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Bitcoin’s next move will be a gamechanger | City & Business | Finance

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A dozen other factors are all potential contributors to a surprise rise which caught many traders napping after BTC looked certain to continue its gentle slide into the low $3,000s.

Instead, with engines on full power, this chartered flight to a digital destination where pounds and dollars may, one day, be confined to stories from grandparents ascended through some turbulent clouds as it jolted its way from $3,350 to $3,600, and then to $3,900. All in less than a fortnight.

At the start of this week, it even began kissing the $4,000 ceiling – a notion some may have considered mildly insane a few weeks ago.

Where it goes from here is anyone’s prediction to claim as their own. Ask 20 so-called ‘experts’ and you will undoubtedly hear 20 contrasting answers. Few of them, however, will suggest this figure is going to level into sideways movement for any great length of time.

What is certain, is that bitcoin has only one of two ways to go. We’re in a no man’s land where the bulls and bears either advance or withdraw. No one wants to sit out the fight in this zone.

This is the place where resistance and support will get tested. Fight or flight.

For the fight, there needs to be plenty of volume. And here’s where those with bullish sentiments will receive some encouragement. The JP Morgan effect is opening up the prospect of crypto to more people. This is where some extra volume is coming from.

If that volume and buy-in can maintain its current momentum, then there’s every chance bitcoin could rocket back up to the level it was at this time last year – $6,500 – or even higher.

However, a couple of warning lights on the instrument panel will be cause for concern. And those alarms are telling us that while BTC might be threatening to mount an assault on $4,000, its ability to actually do so seems a little weak.

Here’s where the flipside of bitcoin’s immediate future appears on the radar.

The blue touch-paper may have been lit a couple of days ago, but fireworks seldom have the power to pierce low cloud, let alone reach the moon.

Over the last two days, BTC has pushed hard against $4,000 on at least three occasions, but today it is showing some classic signs that it just doesn’t have what it takes to test an obvious resistance line at $4,200. Nor does it have the ability to challenge the psychological barrier of $5,000 – that’s the springboard that would propel the price further.

It’s presently bumping along at an altitude of $3,900 with the odd puff of smoke coming out the back of the fuel-deprived engines.

That cannot possibly hold. And, unless more volume is suddenly found in the reserve tanks, the captain may have to tell the passengers it’s time to adopt the brace position.

The sensible viewpoint would suggest the current lift up the chart from BTC and some other prominent cryptocurrencies is somewhat hopeful.

“The crypto market’s impressive price surge has sustained momentum over the last 24 hours,” Mati Greenspan, senior analyst at eToro, told express.com.

“Investors are questioning whether or not the bear has finally retreated as bitcoin tests $4,000, XRP climbs 7 percent and other coins follow closely behind. 

“These gains are clearly creating a wave of optimistic sentiment throughout the crypto community, with market volume up by $8 billion in the last 24 hours.”

He added: “Market volume is now above $36 billion and we haven’t seen these levels since April 2018. But, until bitcoin breaks above the much-needed psychological level of $5,000, the bear market is still very much in play.”

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S&P 500 posts highest close since November 8 on trade optimism

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NEW YORK (Reuters) – The S&P 500 posted its highest closing level since Nov. 8 on Friday as investors clung to signs of progress in the ongoing trade talks between the United States and China.

Investors assessed a slew of headlines on the talks, with top trade negotiators from the two countries meeting to wrap up a week of discussions on some of the thorniest issues in their trade war.

If the two sides fail to reach a deal by midnight on March 1, then their seven-month trade war could escalate.

“People are expecting some sort of positive news on trade and tariffs with China fairly soon,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“But we won’t know until the end of next week,” he said, and, “there has been a lack of specifics.”

Optimism on the trade front and dovish signals from the U.S. Federal Reserve have driven the recent gains and left indexes well above their lows of December, when the market swooned on fears of an economic slowdown. The S&P 500 is now up about 19 percent since its late-December low.

The S&P 500 technology index was up 1.3 percent, leading gains among the 11 major S&P sectors, while the trade-exposed industrials index climbed 0.6 percent.

The Dow Jones Industrial Average rose 181.18 points, or 0.7 percent, to 26,031.81, the S&P 500 gained 17.79 points, or 0.64 percent, to 2,792.67 and the Nasdaq Composite added 67.84 points, or 0.91 percent, to 7,527.55.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 22, 2019. REUTERS/Brendan McDermid

All three indexes registered gains for the week, with both the Dow and Nasdaq posting a ninth week of increases.

The number of New York Stock Exchange and Nasdaq stocks hitting 52-week highs hit 367, the most since mid-September and outnumbered those hitting year lows by the widest margin in six months.

Stocks briefly pared gains after U.S. officials briefed on the negotiations said more time is likely needed in the talks given China’s resistance this week to American demands for specific steps by Beijing to end forced transfers of U.S. technology and certain other policies.

Afterward, President Donald Trump said there was a very good chance the United States would strike a deal with China to end the trade war, and that he was inclined to extend his March 1 deadline to reach an agreement.

“Right now the downside risk has been not as steep, but there’s always a concern that something happens last-minute,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

“Having a Chinese economy that stabilizes is constructive for global markets,” she said. “That’s what is key in terms of the market looking at the results.”

Kraft Heinz Co tumbled 27.5 percent, and was the biggest drag on the S&P along with a 1.7 percent fall in Class B shares of the company’s controlling stakeholder, Berkshire Hathaway Inc.

The packaged food company posted a quarterly loss, disclosed a Securities and Exchange Commission probe and wrote down the value of its iconic Kraft and Oscar Mayer brands.

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Advancing issues outnumbered declining ones on the NYSE by a 2.99-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored advancers.

The S&P 500 posted 64 new 52-week highs and three new lows; the Nasdaq Composite recorded 112 new highs and 21 new lows.

About 6.9 billion shares changed hands on U.S. exchanges. That compares with the 7.3 billion-share daily average for the past 20 trading days.

Additional reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Jonathan Oatis

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FCA sets $14 million annual target compensation for CEO Manley: filing

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FILE PHOTO: Fiat Chrysler Automobiles (FCA) CEO Mike Manley arrives at the memorial service held in honor of former CEO Sergio Marchionne in Turin, Italy, September 14, 2018. REUTERS/Massimo Pinca/File Photo

DETROIT (Reuters) – Fiat Chrysler Automobiles NV (FCA) has set an annual compensation target for Chief Executive Officer Mike Manley consisting of pay, cash and equity bonuses of $14 million, the automaker said in a regulatory filing on Friday.

Manley took over as the head of FCA last July after the abrupt departure of his predecessor Sergio Marchionne. The company paid its new CEO 600,442 euros ($680,240) for 2018 and he will receive a bonus for 2018 of $367,000 to be paid this year.

Manley also was granted FCA 180,364 shares for his work in 2018, which will vest in 2019 if the company meets certain targets. The fair value per share on the date those were granted was $16.61, FCA said.

His target annual compensation consists of a base salary of $1.6 million, and a bonus of $2.4 million and an equity award valued at $10 million, both linked to the company hitting certain performance targets.

Former CEO Marchionne received 6.6 million euros in compensation for 2018, which consisted of nearly 2 million euros in base pay and an annual bonus for 2017 of just over 4.6 million euros.

For the 2014 to 2017 time period, Marchionne also received 2.8 million FCA shares. The fair value per share was $14.84, FCA said.

FCA chairman John Elkann received a base salary of 1.7 million euros and no annual bonus.

Reporting by Nick Carey; Editing by Sonya Hepinstall

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Flattening U.S. yield curve in late 2018 ‘flashing red’ on economy: Fed’s Williams

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President and Chief Executive Officer of the U.S. Federal Reserve Bank of San Francisco, John Williams, addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann/File Photo

NEW YORK (Reuters) – A flattening U.S. yield curve in December, which was close to being inverted, was “flashing red” about a deceleration in U.S. economic growth heading into 2019, despite some solid data at the time, New York Federal Reserve President John Williams said on Friday.

The yield curve flattens as the gap between short and long-dated yields narrow, suggesting investors’ worries about a slowing economy.

The yield curve inverts when shorter-dated yields rise above longer-dated ones. An inverted yield curve has preceded all U.S. recessions in the past 50 years.

Williams was giving closing remarks at a conference about quantitative tools, jointly sponsored by the New York Fed and the Atlanta Federal Reserve.

Reporting by Richard Leong; editing by Diane Craft

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