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Analysis

Cryptocurrencies Hold Above Panic Lows after Bounce

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After yesterday’s emotional bottom, the major coins experienced a strong bounce, followed by a decline today in early trading. While Bitcoin dipped below yesterday’s low, Ethereum and several other majors remained above it signaling a less correlated decline that is a bullish sign. Although the coins remain in short-term downtrends, the oversold readings on the momentum indicators and the long-term charts, which are turning neutral, are both suggesting a tradable bottom.While more volatile sideways action is possible here, short-term long positions could be opened to ride the bounce.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

All dips below the $2350 level were aggressively bought in the last two days, as the currency held up well compared to ETH and the smaller coins. The MACD indicator might be turning bullish, and a rally above $2450 could open up the way to a test of $2600. A decline below $2350 could still lead to a test of $2150 but the short-term downtrend could be broken soon.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum didn’t test yesterday’s lows, as buyers stepped in on higher levels today, and that could be the beginning of a durable bounce in the price of the coin. Short-term long positions could be opened on a dip to below $230 again, as we expect the $200 level to hold in the coming days.  The targets of a bullish move are at $275 and $300, with the short-term MACD being close to a bullish cross.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin successfully tested the $35 level after dipping below the prior all-time high near $38, and the coin looks to be set to rally back above the $40 level int he coming days. The MACD is likely turning higher in concert with the other majors, and last week’s break-out remains intact considering the long-term picture.

Ripple

XRP/USD, 4-Hour Chart Analysis

Technically speaking, Ripple was the least affected by the decline, as the coin only returned to its prior trading ranges in both the USD and the BTC pair after the failed break-out attempt last week, leaving the long-term setup unchanged. Ripple is still in a long-term consolidation, with the MACD indicator barely leaving the neutral territory during the scary crypto-correction.

XRP/BTC, 4-Hour Chart Analysis

Dash

DASH/USD, 4-Hour Chart Analysis

The MACD indicator turned bullish first on the chart of Dash, confirming the relative strength of the currency that we noted in recent days. The coin is back above the $150 level which represents the prior all-time high. Dash looks ready to test the upper boundary of the consolidation pattern at $175, with the break-out highs still ahead at $200 before a new all-time high, with the long-term rising trendline still being well below the current rate.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC re-tested the lower boundary of the long-standing consolidation range near $14.50 yesterday and today as well, while bouncing back int the dominant triangle pattern later on this afternoon. The token remains below the crucial $17.75 level, despite the rally but a move about that resistance would open up teh road towards $20 and the prior high at $23.

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4 Comments

4 Comments

  1. magicnipples

    June 28, 2017 at 9:11 am

    You write that Ripple is in long terme consolidation but in the mean time it is a short term buy pick in your recommendations.
    I m confused

    • Mate Cser

      June 28, 2017 at 12:18 pm

      Hi magicnipples, both are correct. The idea is that we catch the short-term move to 0.0016 and then reduce the position and leave the rest as a long-term position to ride the long-term break-out from the consolidation. Hope this helps.

  2. magicnipples

    June 28, 2017 at 12:36 pm

    alright, so i keep my positions on xrp, hope it will do as well as your last crypto tip LTC

    • c.p.casuse9

      June 28, 2017 at 2:55 pm

      Your guidance on LTC and ETH has me at +$7000 after 2 weeks here at hacked – big thanks mate!

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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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Analysis

Technical Analysis: Bitcoin Grinds Higher as Records Tumble in Altcoins

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The historical surge in the segment, which is the second such move this year, continued today, with another round of break-outs in some of the major altcoins and tepid gains for BTC investors. Ethereum, Ripple, Dash, and first and foremost Litecoin was leading the charge, with the recent star LTC topping $300, just after a day of hitting the $200 mark.

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Litecoin defied all odds after reaching extremely overbought readings, and the coin rode the speculative wave, turning exponential, not unlike IOTA and Bitcoin previously. With the coin being stretched in an unprecedented way on all time-frames, investors could even consider selling their core positions at the current levels, as a deep correction is almost granted in the coming period. The first meaningful support level is found at $125, and a re-test of the $100 level is probable during the next major correction.

LTC/USD, 4-Hour Chart Analysis

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Ripple finally ended a long period of relative weakness today, and the only major on a long-term by signal jumped over primary resistance at $0.26 and crossed the $0.30-$0.32 too in the euphoric sentiment. As the coin is not long-term overbought following the 6-month long consolidation, the buy signal in XRP remains intact, with the only major resistance level being found at the all-time high near $0.425.

XRPUSDT/USD, 4-Hour Chart Analysis

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