Nexon, one of the largest gaming companies in South Korea and the world, has announced that it will be acquiring the Bithumb cryptocurrency exchange for approximately 500 billion won, approximately $460 million. South Korean agency Maekyung broke the news, stating that Nexon and Bithumb have officially signed a memorandum of understanding (MOU) to kickstart the process The deal will result in Nexon acquiring a ~65% stake in the Bithumb exchange. Bithumb is currently the largest cryptocurrency exchange in South Korea, so the acquisition may be a natural fit for both companies. Not Nexon’s First Foray Into Cryptocurrency If the deal goes through, this will be Nexon’s third acquisition of a major cryptocurrency exchange. The gaming giant is quickly becoming one of the most dominant players in the crypto exchange space. Nexon also owns other popular exchanges like Bitstamp and Korbit. Bithumb has reportedly been looking to offload ownership to a buyer for some time. Another firm almost acquired it in 2018, though, it may finally have found an ideal buyer in Nexon. The Deal Is Not Guaranteed Although an MOU has already been signed, it doesn’t guarantee that the deal will reach completion. There are still uncertainties surrounding the management practices at Bithumb. South Korea’s Seoul Metropolitan Police Agency investigated the exchange and its chairman Lee Jung Hoon in September. Authorities accused the firm of selling its native cryptocurrency, BXA, without listing the coin. Bithumb allegedly sold 30 billion won in tokens, almost $30 million, causing heavy investor losses after not listing the coin. Institutional Money Pouring In The investment reveals the organization’s confidence in the longevity of the cryptocurrency trading market. Several large international organizations have been investing or integrating crypto trading into their platforms. One such example is PayPal, which recently launched an internal trading platform that allows users to trade major cryptocurrencies like bitcoin and ether. PayPal’s exchange just set a new milestone with $100 million in daily trading volume. This figure is particularly high for a firm that has basically just launched trading capabilities. With all-time high bitcoin prices and ether on the cusp of its own record, capital is likely to continue pouring in. The post South Korean Gaming Conglomerate to Purchase Bithumb for $460M appeared first on BeInCrypto.

The Binance Coin (BNB) price reached a new all-time high on Dec. 29 and has been moving upwards since. BNB should continue moving upwards towards the targets of $50 and potentially near $70. BNB Reaches All-Time High On Jun. 22, BNB reached an all-time high of $39.51. It began a significant downward movement afterward, which lead to a low of $6.38 on Mar. 13. However, it has been moving upwards since. On Dec. 29, it reached a new all-time high and has been increasing, reaching a high of $44.90 to date. The previous resistance area at $39 is now likely to act as support. Chart By TradingViewFuture Movement Cryptocurrency trader @Tradingtank outlined a BNB chart, stating that it’s likely to increase. They gave targets of $46 and $52. Source: TwitterTechnical indicators on the daily time-frame are bullish, supporting the continuation of an upward move, even though the rally is overextended. However, since BNB is trading at an all-time high and there are no resistance levels above the current price, we need to use a fib extension to determine future targets. Chart By TradingViewFurthermore, the two-hour chart shows that BNB is also following an ascending support line, which coincides with the minor $42 support area. As long as BNB is trading above this level, the trend is bullish. Similar to the daily time-frame, indicators on the two-hour time-frame are also bullish. BNB Chart By TradingViewWave Count The wave count suggests that BNB is probably in wave 3 of a long-term bullish impulse (shown in white below), which began in March. A possible target for the top of the entire move is at $69.58, which would give waves 1:3 a 1:1.61 ratio, common in bullish impulses. BNB Chart By TradingViewThe short-term chart shows that BNB is likely nearing the top of sub-wave 3 (shown in orange), while the minor sub-wave count is given in black. The most likely targets for the top of sub-wave 3 are at $46 and $50-$51, found using a combination of fib extensions (orange) and projections (black). BNB Chart By TradingViewConclusion To conclude, as long as BNB is trading above its short-term ascending support line, it should continue rallying towards $50 and possibly $70. For BeInCrypto’s latest Bitcoin (BTC) analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto. The post What’s Next for BNB After Another All-Time High? appeared first on BeInCrypto.

Dollar recovers from a fresh two and half year lowEURUSD Pares Gains Near Trend-LineThe euro currency is down about 0.20% intraday. The declines come right after the common currency rose to a new two and a half year high.However, the test of the trendline from below indicates strong resistance here. For the moment, the current continuation remains questionable.The euro currency will need to post a strong decline and a lower high to confirm the start of a correction.For now, the initial support is near the 1.2215 level. As long as this level holds, the upside bias in the euro remains intact.The Stochastics oscillator is also quite overbought and gives scope for further declines in the common currency.The British pound sterling is seen giving back the gains made on Tuesday. This puts price action to trade rather flat but increases the downside bias.On the short term charts, the formation of a lower high indicates that the pound sterling could push lower.However, prices will contend with the initial support level near 1.3506. As long as this level holds, there is scope for the GBPUSD to make gains.However, if prices close below this level convincingly, then there is scope for a continuation to the downside.This will bring the sideways range of 1.3500 and 1.3100 back into focus.Oil Gains As Saudi Cuts OutputWTI crude oil touched $50.00 a barrel on Wednesday in the early Asian session. The gains came after the OPEC+ meeting saw Saudi Arabia cutting oil output by one million barrels per day.The rise to $50.00 marks the first time testing this level since February 25, 2020. For the moment, price action is seen retesting the rising trendline from below.If the trendline holds, then we expect to see a possible reversal off the $50.00 handle.A breakout above the trendline could see further gains likely. However, for the moment, oil prices could consolidate between the 50.00 and 47.00 price levels.Gold Price Retreats Off 1950 ResistanceThe precious metal once again failed to breakout above the key 1950 level of resistance.Following the failure, gold prices lost close to 2.30% intraday. The declines push gold prices back to the key support level near the 1900 – 1911 price area.As long as this support level holds, gold is likely to post a rebound.However, if price closes convincingly below the 1900 level then that could potentially put an end to the current rally.For the moment, the bias in gold prices remains mixed.

Liquidity on the world’s most popular decentralized exchange, Uniswap, has skyrocketed despite a massive surge in gas prices. It seems that cryptocurrency traders can’t get enough of token swapping as decentralized exchange popularity continues to grow and eat the market share of their centralized cousins. Uniswap suffered a major liquidity decline when yield farming incentives ended in mid-November 2020. A governance vote was carried out and the decision was not to extend them, resulting in an exodus from the DEX. Fast forward six weeks and that liquidity has returned despite the lack of yield farming pools on the platform. Uniswap Liquidity Tops $3 Billion Uniswap founder Hayden Adams noted the achievement stating that liquidity had surpassed $3 billion and was approaching its all-time high. According to the exchange’s own analytics, that number was $3.36 billion on Nov. 13.   Liquidity on @UniswapProtocol just passed $3.1b, approaching an all time high This time without any UNI liquidity mining incentives Just hundreds of thousands of real users generating millions of dollars in daily trading fees ($14.1M this week) pic.twitter.com/w8OpIK9gXV— Hayden Adams (@haydenzadams) January 6, 2021The liquidity spike began on Jan. 2 and a billion dollars was added over the next five days according to those charts. The top pair on the DEX is wBTC/ETH generating $43 million in volume and $129,000 in trading fees over the past 24 hours. Without any token farming incentives, liquidity providers only get a share of the 0.3% trading fee for their respective pools. 24-hour trading volumes are currently around $750 million according to Uniswap. Better yields can be found elsewhere, but Uniswap still appears to be the preferred choice for token swaps. DeFi Pulse reports slightly different figures with a total value locked of $2.65 billion, but the trend and chart pattern is similar. It also reports that the TVL figure has increased by 7.6% over the past 24 hours but the amount of ETH locked continues to decline. The surge in DeFi activity, and Ethereum’s pumping prices, has added to the gas crisis as average transaction fees hit a record high of $16 on Jan. 4 according to BitInfoCharts. Fee costs have retreated a bit since and the analytics website is currently reporting the average fee at around $9, which is still very painful for anyone not shifting large quantities. UNI Price Update Uniswap’s native UNI token has been flying recently, along with the rest of the cryptocurrency market. UNI prices are flat on the day at $6.24 according to Coingecko but have made an impressive 50% over the past seven days. Prices for the DEX governance token are now not far off its all-time high of just over $7 which came in mid-September when its token farming incentives were launched. The post Uniswap Liquidity Surges to $3 Billion Amid Gas Price Crisis appeared first on BeInCrypto.

The DASH price has broken out from a long-term resistance area but has failed to initiate a significant upward move. While DASH has bounced at a crucial support area, it has yet to confirm a bullish trend. Long-Term Breakout DASH had been following a descending resistance line since Jun. 2018, when it was trading at $225. After four unsuccessful breakout attempts, DASH finally moved above this line at the beginning of Nov. 2020 and is currently in the process of validating it as support. Technical indicators are relatively bullish, even though the MACD appears to have lost some strength. If DASH continues moving upwards, the next resistance areas would be at $135 and $175, respectively. Chart By TradingViewCryptocurrency trader @Mesawine1 outlined a DASH chart stating that DASH has broken out from a descending resistance line and validated it as support afterward. The line coincides with that which we have outlined, and DASH has indeed broken out. Source: TwitterStill Waiting on a Bullish Trend The daily chart provides the first support area at $85.5, the 0.618 Fib retracement level of the entire upward move. DASH has bounced three times on this support area, most recently having done so on Jan. 4. While the bounce here possibly suggests that the correction is done, technical indicators aren’t yet bullish. On the contrary, the Stochastic Oscillator has made a bearish cross, and the RSI is below 50. Chart By TradingViewUntil DASH breaks out from the short-term descending resistance line and/or reclaims the $98 area, we cannot consider the trend bullish. Nevertheless, unlike the daily time-frame, indicators on the lower two-hour time-frame are bullish. DASH Chart By TradingViewWave Count The wave count suggests that DASH is in a long-term wave 3, which began with the March low (shown in white in the image below). Currently, DASH seems to have completed sub-waves 1-2 (shown in orange) and is possibly in sub-wave 3. A likely target for the top of the move is between $173 and $177, found using the Fib extension of wave 1 (white) and external fib retracement of wave 2 (black). Furthermore, this target coincides with the long-term resistance area outlined in the first section, making it a likely target for the top. A decline below the wave 2 low at $62.4 would invalidate this particular wave count. DASH Chart By TradingViewConclusion To conclude, DASH should eventually begin an upward move towards $173 – $177. However, there are no signs that the upward move has begun, thus making it possible that DASH will continue consolidating before eventually beginning to move upwards. For BeInCrypto’s latest Bitcoin (BTC) analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto. The post DASH Breaks Out but Struggles to Sustain Rally appeared first on BeInCrypto.

Long-running cryptocurrency exchange ShapeShift has announced the integration of decentralized protocols in a fundamental shift to its business model. The change allows the exchange to do away with the controversial Know-Your-Customer (KYC) checks added in 2018. Under the previous model, ShapeShift itself was the counterparty to all trades. Advances in exchange protocols, like those underlying popular decentralized exchanges (DEXs), allow trading directly between platform users. With ShapeShift integrating such protocols, it no longer needs to collect user data. ShapeShift Reverts to Non-KYC Model Earlier Wednesday, ShapeShift founder and CEO Erik Voorhees announced the radical shift. As detailed in a Medium post, the cryptocurrency exchange will no longer require users to submit personal information to trade on the platform. Tomorrow is here https://t.co/4y1ril0ftc— Erik Voorhees (@ErikVoorhees) January 6, 2021The post explains the founding of ShapeShift in the wake of the 2014 Mt. Gox hack. Its goal was to reduce counterparty risk for those trading digital assets. ShapeShift’s model allowed users to trade directly from their own wallets. By contrast, centralized exchanges require traders to first deposit to the platform. This places their assets at the mercy of the trading venue’s own security. In the years since ShapeShift’s founding, numerous security breaches at trading venues has put users’ assets and personal information at risk. Until 2018, ShapeShift neither custodied user assets or collected their data. In Sept. 2018, ShapeShift announced the inclusion of KYC checks to its services. The company attracted immense criticism from cryptocurrency observers at the time: Oh I agree, but then you still have the option to shut your business down (in jurisdictions where necessary) or become a KYC honeypot. I have no issue with exchanges doing KYC/AML. Shapeshift's business model was that it was free of that.— WhalePanda (@WhalePanda) September 5, 2018In Wednesday’s post, Voorhees explained that this former business model had placed it under the purview of the Bank Secrecy Act, forcing it to collect user data. ShapeShift CEO: KYC Dissolves the Privacy of All Individuals Voorhees’ post suggests that the CEO is strongly opposed to the collection of user data. Describing such practices as “dangerous,” he cites the 20 million people that suffer from identity theft each year in the United States. Indeed, leaked user data recently grabbed cryptocurrency headlines. As BeInCrypto previously reported, a 2020 security breach at the hardware wallet manufacturer Ledger resulted in victims receiving death threats over the Christmas holidays. The post further explains that KYC data collection is “ineffective”  and that he finds it “plainly unethical.” He writes: “KYC dissolves the privacy not of certain specific individuals accused of wrongdoing, but the privacy of all individuals, none of whom have been accused of anything.” Shift Towards Decentralization Already Begun As part of the announcement, Voorhees revealed that trading support for Ethereum and ERC-20 tokens under the new model was already live. He added that the company would extend the service to bitcoin and “several other leading chains” during Q1 2021. Trading of non-ETH assets will continue for a period under the old model. However, users wishing to do so will still need to prove their identities. Voorhees added that the company hadn’t given up in the fight against “bad guys” and “sinister activity.” ShapeShift will reportedly continue to collaborate with those in the industry monitoring for illicit activity but says KYC checks are an ineffective way to do so. The post ShapeShift Removes KYC Requirements with Decentralized Protocol Integration appeared first on BeInCrypto.

Has alt season arrived? It just might have. Stellar Lumens (XLM) has appreciated dramatically over the past week. Before altcoin season commences, bitcoin and ether may need to see drastic price increases. Bitcoin has already broken the $35,000 handle for the first time, and ether is up over 50% in the last week. Although the number one and two cryptocurrencies have been stealing the show, Stellar’s XLM token has been the biggest gainer of the week, by far. In the last seven days, XLM is up over 140%, increasing its price by over 90% in the last 24 hours alone. According to CoinGecko, an online cryptocurrency market capitalization aggregator, this makes XLM the top-performing cryptocurrency out of the 100 largest tokens. What Caused the Recent Price Spike? It’s hard to pinpoint what caused XLM to take off, as there have been few announcements that would point to such a massive increase in growth. The US Treasury of the Office of the Comptroller of the Currency (OCC), the largest US-based banking regulator, recently issued guidance on banks using stablecoins for settlement. Some users think Stellar is particularly positioned well for adoption. Since the announcement doesn’t point to any specific blockchain protocol, those users are mostly just speculating, though. XLM massively appreciating this week against the dollar | Source: TradingViewWhat is Stellar and XLM? The Stellar network is a decentralized, open-source protocol that allows cross border transactions between any pair of currencies. Its native cryptocurrency, XLM, is a governance token that serves as a reward mechanism for users who help secure the network. As the ninth-largest cryptocurrency by market capitalization with a current valuation of almost $9 billion (according to CoinGecko), the Stellar network is one of the biggest players in the blockchain space. Managed by the Stellar Foundation, a non-profit oversight board, Stellar is looking to position itself as an easy and accessible bridge between cryptocurrency and fiat currencies. Since the inception of the Stellar network in 2015, the network has processed over 450 million unique transactions made by over four million individuals. With Stellar’s open-source and decentralized technology, both small-sized developers and gigantic conglomerates can take advantage of the network to potentially increase transaction efficiency. Stellar is looking to continue its mainstream adoption growth by offering users transactions with any currency on the blockchain. It’s unclear whether Stellar will rise at the astronomical rate it currently is, but it may be a project to keep an eye on. The post Stellar’s XLM up Almost 150% in Last 7 Days appeared first on BeInCrypto.

Stocks gained on Tuesday (Jan. 5) after the major indices all sold off to start the year on Monday (Jan. 4).News RecapThe Dow Jones closed 167.71 points higher, or 0.6%, at 30,391.60. The S&P 500 advanced 0.7% and the Nasdaq climbed nearly 1%The Georgia Senate run-off elections on Tuesday (Jan. 5) were the main focus of investors. At the time of publication, Democrat candidate Raphael Warnock was declared the winner over the incumbent Republican Kelly Loeffler for the first Senate seat up for grabs. The other contested seat between Democrat Jon Ossoff and incumbent Republican David Perdue had yet to be called.The balance of power in the Senate depends on these results and markets could be volatile. Many believe that if the Democrats sweep the Georgia seats and win control, then higher taxes and progressive policies could hurt the market. On the other hand, others believe that a Democrat sweep could bring on larger and quicker stimulus relief.Better-than-expected ISM U.S. manufacturing data came in and helped stocks higher. According to the ISM, manufacturing rose to 60.7 in December from 57.5 in November. The consensus was that the index would slightly decline to 57.Energy stocks led the S&P higher and soared by 4.5% after Saudi Arabia agreed to voluntary production cuts in February and March. Oil giants such as Chevron (CVX) rose 2.7% as a result.Oil futures surged by 4.9% and briefly broke past $50 a barrel for the first time since February.Copper is a precious metal traditionally seen as a leading indicator for the global economy. On Tuesday (Jan. 5), it hit its highest level in nearly eight years and gained more than 2%.Gold also reached an 8-week high due to more declines from the dollar.Boeing (BA) was the best-performing Dow stock and gained 4.4%.U.K. Prime Minister Boris Johnson on Monday (Jan. 4) announced a national lockdown to slow the spread of a new, more contagious, coronavirus strain. Under these restrictions, people are only allowed to leave their homes for essentials, work (if they can’t from home) and exercise. Most schools, including universities, will also move to remote learning.According to data compiled by Johns Hopkins University , more than 85 million COVID-19 cases have been confirmed globally, including 20.8 million in the U.S. and 2.7 million in the U.K.Meanwhile, over 5 million people in the U.S. have now received a COVID-19 vaccination.After stocks sharply dropped on Monday (Jan. 4) to kick off 2021, widespread gains on Tuesday (Jan. 5) offset some of these losses. While Monday (Jan. 4) was the first time since 2016 that the Dow Jones started a year off with declines, two major catalysts sent the major averages higher: the oil production agreement reached between OPEC and Russia, and better than expected manufacturing results from December.This tug of war between good news and bad news can be expected in the early part of this new year. Although Monday (Jan. 4) witnessed a sharp pullback (and in my opinion, a predictable one), Tuesday (Jan. 5) witnessed a reversal. In general, though, I still believe that markets have overheated and that between now and the end of Q1 2020, a correction could likely happen.Markets have overheated, and I believe that much of the good news ranging from economic stimulus to vaccines has been baked in. Eventually, the reality on the ground will outweigh the positive news in the short-term.National Securities’ chief market strategist Art Hogan put it best in my opinion, saying that he believes we could see a 5%-8% pullback as early as this month. Hogan said that“we have a tug of war between virus news and vaccine news the better part of six months, and that’s been balanced off by stimulus...That seems to be behind us, and right now I think the virus news takes over a little bit.”Additionally, if the Georgia elections on Tuesday (Jan. 5) go as I think they’ll go (Democrat sweep), it could be a short-term catalyst leading to a potential correction. The balance of power in the U.S. Senate is at stake with these elections. Investors are likely to prefer a divided Senate. If the Democrats sweep and wrestle away Senate control from the Republicans, it could leave President Biden’s powers largely unchecked, and enable him to pass more ambitious, progressive, and less market-friendly policies.At the time of this publication, Democrat candidate Raphael Warnock was declared the winner over the incumbent Republican Kelly Loeffler for the first Senate seat up for grabs. The other contested seat between Democrat Jon Ossoff and incumbent Republican David Perdue had yet to be called.According to John Stoltzfus , chief investment strategist at Oppenheimer Asset Management , the S&P 500 could fall by 10% if the Democratic candidates sweep the Georgia runoffs.“It is thought by not just a few folks on Main Street as well as on Wall Street that if tomorrow’s run-off results in a sweep for the Democrats — providing them with control of the Senate as well as the House — that it would bode ill for business with the likelihood that corporate tax rates could rise substantially,” Stoltzfus said.On the other hand, a Democrat sweep could mean potentially larger stimulus packages - and soon.There is optimistic potential, but the road towards normality will hit inevitable speed bumps and uncertainty. This Senate election and the potential market reactions reflect that.If and when a correction does happen, I believe it will be healthy and a good thing. Corrections are normal market behaviors and happen more frequently than most realize. Only twice in the last 38 years have we had years WITHOUT a correction (1995 and 2017). Since we have not had one since March 2020, I believe we are long overdue, and the catalysts are there. Most importantly though, a correction could be a great buying opportunity for what I believe will be a strong second half of the year.While there will certainly be short-term bumps in the road, I love the outlook in the mid-term and long-term once vaccines become more widely available. The pandemic is awful right now, and these new infectious strains are quite concerning. But despite this, I believe the positive manufacturing data released on Tuesday (Jan. 5) is a step in the right direction, especially considering all the restrictions that most countries are living through.The consensus is that 2021 could be a strong year for stocks. According to a CNBC survey which polled more than 100 chief investment officers and portfolio managers, two-thirds of respondents said the Dow Jones will most likely finish 2021 at 35,000, while five percent also said that the index could climb to 40,000.Therefore, to sum it up:While there is long-term optimism, there are short-term concerns. A short-term correction between now and Q1 2021 is very possible. But I do not believe, with conviction, that a correction above ~20% leading to a bear market will happen.The premium analysis this morning will showcase a “Drivers and Divers” section that will break down some sectors that are in and out of favor. As a token of my appreciation for your patronage, I decided to give you a free sample of a “driver” and “diver” sector. Please do me a favor and let me know what you think of this segment! I’m always happy to hear from you. DrivingSmall-Caps (IWM)Figure 1 - iShares Russell 2000 ETF (IWM)After seeing a sharp pullback since Christmas week, the Russell 2000 briefly returned to its winning ways on Tuesday (Jan. 5). The IWM Russell 2000 ETF which tracks the small-cap index witnessed a 1.55% gain - its best day in a while.Although I genuinely love small-cap stocks in the long-term as the world will eventually reopen, I believe that in the short-term the index has overheated. Until the start of this week, the RSI for the IWM Russell 2000 ETF was at an astronomical 74.54. Although the RSI is at a more manageable 62.84, I still believe that the party of seeing vertical gains is over for now.Small-caps in the short-term will be more sensitive to bad news, and right now there is a lot. Vaccine gains have possibly been baked in by now and stocks just don’t go up vertically the way that the Russell 2000 did between November and late December. It is very possible that small-caps in the near-term could trade sideways before an eventual larger pullback. I truthfully hope small-caps decline a minimum of 10% before jumping back in for long-term buying opportunities.For now, SELL and take short-term profits if you can - but do not fully exit positions .If there is a pullback, this is a STRONG BUY for the long-term recovery. DivingUS Dollar ($USD) Figure 2 - U.S. Dollar ($USD)I have zero faith in the U.S. Dollar as a safe asset, even if we may see some short-term volatility and “risk-off” trades. I still am calling out the dollar’s weakness after several weeks despite its low levels. I expect the decline to continue as well thanks to a dovish Fed.Any time the U.S. Dollar rallies, it is simply “fool’s gold.” Since I started doing these newsletters about a month ago, I have consistently said that any minor rally the dollar would experience would be a mirage. Since the dollar briefly pierced the 91-level on December 9th, it has fallen over 1.8%. Despite the dollar experiencing another mini-rally and nearly piercing the 91-level again on December 22, I remained steadfast in my bearish outlook of the dollar. Since the open on December 23rd, the U.S. Dollar has declined another 1.25%. I believed the dollar would drop back below 90 before the new year, and here we are to start off 2021 with the dollar at 89.41. Since hitting a nearly 3-year high on March 20th, the dollar has plunged nearly 13.8% while emerging markets, foreign currencies, precious metals, and cryptocurrencies continue to strengthen. Gold for example reached an 8-week high on Tuesday (Jan. 5)On days when COVID-19 fears outweigh any other positive sentiments, dollar exposure might be good to have since it is a safe haven. But in my view, you can do a whole lot better than the U.S. dollar for safety.I have too many doubts on the effect of interest rates this low for this long, government stimulus, strengthening of emerging markets, and inflation to be remotely bullish on the dollar’s prospects over the next 1-3 years. Meanwhile, the US has $27 trillion of debt, and it’s not going down anytime soon.Another headwind to consider for the dollar is the Georgia Senate election. If Democrats sweep, there could be more aggressive stimulus in the near term. With Democrats controlling both the House and the Senate, more stimulus could be bearish for the dollar.Additionally, according to The Sevens Report , if the dollar falls below 89.13, this could potentially raise the prospect of a further 10.5% decline to the next support level of 79.78 reached in April 2014. With the dollar now at 89.41, we are coming dangerously close.The dollar’s RSI is also nearly oversold once again and is trading significantly below both its 50-day and 200-day moving averages.For now, where possible, HEDGE OR SELL USD exposure.Thank you for reading today’s free analysis. I encourage you to sign up for our daily newsletter - it's absolutely free and if you don't like it, you can unsubscribe with just 2 clicks. If you sign up today, you'll also get 7 days of free access to the premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!Thank you.Matthew Levy, CFA Stock Trading Strategist Sunshine Profits: Effective Investment through Diligence & Care* * * * *All essays, research, and information found above represent analyses and opinions of Matthew Levy, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Matthew Levy, CFA, and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Levy is not a Registered Securities Advisor. By reading Matthew Levy, CFA’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading, and speculation in any financial markets may involve high risk of loss. Matthew Levy, CFA, Sunshine Profits' employees, and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.