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Cryptocurrency Analysis: $175 Billion and Counting as Ethereum Classic Breaks Out

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The great bull run in the major cryptocurrencies continues, as all but two of the most valuable coins are up today, with Bitcoin and Litecoin trading on all-time highs yet again. BTC has carried the segment above $175 billion in market cap, as it has been gradually gaining ground since breaking-out above the $4500 resistance. The currency is now hovering around $4800, with the upward momentum still being weaker than on the previous legs higher, that said the short-term trend is still clearly bullish, and those traders who are waiting for a major correction still need to be patient. Below $4500, the coin has support near $4000, $3800, and $3500.

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BTC/USD, 4-Hour Chart Analysis

Ethereum might be the next coin to move to an all-time high, as the ETH token’s price is very close to the key $400 level, as Monero and Dash are also not far off their record levels despite the recent correction phase. Ripple is showing strength once again, and finally Ethereum Classic moved well above the $16 level, possibly starting a durable rally. NEM is also in a good position for further gains, while NEO seems to be in for a sideways period. Generally speaking, there are still opportunities in the current leg higher, but investors should be looking for the less overbought coins, as the rally is already in its latter stages.  Let’s see how the charts look in detail before the weekend.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH investors are still waiting for the token to hit the $400 level for the first time in two month, as despite the overbought short-term readings the coin failed to reach its prior all-time high. The currency remains inside the rising trend, but the risks of a correction are rising, and in the case of a break-out, traders should rather reduce their positions than open new ones. Support levels are now found at $350, $330, $300, and $285.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is the next coin in the line to reach its long-term targets after the lofty gains of the last couple of days. As in the case of Monero and Dash, short-term traders could still play the upswings in the coming period, but long-term investors should be reducing their positions on the rallies, as the coin is now in overbought territory on both time-frames. Crucial support levels are now found near $72, $64, and at $60 and $56.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade in a relatively quiet consolidation just below the all-time high near $400, as the coin cleared the short-term overbought condition, a rally to test the prior record level is possible, but long-term investors should be cautious here, given the huge rally of the previous period. Strong support levels are near $300, at $265, and around $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple continues to trade in a bullish pattern after breaking-out of a short-term correction, and reaching the $0.26 level as we expected. The coin is just below the key resistance, and a move towards $0.30 is likely over the weekend. The currency is still not overbought regarding the long-term picture, and a test of the all-time high above the $0.40 level is still possible during this leg higher. Support is currently found at 0.22, near $0.20, $0.18 and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is breaking-out of a long-term trading range as we speak, and it quickly surged past the $18 resistance level, after leaving behind the key short-term level just above $16. The coin might be ready to test its all-time high near $23, as the “rotation” of the market finally reached it. With the long-term momentum indicators still showing neutral readings, a significant new high is in the cards in the coming week.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading similarly to Dash, just below its recent all-time high, still within a short-term correction pattern. Traders face the same situation with XMR, as the short-term picture is promising after the consolidation, but the long-term momentum readings justify caution after the monster rally. Support levels are still found near $125, at $100, and around $80.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM retreated once again off the 0.000075 level in the BTC pair, although it’s trading above the key $0.30 level against the USD. We still expect the coin to move higher from current broad trading range and test the 0.00009 level in the coming weeks. The coin remains bullish on both time-frames, with support still found near 0.000065, 0.0000575, and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is drifting lower today, in the face of the broad rally, and it seems poised to test the $30 support level once again. The coin is still likely to trade in a range before moving higher after last week’s failed move above $40. That said, investors could still add to their positions on the dips, while traders should wait until a new trend is established.

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5 Comments

5 Comments

  1. Chris G

    September 1, 2017 at 3:32 pm

    Well LTC treated me well overnight, def. backing off until imminent correction occurs …

  2. hrdrok

    September 1, 2017 at 3:46 pm

    ETC still exploding. Dropped out a little early it seems. Over $20 a coin, next in line to pass its ATH it seems.

  3. Chris G

    September 2, 2017 at 1:00 am

    Almost glad to see a little correction in the majors … holy moly

  4. tieuthanhliem

    September 2, 2017 at 11:15 am

    It is funny when you said long term investor need to be patient and it means few hours later.

    By the way, thank you! I liquid all my coin yesterday. Looking to buy back some Bitcoin and Lisk and Ethereum at the bottom.

    • Chris G

      September 2, 2017 at 9:19 pm

      I did the same … liquidated my coin yesterday morning … thank goodness 😉

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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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