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Various cryptocurrencies fall 20%. A look at insider selling at Coinbase

Dogecoin chart
Just days after hitting a record high of $64,899, bitcoin had its worst day in seven weeks, falling as much as 15% before trimming the decline to 9% and trading at $55,260.

The drop came in an across-the-board selloff in crypto. Ether fell as much as 18%, ripple is down 19% and litecoin down 18%.

Somehow dogecoin has held onto most of last week's gains, and is up 30% in the past 24 hours (it's truly the t-bill of the crypto market).
Bitcoin chart
Why are cryptocurrencies selling off?

There's no clear reason for the dump. The usual talk about regulation is doing the rounds. Rehash stories about India crackdowns are circulating but that's old news. There's also talk about the US increasing regulatory scrutiny. I expect that's coming but there's nothing new on that front in the past day.

For me, the Coinbase direct listing is a factor. The 2017 peak in bitcoin came right after bitcoin futures began trading and people could be seeing the start of trading for the  large crypto exchange as a similar catalyst. Having a centralized exchange worth as much as $100B (put another way: extracting $100 billion from an inefficient market) is ironic in many ways.

What's worse is the level of insider selling at Coinbase. The numbers are utterly shocking with insiders dumping nearly $5 billion in shares in just two days. The CEO of the company sold $291.8m in shares. Worse is CFO Alesia Hass who sold all of her 255,500 shares for nearly $100m. She retains unvested options but it's not a great sign.


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Sun 18 Apr 2021 13:40:57 GMT

Goldman Sachs says it's time to buy the euro

Goldman Sachs sees upside for the euro The euro spent the latter part of the week flirting with 1.2000 but unable to break above. Analysts at Goldman Sachs believe that it's only a matter of time until it breaks through and runs to 1.2500. They've raised their three-month EUR/USD target to that level from 1.2100.

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Goldman Sachs says it's time to buy the euro


//az705044.vo.msecnd.net/20210418/eurusd-goldman-sachs.png Adam Button
Sun 18 Apr 2021 13:40:57 GMT
Author: Adam Button
Category: News
0


Goldman Sachs sees upside for the euro The euro spent the latter part of the week flirting with 1.2000 but unable to break above. Analysts at Goldman Sachs believe that it's only a matter of time until it breaks through and runs to 1.2500. They've raised their three-month EUR/USD target to that level from 1.2100.

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Fri 16 Apr 2021 20:28:24 GMT

1

Video: Non-trend transitions to trend. Make that simple phrase a part of your trading mindset

Learn how to catch more trends by following that simple trading mantra Many traders look at sideways markets as a time to fall asleep and ignore that market or specific currency pair. In reality, there comes a time in the sideways markets, where you need to become uber aware of the price action. The reason?  Non-trend transitions to trends.   Since  trends are fast, directional and tend to go farther than traders expect, it's the perfect time to make large gains (and avoid large losses). 

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Video: Non-trend transitions to trend. Make that simple phrase a part of your trading mindset


Greg Michalowski
Fri 16 Apr 2021 20:28:24 GMT
Category: Technical Analysis
1
Learn how to catch more trends by following that simple trading mantra Many traders look at sideways markets as a time to fall asleep and ignore that market or specific currency pair. In reality, there comes a time in the sideways markets, where you need to become uber aware of the price action. The reason?  Non-trend transitions to trends.   Since  trends are fast, directional and tend to go farther than traders expect, it's the perfect time to make large gains (and avoid large losses). 

Asset 24 View More
Fri 16 Apr 2021 20:20:36 GMT

ForexLive Americas FX news wrap: Cable powers higher in outside reversal

Forex news for North American trade on April 16, 2021: Markets: - Gold up $11 to $1775 - US 10-year yield up 1 bps to 1.58% - WTI crude oil down 34-cents to $63.12 The impressive reversal in cable on Friday was the main event in the FX market. It slumped down to 1.3717 in Asia but turned around and continued higher right through the end of the day. The result is a 50-pip gain and a bullish reversal to the highest in 10 days. The minor downtrend since February also broke.

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ForexLive Americas FX news wrap: Cable powers higher in outside reversal


//az705044.vo.msecnd.net/20210416/2021-04-16_16-05-49.png Adam Button
Fri 16 Apr 2021 20:20:36 GMT
Author: Adam Button
Category: News
0
Forex news for North American trade on April 16, 2021: Markets: - Gold up $11 to $1775 - US 10-year yield up 1 bps to 1.58% - WTI crude oil down 34-cents to $63.12 The impressive reversal in cable on Friday was the main event in the FX market. It slumped down to 1.3717 in Asia but turned around and continued higher right through the end of the day. The result is a 50-pip gain and a bullish reversal to the highest in 10 days. The minor downtrend since February also broke.

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Fri 16 Apr 2021 20:05:03 GMT

2

US stocks hit another closing record as the party continues

Closing changes for the main North American markets On the week:

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US stocks hit another closing record as the party continues


//az705044.vo.msecnd.net/20210416/2021-04-16_15-04-51.png Adam Button
Fri 16 Apr 2021 20:05:03 GMT
Author: Adam Button
Category: News
2
Closing changes for the main North American markets On the week:

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Fri 16 Apr 2021 19:39:05 GMT

CFTC Commitments of Traders: Little changes in the futures net position data for the week

Weekly forex futures positioning data for the CFTC for the week ending April 13, 2021 - EUR long 67K vs 68K long last week. Longs trimmed by 1K - GBP long 26K vs 20K long last week. Longs increase by 6K

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CFTC Commitments of Traders: Little changes in the futures net position data for the week


Greg Michalowski
Fri 16 Apr 2021 19:39:05 GMT
Category: Technical Analysis
0
Weekly forex futures positioning data for the CFTC for the week ending April 13, 2021 - EUR long 67K vs 68K long last week. Longs trimmed by 1K - GBP long 26K vs 20K long last week. Longs increase by 6K

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Fri 16 Apr 2021 19:05:35 GMT

20

US stocks climb to a fresh record high into the final hour of trading

Strong finish to the week The S&P 500 is at a fresh record, up 17 points to 4187. This chart is starting to look like dogecoin.

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US stocks climb to a fresh record high into the final hour of trading


//az705044.vo.msecnd.net/20210416/2021-04-16_15-04-51.png Adam Button
Fri 16 Apr 2021 19:05:35 GMT
Author: Adam Button
Category: News
20
Strong finish to the week The S&P 500 is at a fresh record, up 17 points to 4187. This chart is starting to look like dogecoin.

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Fri 16 Apr 2021 18:57:58 GMT

What key earnings are scheduled for next week

The major earnings releases for the week starting April 19 The banks had stellar earnings this week, to kick off the current earnings season. What is scheduled for next week? Below is a snapshot of some of the major releases.

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What key earnings are scheduled for next week


Greg Michalowski
Fri 16 Apr 2021 18:57:58 GMT
Category: News
0
The major earnings releases for the week starting April 19 The banks had stellar earnings this week, to kick off the current earnings season. What is scheduled for next week? Below is a snapshot of some of the major releases.

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Fri 16 Apr 2021 18:39:54 GMT

WTI crude oil futures settle at $63.13

WTI crude oil futures to settle at $63.13, up $0.33 or 0.52% The June contract settled lower by $0.32 at $63.14 Technically, the price is trading between the 50% and the 61.8% of the move down from the March cycle high. Those levels comes in at $63.87 to $62.61.

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WTI crude oil futures settle at $63.13


//az705044.vo.msecnd.net/20210416/2021-04-16_11-36-30.jpg Greg Michalowski
Fri 16 Apr 2021 18:39:54 GMT
Category: Technical Analysis
0
WTI crude oil futures to settle at $63.13, up $0.33 or 0.52% The June contract settled lower by $0.32 at $63.14 Technically, the price is trading between the 50% and the 61.8% of the move down from the March cycle high. Those levels comes in at $63.87 to $62.61.

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Fri 16 Apr 2021 18:31:36 GMT

AUDUSD catches it's breathe after run higher

Price trended higher this week. In my latest video, I focus on the non-trending nature of the AUDUSD and how it based and rocketed higher. You can see it . HERE

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AUDUSD catches it's breathe after run higher


//az705044.vo.msecnd.net/20210416/2021-04-16_11-08-52.jpg Greg Michalowski
Fri 16 Apr 2021 18:31:36 GMT
Category: Technical Analysis
0
Price trended higher this week. In my latest video, I focus on the non-trending nature of the AUDUSD and how it based and rocketed higher. You can see it . HERE

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Fri 16 Apr 2021 18:29:30 GMT

2

Cuban leader Raul Castro confirms he will step down this weekend

Castro had long planned to step down in 2021 In 2016, Raul Castro said he would step down in five years but in a country that's been led by the same family for six decades, that certainly wasn't take for granted.

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Cuban leader Raul Castro confirms he will step down this weekend


//az705044.vo.msecnd.net/20210416/raul-castro.png Adam Button
Fri 16 Apr 2021 18:29:30 GMT
Author: Adam Button
Category: News
2
Castro had long planned to step down in 2021 In 2016, Raul Castro said he would step down in five years but in a country that's been led by the same family for six decades, that certainly wasn't take for granted.

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Fri 16 Apr 2021 17:52:17 GMT

1

Cable set to finish the week strong in impressive reversal

Stage set for the week ahead The cable chart shows a bullish engulfing candle and is set to close at a 10-day high. That's a great sign for a pair that's languished around current levels for two months. It's now facing the minor downtrend from the February and April highs.

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Cable set to finish the week strong in impressive reversal


//az705044.vo.msecnd.net/20210416/2021-04-16_13-47-27.png Adam Button
Fri 16 Apr 2021 17:52:17 GMT
Author: Adam Button
Category: News
1
Stage set for the week ahead The cable chart shows a bullish engulfing candle and is set to close at a 10-day high. That's a great sign for a pair that's languished around current levels for two months. It's now facing the minor downtrend from the February and April highs.

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Fri 16 Apr 2021 17:02:46 GMT

Baker Hughes oil rig counts 344 versus 337 last week

Gas rigs 94 versus 93 last week The weekly rig count from Baker Hughes is being released with gains in gas and oil.

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Baker Hughes oil rig counts 344 versus 337 last week


Greg Michalowski
Fri 16 Apr 2021 17:02:46 GMT
Category: News
0
Gas rigs 94 versus 93 last week The weekly rig count from Baker Hughes is being released with gains in gas and oil.

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Fri 16 Apr 2021 16:55:38 GMT

Baker Hughes rig count will be released at the top of the hour.

Oil rigs are expected to rise to 343 from 337 last week The price of WTI crude oil futures are currently down $0.22 or -0.35% at $63.27. The price of WTI crude oil is trading between its 61.8% retracement at $63.87 and the 50% retracement at $62.61.

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Baker Hughes rig count will be released at the top of the hour.


//az705044.vo.msecnd.net/20210416/2021-04-16_9-57-36.jpg Greg Michalowski
Fri 16 Apr 2021 16:55:38 GMT
Category: News
0
Oil rigs are expected to rise to 343 from 337 last week The price of WTI crude oil futures are currently down $0.22 or -0.35% at $63.27. The price of WTI crude oil is trading between its 61.8% retracement at $63.87 and the 50% retracement at $62.61.

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Fri 16 Apr 2021 16:53:47 GMT

1

Russia is retaliating against US sanctions

Russia to expel US diplomats proportionally to US decision to expel Russian diplomats The US imposed sanctions on Russia yesterday including making it more difficult for them to take part in the global economy if it continued its disruptive actions including in cyberspace and in Ukraine. The US is blaming the countries intelligence agency for hacking operations that breached American government agencies and the nations largest companies.

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Russia is retaliating against US sanctions


Greg Michalowski
Fri 16 Apr 2021 16:53:47 GMT
Category: News
1
Russia to expel US diplomats proportionally to US decision to expel Russian diplomats The US imposed sanctions on Russia yesterday including making it more difficult for them to take part in the global economy if it continued its disruptive actions including in cyberspace and in Ukraine. The US is blaming the countries intelligence agency for hacking operations that breached American government agencies and the nations largest companies.

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Fri 16 Apr 2021 16:41:06 GMT

Fed's Kaplan speaks at virtual event at Texas A&M

Dallas Fed's Kaplan (non voting member) speaking at a virtual event at Texas A&M University

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Fed's Kaplan speaks at virtual event at Texas A&M


Greg Michalowski
Fri 16 Apr 2021 16:41:06 GMT
Category: Central Banks
0
Dallas Fed's Kaplan (non voting member) speaking at a virtual event at Texas A&M University

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Fri 16 Apr 2021 16:24:06 GMT

European shares end the day/week higher

German Dax makes new all time highs The German Dax broke higher today and in the process moved to a new all time high at 15473.83.  The price of the index had been waffling up and down over the last 8 trading days in a non-trending market before breaking higher and running to the upside. 

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European shares end the day/week higher


//az705044.vo.msecnd.net/20210416/2021-04-16_8-15-16.jpg Greg Michalowski
Fri 16 Apr 2021 16:24:06 GMT
Category: Technical Analysis
0
German Dax makes new all time highs The German Dax broke higher today and in the process moved to a new all time high at 15473.83.  The price of the index had been waffling up and down over the last 8 trading days in a non-trending market before breaking higher and running to the upside. 

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Fri 16 Apr 2021 15:52:22 GMT

USDCAD reverses up run as the week comes to a close

Volatile up and down move in the USDCAD this week The USDCAD on Monday, opened and moved higher. That run, took the price back above a cluster of MAs near 1.2570 and up to a swing area at 1.2623 to 1.2628 (red numbered circles). The high extreme from March 30 reached 1.2646.  The high price also stalled against a topside trend line (see green numbered circles). 

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USDCAD reverses up run as the week comes to a close


//az705044.vo.msecnd.net/20210416/2021-04-16_8-20-07.jpg Greg Michalowski
Fri 16 Apr 2021 15:52:22 GMT
Category: Technical Analysis
0
Volatile up and down move in the USDCAD this week The USDCAD on Monday, opened and moved higher. That run, took the price back above a cluster of MAs near 1.2570 and up to a swing area at 1.2623 to 1.2628 (red numbered circles). The high extreme from March 30 reached 1.2646.  The high price also stalled against a topside trend line (see green numbered circles). 

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Fri 16 Apr 2021 15:42:24 GMT

Kaplan sees unemployment moving back toward 4% by the end of the year

Feds Kaplan is speaking  The Feds Kaplan is speaking a few times today including add a virtual climate change symposium and a bitcoin conference.  

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Kaplan sees unemployment moving back toward 4% by the end of the year


Greg Michalowski
Fri 16 Apr 2021 15:42:24 GMT
Category: Central Banks
0
Feds Kaplan is speaking  The Feds Kaplan is speaking a few times today including add a virtual climate change symposium and a bitcoin conference.  

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Fri 16 Apr 2021 15:35:57 GMT

NY Fed weekly GDP Nowcast estimate up to 6.8% from 6.1% last week

Moving back higher with US retail sales the catalyst The NY Fed GBP Nowcast is projecting growth of 6.8% for the first quarter which is up from 6.1% last week. The catalyst for the week was the better-than-expected retail sales. The retail sales and food services component added 0.65% to the bottom line estimate this week.  Other contributors included capacity utilization, industrial production and housing starts.  

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NY Fed weekly GDP Nowcast estimate up to 6.8% from 6.1% last week


//az705044.vo.msecnd.net/20210416/2021-04-16_8-30-00.jpg Greg Michalowski
Fri 16 Apr 2021 15:35:57 GMT
Category: Central Banks
0
Moving back higher with US retail sales the catalyst The NY Fed GBP Nowcast is projecting growth of 6.8% for the first quarter which is up from 6.1% last week. The catalyst for the week was the better-than-expected retail sales. The retail sales and food services component added 0.65% to the bottom line estimate this week.  Other contributors included capacity utilization, industrial production and housing starts.  

Asset 24 View More
Fri 16 Apr 2021 15:04:52 GMT

1

Moderna to reduce vaccine deliveries to UK and Canada in April

That's not great news The UK is turning the corner on the virus but new cases in many parts of Canada are at records at the moment as variants rip through the population. Ontario will announce even-harsher lockdown measures later today.

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Moderna to reduce vaccine deliveries to UK and Canada in April


//az705044.vo.msecnd.net/20210416/canada-covid.png Adam Button
Fri 16 Apr 2021 15:04:52 GMT
Author: Adam Button
Category: News
1
That's not great news The UK is turning the corner on the virus but new cases in many parts of Canada are at records at the moment as variants rip through the population. Ontario will announce even-harsher lockdown measures later today.

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Fri 16 Apr 2021 14:54:03 GMT

3

Euro tries and fails at 1.20 again

EUR/USD touches 1.1995 The euro keeps on knocking but it can't get into the 1.20 range. It hit 1.1995 but has quickly faded back to 1.1975 into the London fix. Stops and offers are building up on both sides of the figure. It might take until next week but a run is coming and it could be a quick trip to 1.22 on a break higher.

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Euro tries and fails at 1.20 again


//az705044.vo.msecnd.net/20210416/eurusd-10-mins.png Adam Button
Fri 16 Apr 2021 14:54:03 GMT
Author: Adam Button
Category: News
3
EUR/USD touches 1.1995 The euro keeps on knocking but it can't get into the 1.20 range. It hit 1.1995 but has quickly faded back to 1.1975 into the London fix. Stops and offers are building up on both sides of the figure. It might take until next week but a run is coming and it could be a quick trip to 1.22 on a break higher.

Asset 24 View More
Fri 16 Apr 2021 14:51:37 GMT

1

New week high for the GBPUSD

I still don't trust it, but buyers are making a play on the sharp run higher I have not been a big fan of the GBPUSD of late. It has had an overabundance of very volatile up and down price action (which is different than non-trending). It does not have a rhythm. Case in point, the price tumbled lower earlier today falling about 64 pips in 7 hours, then bottomed at 1.3703 and shot higher over the next seven hours up to a high at 1.3815 (112 pips).  

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New week high for the GBPUSD


//az705044.vo.msecnd.net/20210416/2021-04-16_7-51-30.jpg Greg Michalowski
Fri 16 Apr 2021 14:51:37 GMT
Category: Technical Analysis
1
I still don't trust it, but buyers are making a play on the sharp run higher I have not been a big fan of the GBPUSD of late. It has had an overabundance of very volatile up and down price action (which is different than non-trending). It does not have a rhythm. Case in point, the price tumbled lower earlier today falling about 64 pips in 7 hours, then bottomed at 1.3703 and shot higher over the next seven hours up to a high at 1.3815 (112 pips).  

Asset 24 View More
Fri 16 Apr 2021 14:19:31 GMT

4

Fed's Waller sees 2.5% inflation this year

Waller on CNBC Waller said that 'once the stimulus checks are spent, it's over, it's done'. That's a poor understanding of spending multipliers.

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Fed's Waller sees 2.5% inflation this year


//az705044.vo.msecnd.net/20201203/christopher-waller.png Adam Button
Fri 16 Apr 2021 14:19:31 GMT
Author: Adam Button
Category: Central Banks
4
Waller on CNBC Waller said that 'once the stimulus checks are spent, it's over, it's done'. That's a poor understanding of spending multipliers.

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Fri 16 Apr 2021 14:00:07 GMT

US April prelim U Mich consumer sentiment 86.5 vs 89.0 expected

The first look at April consumer sentiment This still has a long ways to go to get back to pre-pandemic levels. One year inflation expectations are at the highest since 2012.

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US April prelim U Mich consumer sentiment 86.5 vs 89.0 expected


//az705044.vo.msecnd.net/20210416/u-mich-sentiment.png Adam Button
Fri 16 Apr 2021 14:00:07 GMT
Author: Adam Button
Category: News
0
The first look at April consumer sentiment This still has a long ways to go to get back to pre-pandemic levels. One year inflation expectations are at the highest since 2012.

Asset 24 View More

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