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Analysis: Litecoin and NEM Jump on Another Great Day for Cryptocurrency Investors

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The major coins are all in the green today, with Monero, NEM, and Litecoin sporting the biggest gains amid the broad rally. Litecoin is on a new all-time high above the $69 level after several days of consolidation, and the currency looks poised for a test of the $70 level in the coming period, as it remains among the most promising cryptocurrencies concerning the technical setup. With both the short- and long-term uptrends being intact, and as the coin is not yet overbought, there is a good potential for more upside.

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LTC/USD, 4-Hour Chart Analysis

Bitcoin is also trading on a new high all-time again, clearing the $4700 level for the first time ever. Ethereum is now only a tad below its own record high, while Monero and Dash are around 10% off their recent peaks, still trading in correction patterns. Ripple is also on the move, although the fourth largest coin is still well off its May levels, while Ethereum Classic is still stuck near the $16 level, with NEO trading in a volatile range among the relatively weak majors. As the broad now lifted the segment above $170 billion, more than three times the level of the July low, the risks continue to rise and investors should be looking for more defensive positions. Let’s see the short-term setups of the majors.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin crept higher throughout the overnight session and it is now just below $4750, after Tuesday’s break-out above $4500. While the momentum of the rise is still suspicious, and the long-term setup remains hostile, more upside movement is possible in the coming days amid the positive sentiment. We still advise long-term investors to be patient and wait for a deeper correction. Crucial support levels are now found at $4500, $4000, and near $3800 and $3500.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is now just a few percent above the current price level of the token, and a test of the $400 level is likely in the coming days. The short-term uptrend remains dominant in the coin, and although it is getting close to being overbought the currency remains on a buy signal on both time-frames. Support levels are found at $330, $300, and $285, while the rising trendline is currently at $380.

 

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been lifted by the broad rise in the majors today, but it is still within the short-term trading range that developed after the weekend correction. As the short-term trendline is now broken, we still expect the coin to enter a deeper correction soon, with strong support levels at $300, near $265, and around $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is on the move today, as we expected, as it broke out of the volatile short-term consolidation pattern that formed after the recent break-out. The coin now left the vicinity of the $0.22 support/resistance level, and it is now probably headed to $0.26 and $0.30, the next two major resistance levels. Below $0.22 more support is found near $0.20, $0.18 and $0.16. The long-term picture is still near neutral, leaving plenty of space for the currency to rally.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is testing the resistance zone near the $16 level yet again, but it is still unable to leave the long-standing range. The coin remains relatively weak compared to the other majors, despite the encouraging long-term picture. The currency faces resistance near $18 and $23, while the long-term base pattern is still around the $14 level.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero found support near the $125 level again, and it is now trading slightly below $150 again, despite breaking the steep short-term uptrend recently. The short-term momentum readings are back to neutral, but long-term the coin remains overbought, and a deeper correction is likely in the coming weeks. Support levels are still found near $125, at $100, and around $80.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM finally made its move that we have been long expecting today, and it is testing the 0.000075 level, despite the strength in BTC. The coin remains bullish both short- and long-term and a rally to 0.00009 is still likely in the coming period, although the broad trading range is still intact. Support is now found near 0.000065, 0.0000575, and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO settled down somewhat after the volatility of the recent sessions, and the coin is now trading between $30 and $35 in a relatively narrow range. The currency is still bullish regarding the long-term picture, but more sideways price action is likely following the failed move above $40. Above that level, further resistance is ahead near $46, while support is at $30 and $22.

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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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