The British Pound has taken another beating overnight as results of the U.K. general election were released last night.
Theresa May’s Conservative government lost the majority held prior to the election, and the U.K. is now left with a hung parliament.
This caught my eye this evening…………
I was curious what the Commodity King had to say, since he’s been bad-mouthing bitcoin a lot lately, so I did a Google search. It didn’t take me but a moment to find his take on it from January 2014. We can see, thanks to SlopeCharts, how it’s done since then.
Since Slope Of Hope has been around longer than just about any financial blog in existence, there’s a deeply-rooted culture here. There are a lot of inside jokes and running gags, and for the longest time, I assumed the mention of “Ethereum” was one of them. Just goes to show how out of it I am, because Ethereum is, in fact, one of the hot virtual currencies out there, and I took it upon myself to add it to SlopeCharts, which is getting better by the day.
You can now punch in $ETH for Ethereum……..
One of my readers sent me this email, and I asked him permission to post it, which he kindly gave:
I’ve read a few times that your bloggers/commenters do not understand how bitcoin works but they will trade it anyway. I know pretty extensively how bitcoin and other cryptocurrencies work. Being a bitcoin/litecoin miner and promoter from years ago I thought I’d let you know a few things. If you want me to elaborate let me know but I felt compelled to email you a few things. (more…)
I had almost forgotten about the post I did in January, but in it I pointed out the very bullish pattern that bitcoin (of all things) was exhibiting. Here’s what it looked like four months ago:
And now, having shown that technical analysis works even on goofy new digital financial instruments, we have seen it double in that short amount of time (original base highlighted):
Should the Euro break and hold above near-term resistance at 1.1250, it’s conceivable that it could reach the next level at 1.1500, as shown on the Daily chart below.
For many years, the charts have shown that, as China’s Shanghai Index (SSEC) goes, so goes Australia’s Composite Index (AORD), as shown on the multi-year comparison graph below.
However, a closer look at the following year-to-date comparison graph reveals that SSEC’s attempts to continue to advance fizzled in mid-April and is now flat for the year, while AORD remains a bit more elevated. (more…)