. According to data from popular crypto metrics platform CoinMarketCap, the cryptocurrency known as Stellar (XLM) reached an all-time high of $0.938144 USD on January 04, 2018. Related Reading | Ripple and Stellar Lead List of Worst Performing Crypto Assets Year To Date Following that day, Stellar has spent a grand total of 878 days and counting locked in a devastating downtrend that wiped out over 97% of its returns at one point. At the final downtrend low, Stellar dropped to a price of $0.02 per XLM token. During the downtrend, it wasn’t just prices that were falling. Stellar once enjoyed a dominant spot within the top ten cryptocurrency assets by market cap, now it is ranked twelfth behind the relative newcomer, and recent crypto superstar Tezos. Not even burning half of the asset’s available supply at one point was enough to spark a sustainable recovery. It led to the altcoin earning a reputation for being among the worst-performing cryptocurrencies over the last two years, alongside Ripple. Adding insult to injury for Stellar, even as disliked as Ripple is with the crypto community XRP has maintained its top-five position while XLM fell out of the top ten completely, making arguable the worst performer of the two. Stellar (XLM) Clear For Takeoff, Following Break of 800-Day Downtrend Yet suddenly, after over 850 days worth of selling, demand is finally outweighing supply, and the price per XLM is rising again. The recent growth against BTC and USD has pushed XLM through the top of the downtrend channel leaving no significant diagonal resistance left to contend with. Stellar does have many rounded-number, horizontal and psychological resistances that stand in the way between it and a full recovery, but with downtrend resistance out of the way, chances of any recovery actually sustaining is much more probable. Investors will want to watch for a retest of former resistance to confirm as support. This could suggest more downside isn’t out of the cards initially but may be what is healthiest in the grande scheme of long term recovery. Related Reading | Stellar’s Fractal Shows How Epic the Next Crypto Bull Market Can Be Breakouts in other altcoins are a strong sign interest is returning to the cryptocurrency space. Bitcoin appears to be right behind and is as fundamentally healthy as its ever been. Although these assets are still trading nowhere near their former all-time highs, the last time around proved that when people start feverishly buying these hard-capped, highly illiquid assets, prices can skyrocket rather quickly. If this is the next bull run beginning, Stellar has finally refueled and is ready for takeoff. How far this mission goes this time around remains untold.

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Crypto Set For a Major Recovery as Threat of Negative Rates Hang Over Fragile US Economy

Crypto is set to benefit immensely over the coming years as the wheels begin falling off the fiat system. While stimulus efforts may have delayed the social and economic impact of the situation we face, it is becoming more apparent that kicking the can down the road only proliferates the problem. A mass awakening to this is sweeping across the planet, as more people come to the realization that there is something deeply wrong with the current fiat system. With that, the search for alternative ways to exchange value has crypto in contention. And while no-one currently knows all of the answers to the practicality of this scenario, based on the Venezuela example, it’s only a matter of time before fiat is littering US streets. In Venezuela fiat currency is literally garbage. pic.twitter.com/cVYEw1kLoa — Dan Hedl (@danheld) May 30, 2020 Businesses of all Size are Struggling Small businesses account for half of the US GDP and employ 48% of US workers. But a recent survey conducted by LendingTree shows that optimism from small business owners is at a low. As small businesses begin to re-open across the US, many small business owners are expressing reluctance to do so. The main reason given is is a lack of liquidity. This can only mean that the trillions printed so far have not found their way to where it is needed most. “Approximately 46% of small business owners cite funding as the primary obstacle to reopening, and that once open, increased health and safety measures could further stifle sales.” As devastating as that is for the US economy, big businesses as a whole aren’t fairing any better, especially those that operate in the travel and automobile sectors. The biggest scalp to come undone recently is Hertz, which filed for bankruptcy protection in the US after it failed to meet a payment deadline with creditors. The 102-year car rental business relies heavily on revenue from airports, which has all but dried up as travel restrictions were enforced. The knock-on effect is seeing a glut of cars flood the used sector, as Hertz desperately tries to liquidate assets. Negative Rates Incoming? With that, the Fed, and central banks around the world, are fast running out of options. One thing left to try is negative interest rates. Or in the case of the European Central Bank and Bank of Japan, further negative rates. The theory holds that commercial banks would pay interest on the deposits they hold with the central bank. This, in turn, would encourage commercial banks to minimize those deposits by lending funds, and so economic activity is stimulated as borrowers spend. Passing this down the line at a retail level means borrowers are paid to borrow money, but savers are penalized for being prudent. As backward as that sounds, President Trump is all in with this idea. He recently tweeted his approval of negative rates by calling it a “gift.” Source: twitter.com As much as crypto folk like to bash Peter Schiff for his anti-Bitcoin stance, his response on this matter makes total sense. In reply to Trump, he raised the point of this being a short term fix by saying: “Negative rates are not a gift. They are a transfer of wealth from savers to debtors. But the inflation created to make negative rates possible will hurt wage earners too, plus the overall economy will be less productive and living standards will be lower as a result.“ Crypto Can Capitalize From the Madness The operative word here is backward. Such has been the absurdity of economic policies to date that we now potentially find ourselves in a situation where savers pay banks for the privilege of holding their money. Notwithstanding the inflationary element of over stimulus, the real question is where do savers turn in the event of negative rates? And the answer is towards a truer free market in crypto. The interest rates on crypto saving accounts are based on market prices, determined by individual lending platforms. When demand is high and supply is low, interest rates go up. Many accounts are available, with AAVE paying up to 11.83% on deposits. Source: bitcompare.net But before we celebrate this victory over the fiat system, there are some sticking points that need to be overcome. For one, laypeople are still hugely skeptical of crypto, and for good reason too. However, as the system implodes the search for alternatives becomes a naturally occurring phenomenon. The only thing we need to do is wait for market forces to do their thing. Featured image from Shutterstock Additional tags: XBTUSD, BTCUSD, BTCUSDT

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Kotak Mahindra Bank raises Rs 7,442.5 crore via QIP of shares

The bank on Saturday issued 6.5 crore shares at a price of Rs 1,145 per share.

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YES Bank opts for voluntary restructuring of compensation

Earlier, YES Bank employees had contributed one day's salary to the PM Cares Fund.

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Stocks surge in Bangladesh as exchanges reopen after two months

Stocks last traded on March 25, marking the longest trading halt since 1976.

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Ahead of Market: 12 things that will decide stock action on Monday

A look at what some of the key indicators are suggesting for Monday’s market action.

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Trade setup: Nifty futures at discount to spot, yet index may try to go higher

On Monday, Nifty is likely to see a stable start to the week.

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LIC listing, IDBI Bank stake sale may be postponed

The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank.

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Sebi slaps Rs 3 crore fine on 5 entities in Bank of Rajasthan insider trading case

Bank of Rajasthan (BoR) is now merged with ICICI Bank.

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Reliance on track to achieve zero net debt: Report

The company has sold minority stakes in its digital arm to Facebook and private equity firms such as Silver Lake, Vista Equity, KKR and General Atlantic to raise a cumulative Rs 78,562 crore.

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Ethereum Breaking This Single Level Could Spark a Surge To $300

Ethereum is up more than 5% today and it is trading above the $235 level against the US Dollar. ETH price is likely to surge towards the $285-$300 if it clears the $248 resistance zone. Ethereum is surging and it recently broke the $220 and $230 resistance levels. The price is now trading well above the $220 pivot level and the 100-day simple moving average. There was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher towards the $285 if it clears the $248 hurdle. Ethereum Price Is Signaling More Gains In the past few days, there was a strong rise in Ethereum above the $205 resistance against the US Dollar. ETH price even outperformed bitcoin and gained more than 10% in the past few sessions. During the rise, there was a break above the 61.8% Fib retracement level of the main decline from the $288 swing high to $90 swing low. The bulls took over the market and they were able to push the price above the $200-$205 resistance zone. The price is now trading well above the $220 pivot level and the 100-day simple moving average. More importantly, there was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD. Ethereum Price The pair is now testing a significant resistance zone near the $248 and $250 levels (the breakdown zone formed in Feb 2020). It is also close to the 76.4% Fib retracement level of the main decline from the $288 swing high to $90 swing low. If Ether breaks the $248 and $250 resistance levels, it could easily continue higher above the $260 and $270 levels. The next key resistance is near the $300 level (a multi-touch zone). If the bulls succeed in clearing the $300 barrier, the price could surge towards the $320 and $330 levels. Dips Supported in ETH If Ethereum fails to clear the $248 resistance level, there could be a short term downside correction. An initial support is near the $225 and $220 levels. The first major support is now near the $205 level and the broken bearish trend line. Any further losses may perhaps lead the price towards the $190 zone and the 100-day simple moving average. Technical Indicators Daily MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone. Daily RSI – The RSI for ETH/USD is currently correcting lower from the 70 level. Major Support Level – $220 Major Resistance Level – $248 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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RIL's 7977111111 becomes 1st AI chatbot to assist shareholders in capital market

The chatbot, the first one rolled out for a public offering, has been developed by Jio Haptik Technologies.

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FPIs net sellers for 3rd straight month in May; pull out Rs 7,366 crore

Prior to this, FPIs had net withdrawn a record Rs 1.1 lakh crore in March and Rs 15,403 crore in April.

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Tweet Buster: Nilesh Shah’s ‘Gold Coin’, is RIL overhyped & tips to pick right stocks

Consensus market view is the rally seen in domestic stocks last week is not sustainable.

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Lockdown status, China tension, auto sales among 7 factors that will guide market next week

Here are the key factors the may drive market in the next week.

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Saturday 30 May 2020

The week that was: Voda Idea, Esab India, Federal Bank & pharma names among top buzzing stocks

Here are 10 stocks that kept buzzing throughout the week.

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Seven of top 10 companies add Rs 1.76 lakh crore in m-cap; HDFC Bank shines

HDFC Bank's valuation zoomed Rs 61,612.11 crore to reach Rs 5,21,660.14 crore.

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A microcap stock highlights the real pain of smaller firms amid zero sales

Analysts warn that any further liquidity crunch can deteriorate the conditionsl.

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Bitcoin Holds Strong at $9,500: A Strengthening Case for Upside

Bitcoin is up more than 2% today and it is trading above $9,500 against the US Dollar. BTC is trading in a positive zone and it could rally above the $9,800 and $10,000 resistance levels. Bitcoin is showing a lot of positive signs above the $9,500 pivot level. The price recovered nicely after a short term downside correction towards the $9,200 zone. There was a break above a key bearish trend line with resistance near $9,570 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $9,800 as long as it is above the $9,300 support. Bitcoin Remains In Uptrend This past week, bitcoin popped higher and broke the $9,300 resistance area against the US Dollar. BTC price traded with a positive bias and settled above the $9,300 level and the 100 simple moving average (4-hours). There was a minor downside correction from the $9,600 zone, but the same $9,300 area acted as a support. The price remained stable and traded above the 61.8% Fib retracement level of the key decline from the $9,943 high to $8,650 low. Moreover, there was a break above a key bearish trend line with resistance near $9,570 on the 4-hours chart of the BTC/USD pair. Bitcoin is now trading nicely above the 76.4% Fib retracement level of the key decline from the $9,943 high to $8,650 low. Bitcoin Price It seems like the price is likely to continue higher towards the $9,750 and $9,800 levels. The first major resistance is near the $9,950 and $10,000 levels. The next major hurdle for the bulls is near the $10,500 level, above which the price is likely to surge higher towards the $11,200 and $11,500 levels. Dips Supported in BTC In the short term, bitcoin price might correct lower below $9,600. An initial support is near the broken trend line or $9,580. The first key support is near the $9,430 level and a connecting bullish trend line on the same chart. The main support is forming near the $9,300 level and the 100 simple moving average (4-hours). Any further losses may perhaps start a major decrease and the price might revisit the $9,000 level or $8,800. Technical indicators 4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level. Major Support Level – $9,300 Major Resistance Level – $9,950 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Analysts: Why Bitcoin Breaking $10,500 Is So Crucial to the Long-Term Bull Case

After days of stagnation and consolidation, Bitcoin started to mount a strong comeback earlier this week. The leading cryptocurrency now trades for $9,650 — the highest price in over a week and more than 13% higher than the ~$8,550 lows seen during a retracement earlier this month. But Bitcoin remains below a crucial region of resistance that analysts say could unlock upside not seen since 2019 if BTC manages to reclaim the zone as support. The Importance of $10,500 to Bitcoin As arbitrary as this number may sound, $10,500 is one of the most important price levels for Bitcoin at the moment. As can be seen below, prices in the vicinity of that level have rejected Bitcoin during many rallies over the past year. $10,500 marked the top of the “Xi pump” seen in late 2019, while it also marked the top of the rally seen earlier this year. Chart from TradingView.com illustrating the importance of the $10,500 level for Bitcoin over the past few years. The price is also a point at which a number of crucial bearish Bitcoin chart formations would become invalidated, leaving room for BTC to rally to the upside. As one commentator explained: “BTC very close to exploding. Break above $10,500 would break an over 2 year symmetrical triangle, 11 month broadening wedge, 8 month horizontal resistance.” Considering the importance of the level, it should come as no surprise that analysts have said that if Bitcoin can break above $10,500, a strong upswing could follow. Robert Sluymer of Fundstrat Global Advisors recently made the following comment on the importance of the level: “Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week sma) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-dma.” Next directional move on tap for $BTC‘s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week sma) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-dma. pic.twitter.com/QrZ4SxYsxR — Robert Sluymer (@rsluymer) May 14, 2020 It Won’t Be Easy Although all eyes may be on $10,500, that’s not to say that the level will be easy for Bitcoin to break past. Order book data from Bitfinex’s flagship BTC/USD market shows that there is currently a confluence of sell-side orders around $10,000-10,300. This has been illustrated by the chart seen below, which was shared by a prominent crypto trader. It shows the price action of BTC since the start of the year coupled with the “OB (order book) Dominance Bands” indicator. The indicator shows the price points at which there is order book activity, with the opacity of the bands showing how significant that activity is. Chart from crypto trader Coiner-Yadox (goes by @Yodaskk on Twitter). The order book data is relevant as it predicted previous price action in the Bitcoin market. Featured Image from Shutterstock

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It’s “Decision Time” for Ethereum, and Analysts Bet ETH Surges to the Upside

It’s been an explosive past few days for Ethereum. In the past 24 hours alone, the second-largest cryptocurrency is up 10%. As reported by NewsBTC previously, the asset is currently pushing $244, the highest price since early March. This surge is important as it comes at a critical time for cryptocurrency bulls. One prominent trader shared the ETH/BTC chart seen below a few days ago, writing that it’s “decision time” for Ethereum. The chart indicates that ETH is soon about to see a massive breakout past a crucial downtrend that has held for nearly three years and past a key relative strength index level. In rallying today by 10%, outpacing Bitcoin, Ethereum may be set to rally even higher in the coming weeks. Chart of ETH/BTC macro performance from crypto trader FatihSK (@FatihSK87) Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps There Are Reasons to Be Bullish, Analysts Explain There are reasons why this rally is taking place and why more upside is expected, analysts have explained. Mythos Capital founder Ryan Sean Adams indicated this week that the fundamentals of ETH have grown over the past few weeks. The increase in transaction demand has increased transaction fees, which is suggestive of a higher Ethereum price, he explained. Adding to the bullish confluence, an analyst noted that ETH/BTC has seen its monthly Moving Average Convergence Divergence (MACD) cross bullish “for the first time since inception.” The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price, as Investopedia explains. Such a trend indicates that the Ethereum trend that has transpired over the past few weeks has been extremely positive. Related Reading: This Eerily Accurate Fractal Predicts Bitcoin Will Rocket to $20,000 in 2020 Investors Are Long on Ethereum Investors are picking up on these trends and have flipped bullish on the asset. Blockchain analytics firm Santiment recently found that there has been a rapid increase in accumulation by some of ETH’s “whale” addresses over the past few weeks. “ETH whale addresses have just hit a 10-month high with the cumulative holdings of the top 100 non-exchange wallets now owning over 21,800,000 Ethereum. This is the largest collective balance held within the top 100 addresses since May, 2019. In the last two days alone, these top ETH whale addresses have added an additional 145,000 coins.” Santiment wrote in reference ot the chart below. Chart of ETH whale holdings from blockchain analytics firm Santiment There are also prominent venture capitalists like Garry Tan, one of (if not the first) investor in Coinbase, who have recently started to scoop up the asset in anticipation of upside. Started accumulating $ETH again — Garry Tan (@garrytan) May 31, 2020 Related Reading: This Crypto Use Case Has Never Been as “Underrated” Due to Twitter and Trump Featured Image from Shutterstock

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Friday 29 May 2020

â€˜GDP numbers are largely discounted by D-St; Nifty could make an attempt to touch 10Kâ€™

Now a decisive break of the range of 9,900-10,000 still looks difficult and another round of equity sell-off cannot be ruled out unless we surpass this range.

from Moneycontrol Latest News https://www.moneycontrol.com/news/market-outlook/â€˜gdp-numberslargely-discounted-by-d-st-nifty-could-makeattempt-to-touch-10kâ€™_13839141.html

Singapore-China to launch #39;fast lane#39; for essential travel early next month

This arrangement will be gradually expanded to the other Chinese provinces and municipalities.

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Coronavirus impact | Student housing segment facing huge losses; rent may fall 25%: Report

In the event of a delay in the commencement of the next academic sessions, student housing operators are likely to lose out on three to four months of revenue, the report states.

from Moneycontrol Latest News https://www.moneycontrol.com/news/real-estate/coronavirus-impact-|-student-housing-segment-facing-huge-losses-rent-may-fall-25-report_13839021.html

Pakistan COVID-19 cases above 64,000, death toll at 1,317; top official says situation under control

The Ministry of National Health Services reported that 25,309 cases were diagnosed in Sindh, 22,964 in Punjab, 8,842 in Khyber-Pakhtunkhwa, 3,928 in Balochistan, 2,100 in Islamabad, 658 in Gilgit-Baltistan, and 227 in Pakistan-occupied Kashmir.

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Minneapolis cop who knelt on man#39;s neck charged with murder

In the video, Chauvin is seen kneeling on Floyd#39;s neck as Floyd is on the ground.

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Take 2 for SpaceX#39;s 1st astronaut launch with more storms

NASA Administrator Jim Bridenstine said managers were debating whether to bump the next launch attempt from Saturday to Sunday to take advantage of a slightly improved forecast at Kennedy Space Center.

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Trump says US terminating relationship with WHO; takes steps against China

Trump also announced that the US will end special treatment of Hong Kong in response to Chinese imposition of new controls.

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Take 2 for SpaceX#39;s 1st astronaut launch with more storms

Tron Network Reaches Major Milestone With 6 Million Addresses

Justin Sun, the founder and CEO of Tron, announced that the Tron network has reached a major milestone with 6 million addresses registered. The increase in the number of addresses follows the increase in the number of dApps built on the network, which reached 768 in total last week. 10,000 New Addresses Created on Tron Every Day Tron, the decentralized blockchain network founded by Justin Sun, has seen a significant increase in use this year, despite the fact that its market cap has been declining. Justin Sun announced today that the Tron network has reached a major milestone—there are currently over 6 million addresses on the blockchain. Data from blockchain explorer Tronscan showed that there has been a steady growth in the number of new addresses created on the network in the past 14 days, averaging at 10,000 per day. Graph showing the account growth on the TRX network in the past 14 days. New Tron Dapps Could Be Behind Latest Address Increase Data from a blockchain analytics tracker also showed that there have been 1.3 million transactions on the main chain and the Sun Network on May 28, which is a steep increase from the 1 million transactions that were processed on the network on May 27. Graph showing the number of daily transaction on the TRX network in the past 14 days The fact that the account growth isn’t mirrored in TRX’s price growth indicates that it might have been a result of an increasing number of decentralized applications (dAps) being built on the network. According to the latest Dapp Weekly Report, there are currently 768 dapps on the network, with the growth of the platforms, games, and services being built on the network remaining stable for the past week. According to @dapp_review, the number of #TRON #Dapps reached 768 with 5 new #Dapps and signaling a stable development. #TRON’s #Dapp ecosystem is growing at a steady pace. We welcome more users and developers to join us. #TRX $TRXhttps://t.co/01ldyPGokL — Justin Sun (@justinsuntron) May 29, 2020 The report showed that from May 23 to May 29, there were 518,000 transactions processed on dapps based on the network, with more than $4.1 million traded. The report also showed that the majority of dapps on the Tron network were gambling and other high-risk categories, while exchanges made up the smallest portion of the dapps built on the platform. The Dapp Weekly Report summary. (Source: TRX Foundation) Sun’s company has been on an acquisition spree after acquiring BitTorrent, Steemit, and Poloniex. It is also trying to capture the stablecoin market by hosting Tether on the blockchain and by launching its own stablecoin called USDJ. Featured Image from Shutterstock

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US stocks end mostly up despite bad data, China tensions

Wall Street stocks finished a volatile session mostly higher on Friday after newly announced US policies to punish China did not threaten a trade detente between Washington and Beijing.

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Coronavirus India News Live Updates | Maharashtra sees 2,682 new cases and 116 deaths, 8,381 patients recover

Total confirmed cases of Coronavirus in India have risen to 1.72 lakh. Follow this blog to track live updates.

from Moneycontrol Latest News https://www.moneycontrol.com/news/economy/coronavirus-india-news-live-updates-|-maharashtra-sees-2682-new-cases116-deaths-8381-patients-recover_13838981.html

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