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Koby Horner

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  1. Hello, thanks for asking. No, it is a common misunderstanding that Forex trading is illegal and banned in some countries. Forex markets are part of the approved and regulated financial markets. The trading process and investments are regulated by countries and international financial institutions, hence all operations must be done according to their laws.
  2. Koby Horner

    EOS

    Hi Marko, thanks for asking the question. Last week, EOS price dropped more than 8%, hitting the $2.50 mark again. Furthermore, new research showed that EOS blockchain experienced a developer exodus of 85%, which may result in further selling of the coin. The price action is now hovering around the $2.50 mark while the 100-DMA comes around $2.54. The ascending trend line is acting as support to the price action, while in the mid-term, the horizontal support near the $2.15 handle could be a decent investment opportunity. Venture platform Outlier Ventures conducted research that showed that developer activity on EOS blockchain has plunged by 85% over the last year. Developer activity fell significantly on other blockchains as well, including TRON and Bitcoin Cash - 63% and 51% respectively. Even though "the majority of major protocols saw a moderate decline in developer activity (no more than 20%)", most likely because of the coronavirus, EOS (-86%), Bitcoin Cash and TRON "saw the largest declines in active developers": "In the case of EOS, there is likely continued decline following the 2019 launch of its main network and core developers moving away from the protocol...". According to the research, the developers are less interested in the blockchain since the main network was launched. Apart from the exodus, the number of updates to EOS codebase on Github plummeted by 94%. Also, EOS has launched a very small number of decentralized apps since 2018, owning only 9% of the total number of dapps in the sector. Hope that helped.
  3. Koby Horner

    Libra

    Hi Fernando, thanks for coming here. Several weeks ago, Libra changed its whitepaper in a bid to win approval from regulators. Former Chief Legal Officer at HSBC Bank, Stuart Levey, agreed to join Libra as the first CEO. Levey is very experienced when it comes to international finance regulations, and that’s of utmost importance to Libra as it struggles to get the green light from regulators. “Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence and the private sector where he managed teams spread across the globe,” said Katie Haun, a Libra Association board member. Also, Singapore’s investment behemoth Temasek joined Libra Association as the first state-owned company. Temasek decided to give support to Libra, in spite of being warned about Facebook’s project from the chief of Singapore’s central bank last year. In addition, Temasek, crypto investor Paradigm and private equity group Slow Ventures also joined the project, amounting to a total of 27 members. At this time, some of the major names supporting Libra include US venture capital company Andreessen Horowitz, media services provider Spotify, e-commerce platform Shopify and ride-hailing companies Uber and Lyft. Facebook’s Libra was introduced as a new global payment system where each Libra coin would be backed by different traditional currencies. The association amended the whitepaper recently, saying it plans to roll out several stablecoins, each supported by a single country’s currency, in a bid to comply with the regulations. After a few notable names like Visa, Mastercard, eBay, Stripe, and Mercado Pago have abandoned the Libra project, many believed the Libra Association’s plan to roll out a global distributed currency was annulled.
  4. Hi Nick, Fibonacci sequence looks like this: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89 and so on. Following the progress of the sequence, each number is roughly 61.8% of the next number, approximately 38.2% of the following number, and roughly 23.6% of the number after that. If we subtract 23.6 from 100, the result is 76.4. These numbers represent Fibonacci retracement levels - 76.4, 61.8, 38.2, and 23.6. Some models also include 50. In instances where a stock is moving sharply in a certain direction, there is a possibility that the pullback will equal one of the percentages within the Fibonacci retracement levels. To be more specific, if a stock advances from $10 to $11, the expected pullback should amount to roughly 23 cents, 38 cents, 50 cents, 62 cents, or 76 cents. When a price is still gathering or losing momentum, it is more common to spot retracements of a higher percentage. It’s important to understand that utilizing Fibonacci retracements is subjective. Given that there are several price swings in a single trading day, it doesn’t mean that every trader will be connecting the same two points. The two points you connect may not be the ones other traders connect. In this case, a good plan is to draw retracement levels on all major price swings in order to mark where there is a group of Fibonacci levels. Doing this may help you point out an important price area. Among all Fibonacci trading tools, retracement levels are the most commonly used. This is because they are relatively simple to use and because you can apply them to nearly any trading instrument. Among other things, retracements can be used to point out and confirm support and resistance levels, set stop-loss orders or target prices, and use them as a primary tool in a countertrend trading plan.
  5. Bitcoin After the halving event that took place this year, many expected a big rally from the world’s number 1 cryptocurrency, but it hasn’t happened yet. After touching the resistance of $10,000 in May, Bitcoin slumped to $8,600. Now it hovers around $9,400. However, Bitcoin still looks promising. The COVID-19 and quantitative easing measures boost the cryptocurrency, making stocks and bonds look unappealing at the moment. BTC’s price right now is relatively low, making it an attractive buy. The first phase of the long-awaited rally will be a sharp rise in BTC price, however, don’t hope for large returns right away. Chainlink This digital currency is developing at an outstanding pace. ChainLink offers tamper-proof, safe inputs and outputs for your smart contracts to unleash their full potential, on any blockchain. Just connect with any API and make transactions with chainLink. Its decentralized nature lets you assess data before it turns to a trigger. It also maintains the value of smart contracts, providing constancy and security. It is certainly one of the best cryptocurrencies to invest in short-term. Ripple Ripple is still dealing with the consequences of the 10 May crash, when all big coins collapsed. Still, Bitcoin is doing well right now, and that’s good for XRP as well. Not long ago, Ripple rolled out On-Demand Liquidity – a solution that enables cross-border payments without pre-funding. Along with its new cloud payment network, Ripple took a step closer towards bringing cheap cross-border payments to business and financial organizations. These solutions make XRP look appealing as a short-to mid-term investment choice. Hope that helped.
  6. Koby Horner

    BT

    Hi Trevor, thanks for asking. A recent review of BT Group’s financial statements, conducted by one of the big four accounting organizations, KPMG International Cooperative showed that the telecommunications company “did not maintain effective internal control over financial reporting as of 31 March 2020 [the end of its financial year], because of … material weaknesses related to general IT controls and risk assessments.” KPMG’s review was a major blow to BT. The company appointed KPMG as its external auditor two years ago, after terminating the relationship with PwC after the 2017 event involving the revelation of accounting irregularities in BT’s operations. Together with the regulatory filing and BT’s yearly report, KPMG also sent a letter to the board. In the annual report, BT acknowledged it had to make improvements in its internal controls. “In 2018/19 management undertook a continuous improvement and enhancement program in relation to its framework of internal control over financial reporting,” said the annual report. “This program identified two areas requiring remediation, specifically, IT general controls and risk assessment, which were reported as material weaknesses in 2018/19.” The accounting organization also pointed out several factors that might have an impact on BT’s future performance, such as the impacts of COVID-10, Brexit and ban on specific high-risk vendors. Concerning this year and 2019, KPMG didn’t find financial irregularities in BT’s financial statements, however, there were some technical issues, said BT Group spokesperson. He added that the accounting concerns reviewed by KPMG were not related to BT’s Italian operations, but relate to American Sarbanes-Oxley accounting regulations instead.
  7. Hi Benjamin, thanks for coming here. Others have already addressed this question, but I see that an important technical indicator hasn’t been discussed yet. When it comes to volatile stocks, Bollinger Bands is a popular tool. It is a statistical chart indicator used in different markets, such as stocks, forex, futures, and crypto. In general, Bollinger Bands is looking to identify overbought and oversold levels, following trends, and spotting breakouts. As such, the indicator works to determine highs and lows, with the upper band pointing towards higher levels in statistical terms. On the other hand, the lower band indicates cheaper/lower levels, while the Bollinger bandwidth refers to the market volatility. Bollinger Bands work in such a way that the bands widen in markets that are more volatile and narrow down in less volatile markets. For this reason, it’s a good indicator to use when trading more volatile stocks. The Bollinger Bands are set of three lines. The middle band consists of the 20-day SMA. In order to calculate the higher band, you need to add a doubled standard deviation to the middle band. To calculate the lower band, you should subtract the doubled daily standard deviation from the middle band. Again, Bollinger Bands is used to recognize overbought and oversold market conditions. This is calculated by monitoring whether the price of an asset in question is below the lower Bollinger band. In that case, the market is oversold. Conversely, if the price breaks above the higher band, the market works in an overbought environment and the reversal is likely to take place soon. I hope this answer helped you.
  8. Hi John, thanks for the question. Both double bottom and double top patterns are reversal chart formations. They signal that the dominant market side has started to lose momentum, which is opening the door for a reversal and change of the trend direction. Double bottom is a bullish reversal pattern that occurs near the end of a downtrend. On the other hand, the double top takes place at the highs when there are two equal peaks. In this case, the buyers have failed to extend the series of the higher highs by creating the double top pattern as the second high is not registered as a higher high, but rather as an equal high. This suggests that the momentum is waning, indicating a potential change in the trend direction. For instance, in the chart above, we see that Tezos is creating a potential double top pattern. You see that the second peak is not registered as a higher high, but rather as an equally high and that the buyers failed to close above the horizontal resistance, although the price action briefly moved higher. As a result, the sellers are able to capitalize on this weakness to push the price action lower and erase previous gains. In this case, the double top pattern is still in the making. A break below the $2.25 mark, which is a neckline, would open the door for the activation of the pattern. We would consider the pattern as completed if the price would reach the area just below the $1.50 mark.
  9. Hi Peter, thanks for the question. Just when we thought that the Bitcoin price is ready to break above $10,000 and launch higher, another failure took place. The buyers failed to move above $10,000 again to force another failure and return below $9,500. It’s difficult to name a clear reason why Bitcoin failed at this level again. It is believed that the crypto market followed the stock market lower as stocks recorded one of the worst days since March. The number of infections has continued to rise in the United States and globally. “It is a disaster that spreads. It’s not like there’s an entire continental seismic shift and everyone feels the shaking all at once,” said Dr. Jay Butler. The latest surge in infractions has worried investors that stay-at-home orders may return. “Given the magnitude of the rally, it would shock me if we had a one day sell-off and that’s it,” said Morgan Stanley Investment Management’s Andrew Slimmon. Major U.S. indexes fell around 5%, which most likely dragged Bitcoin lower, closing 6.37% on Thursday. One day earlier, Bitcoin tagged the $10,000 handle, failed, rotated lower to touch $9,078. It seems that the price action is now stuck between $9,000 and $10,500. A break below or above one of these two levels is likely to open the door for a trip to $11,000 on the upside, or $8,000 on the downside.
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