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Analysis: Bitcoin Surges Back to $7500 as Altcoins Remain Bullish

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The cryptocurrency segment continued expanding today, and the negative correlation between altcoins and Bitcoin broke down finally, as all of the major coins gained ground. As Bitcoin climbed back towards its all-time high above the $7500 price level, the total value of the coins hit $205 billion for the first time ever.

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The possible head-and-shoulders pattern that we have been monitoring in BTC broke down, as the fears regarding the coming hard fork subsided, and the coin left the vicinity of the $7000 level. While the long-term picture remains severely overbought in the coin’s market, the short-term momentum is still neutral, and the rising trend is intact. Support levels under $7000 are found at $6700, $6000, and $5800.

BTC/USD, 4-Hour Chart Analysis

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Several altcoins are having a great day, with IOTA being up by almost 20%, Dash moving above the $300 level, while Litecoin, Monero, and Ripple also showing strength. Ethereum is among the weaker coins, although it recovered most of yesterday’s spike lower, while ETC is still consolidating its recent explosive move. With a lot of interesting setups developing, let’s see the detailed short-term analysis.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still trading in the dominant range between $285 and $315, as it failed to follow the bullish move in altcoins, although the long-term trendline and the lower boundary of the range held the coin up yesterday. The token is still expected to break-out towards the $330-$350 zone and the $380 level, but short-term traders should wait with opening new positions until a confirmation.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin touched the $64 resistance, the next main target for the coin, but so far it held back the advance despite the encouraging break-out. The short- and long-term picture both remain bullish with no overbought readings on either time-frames. Crucial support is found at $56, $53, and $51 while another target is found near the $75 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash quickly spiked up to test the $330 level after breaking out from the declining trendline, as we expected, but the key resistance caused a sell-off on high volume. Despite the pull-back we expect further advance from the currency with the next target at $360, and the all-time high ahead just above the $400 level.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still trading inside the low-volatility range around the $0.2050 level, while still being neutral on all time-frames. The coin faces resistance in the zone around the $0.2250 level, at $0.26, and near $0.30, but the long-term setup remains bullish. Support levels are below the current price near $0.1950, at $0.18, and at $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic settled down near $14 after the brief but steep pull-back that developed following the recent break-out, with the bullish short-term picture remaining intact. The next target for the move is found at $16, with further levels ahead at $18 and $23. In the case of a failed break-out, support is found at $12.50 and $11.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still testing the massive resistance zone around the $100 level in a choppy fashion, but a move towards $125 is expected soon. The coin is still among the most bullish altcoins, and a re-test of the all-time highs just above $150 is also likely during the current upswing.  Strong support levels are still found at the bottom of the dominant trading range near $80, and below that at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO remains stuck between the crucial $25 and $27 levels, despite today’s spike above the zone and the bullish moves in the segment. That said, we expect a move above $30 soon, with targets at $34 and $40. The $25 level is the line in the sand for bulls, but for now, investors could still add to their positions here.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA finally made its move towards the closely watched zone between $0.45 and $0.48, as it surged past the declining trendline and triggered a short-term buy signal. Despite the explosive move, investors could still also add to their positions, as the long-term picture remains encouraging after the lengthy consolidation. Targets ahead are at $0.56 and near $64, while support is found at $0.42 and $0.35.

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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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