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Analysis: Ripple, Dash, Stellar Lumens, Bytecoin & Gnosis

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Ripple

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Ripple gave a false break (highlighted) when it closed above the arc.  It was a buy signal which I tweeted, but then price fell back to the arc again.  It happens.  There is a 1×1 from the swing low which should support price at .32 (assuming the bull market is still intact).  Below there is a good place for a stop, IMHO.

DASH

DASH found support at the top of the square and is trying again to penetrate the 4th arc.  A buy signal will be given when/if price closes above the arc.

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Bytecoin

I looked at this chart the other day in response to a readers query (BCNBTC). At the time I thought that it might take a couple weeks to recover, but just two days later it is testing the ATH again.  The 5th arc is close though at 25.  Alas, Kraken does not support this coin so I won’t cover it very often.

Gnosis

This coin doesn’t get much coverage, so it has not been on my radar screen.  But I see it has done quite well. 5th arc approaches at ~ $230

Stellar Lumens

XLM has been a bit of a mystery to me.  IMHO it was clearly a coin to be in.  It has been moving up steadily for weeks, but even when it was flirting with an all time high it was still getting no volume.  I almost gave up on it.  I actually entered a sell order last night before I slept.  But then I looked at the chart again and decided to cancel the sell order, because the chart was simply too bullish to sell.  Then I woke up to see a new ATH and a 5th arc in sight at ~ .075.  Life is good…

Remember:  The author is a trader who is subject to all manner of error in judgment.  Do your own research, and be prepared to take full responsibility for your own trades.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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20 Comments

20 Comments

  1. [email protected]

    May 22, 2017 at 5:54 am

    Hi Jim,

    Think the heading is in error….suppose to be Monero instead of Stellar?

    • Edward Talliot

      May 22, 2017 at 6:00 am

      Hello, it is “Stellar Lumens” not Monero. Changed!

    • moneymagnet666

      May 22, 2017 at 10:02 pm

      Thanks Hacked, based on your prediction, i can profit more $2,000,000.00 within 2 month.

      • Edward Talliot

        May 22, 2017 at 11:48 pm

        Hello,

        Didn’t quite get you? 🙂

  2. SimonDavidL

    May 22, 2017 at 5:56 am

    Is there a type there at the last paragraph?

  3. Parentesi

    May 22, 2017 at 6:12 am

    Hello Jim
    I think you meant XLM and not Monero at the end, right?
    I almost made the same thing, but stayed in… and then. ^_^

  4. leveler

    May 22, 2017 at 6:17 am

    So, Now I need to buy more ripple or not?
    and if i have ripple, i need to sell ripple or keep ripple more?
    regards

  5. foryou

    May 22, 2017 at 7:11 am

    Great inputs again Jim, and I like that you keep updating through tweets too, that is helpful. I just wanna need your help on understanding that how far will DogeCoin go before it dips, it has been increasing steadily for sometime now. Your reply will be appreciated.

  6. And

    May 22, 2017 at 9:39 am

    Jim,
    what do you think about ETH. It looks like it is over 5th arc … Do you suggest new target? Thanks!
    And

  7. jurajf

    May 22, 2017 at 10:29 am

    guys which kind of indicator are those arcsplease ? its fibo arc?

  8. eb

    May 22, 2017 at 1:23 pm

    What about STR?

  9. umer_majid

    May 22, 2017 at 4:31 pm

    Hi Jim. I caught the dash rally today because your analysis gave me the confidence to go for it. Thank you very much. I look forward to your analyses every day.

  10. myndtrick

    May 22, 2017 at 6:09 pm

    All the altcoins have dropped significantly in the past few days. Is it safe to assume it is because of BTC/ETH rally? If so, what should we do with the current holdings of altcoins?

    • Jim Fredrickson

      May 23, 2017 at 12:09 am

      Money seems to be fickle these days, but in the end these corrections are necessary and good in any market. If you are not leveraged you can wait them out. If you are leveraged you must be very vigilant.

      • myndtrick

        May 23, 2017 at 11:21 am

        Thanks!

        I was wondering, do you know any website where we can download raw historical data in a csv format for the cryptocurrencies, as on poloniex/bittrex, I can’t.

        • Jim Fredrickson

          May 23, 2017 at 11:28 am

          if you find such a tool, please tell me too 🙂

  11. Angie

    June 4, 2017 at 3:28 am

    Hi Jim,
    I bought BCN after reading your comments . It has not moved for 2 weeks and I was wondering what your predictions for this coin in the short term and long term.
    All your other predictions have been spot on and I am happy with my profits. BCN is the only one that has me confused. Any advice you can offer would be greatly appreciated.

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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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