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Analysis: Bitcoin, Ethereum, Ripple, Litecoin, Dash, and Ethereum Classic Following the Trump-dip

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Cryptocurrencies had another calm day, until the end of the US session, at least, when a tweet from Donald Trump regarding North Korea caused turmoil in financial markets. Altcoins were sold and Bitcoin got bought after the announcement that reignited speculation about a possible “intervention” by the US. Most coins recovered quickly off their lows, but they trade slightly below their prior levels with ETC and Ripple showing strength during the move, while BTC’s price is just above $2700 for now. Before the move, Ripple led the way higher while the other majors were trading in narrow ranges throughout the day. While a risk-off period might be triggered today, we expect it to be a buying opportunity in altcoins rather than a trend change.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin’s spiked above the $2750 level after a low-volatility period, and it is trading right at the key level that corresponds with the may high of the currency. BTC is on a short-term buy signal until it remains above $2650, but the long-term picture is still overbought, warning of caution after last week’s dip.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still in a bullish triangle consolidation pattern despite today’s spike lower, with the support zone near $300 holding on during the dip. The short-term picture is neutral, while the long-term trend is clearly bullish. More consolidation is possible before another sustained move higher, especially if the global news cycle turns negative after today’s events. The BTC pair fell as far as the 0.1125 support before bouncing back higher, but it left the long-term trend intact.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin was also spiked lower today in late trading, and the coin briefly traded below the $40 level, despite trading around $48.50 this morning. The short-term picture is still overbought, and we expect more consolidation before the uptrend could resume. Strong support is found at $38 and below that near $35.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple broke above the $0.30 level in the Dollar pair and above 0.000115 against BTC after a long corrective period, triggering a buy signal. The short-term uptrends remained intact in both pairs despite the spike lower, as the coin bounced back after a relatively shallow correction, leaving the technical setup unchanged.

XRP/BTC, 4-Hour Chart Analysis

Dash

DASH/USD, 4-Hour Chart Analysis

Dash spiked as low as $160 before rising back above the key $180 level, and settling down after the brief volatile period. The coin is still just shy of the all time high at the $200 level, and the long-term uptrend remains intact.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC remained relatively stable during the spike lower, only dropping a few percent lower, with the $20 support strongly holding the token. The $23 resistance, the previous high, remains a meaningful obstacle but the relative strength of the currency is a positive sign, and the long-term technical picture is also clearly bullish.

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Analysis

Daily Analysis: Dollar Falls, Gold Jumps after Yellen’s Final Move

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Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2668 -0.02%
DAX 13125 -0.45%
WTI Crude Oil 56.65 -0.68%
GOLD 1258.00 1.35%
Bitcoin 16,100 -6.32%
EUR/USD 1.1842 0.73%

The Federal Reserve hiked interest rates as expected today, and although the central bank’s monetary statement was slightly more hawkish than expected, the market’s reaction didn’t reflect the much-anticipated move. The worse than expected Core CPI reading that underlined the low-inflation narrative weighed on the recently strong Greenback, while stocks were unchanged after decision and bonds gained ground as yields retreated.

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EUR/USD, 4-Hour Chart Analysis

The major indices are hovering near their all-time highs with the DOW leading the way higher, hitting a new record for the second day in a row. While volatility Is expected to remain low as we approach the end of the year, market internals and valuation levels are still concerning from a long-term perspective, and stocks outside the US are also negatively diverging. The action in crude oil could be slightly more interesting as the commodity is starting to act in a slightly bearish manner after a grinding multi-month rally.

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WTI Crude Oil, 4-Hour Chart Analysis

The Brexit process is still in the center of attention in Europe, although volatility took a nosedive on the old continent as well, and it’s unlikely that the Christmas period will be much different, given the predictable drop in volumes and trading activity. The date of the next election in the financially and politically troubled Italy has been set to March 4th next year, and the early date caused some turmoil in the countries assets, which dragged the Euro Stoxx 50 lower today, together with the DAX and the other major indices.

Cryptocurrencies

As the total market cap of the crypto-market crossed the incredible $500 billion mark, Ripple, NEO, and Ethereum made headlines with lofty gains in the face of the severely overbought readings elsewhere in the segment. While XRP and NEO are still not overbought from an investment perspective, Ethereum reached our final target for its break-out and triggered a long-term sell signal.

ETH/USD, 4-Hour Chart Analysis

The previously surging IOTA continued its correction, Litecoin consolidated in a relatively narrow range, while Dash, ETC, and Monero scored marginal new highs before turning lower together with BTC. The most valuable coin that has lost some of its momentum “mojo” in recent days fell back below last week’s highs, and that could mark a failed break-out and a start of the deeper correction that seems more and more likely.

BTC/USD, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
11:30 UK Average Earnings 2.5% 2.5% 2.3%
11:30 UK Claimant Count Change 5,900 3,300 6,500
11:30 UK Unemployment Rate 4.3% 4.2% 4.35
15:30 US Core CPI 0.1% 0.2% 0.2%
15:30 US Crude Oil Inventories -5.1 mill -3.6 mill -5.6 mill
21:00 US Fed Rate Decision 1.5% 1.5% 1.25%
21:00 US FOMC Statement

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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