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Daily Analysis: Nasdaq Explodes Higher as Google Crosses $1000

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Friday Market Recap

Asset Current Value Daily Change
S&P 500 2577 0.62%
DAX 12203 -0.45%
WTI Crude Oil 54.17 2.92%
GOLD 1276.00 0.51%
Bitcoin 5764 -1.93%
EUR/USD 1.1610 -0.36%

Amazon, Alphabet (formerly known as Google), and Microsoft all came out with better than expected earnings report in the last two days, and that helped the technology index to a new all-time high. The euphoria surrounding the tech giants seems to be leaving the smaller companies behind, as the benchmark is increasingly reflecting the growth of the leading firms, while the average stock is far from hitting a new all-time high, with only a bit more 60% of the market trading even above the 200-day Moving Average.

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Alphabet (GOOG), 4-Hour Chart Analysis

The Euro remained under pressure, with the dovish ECB-tapering still being the main focus, although the chaotic events in Catalonia also weighed on the common currency. European equities, on the other hand, barely budged on the constitutional crisis, with the DAX closing the day on yet another new all-time high. The Dollar’s rally wasn’t a broad one, as the Yen, the Aussie, the Canadian Dollar, and the battered New Zealand Dollar all gained ground on the Greenback, despite the better than expected advance GDP print. Crude oil and gold both had a positive session, despite the strength of the Dollar, and the WTI oil contract hit a new 7-month high amid the Middle East tensions and the positive growth numbers.

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EUR/USD Daily Chart Analysis

Cryptocurrencies

The segment had a very quiet and slightly bearish day, as Bitcoin remained in the center of attention after yesterday’s strong rally. Altcoins were little changed despite the pull-back in the price of the most valuable coin, as Ethereum, Ripple, and Litecoin all managed to hold up with only minuscule losses. Dash, Monero, and Ethereum Classic were among the relatively weak currencies, while IOTA had a volatile ride starting off with a large drop, but finishing the day higher after a healthy rebound. Bitcoin Cash and NEO performed better than the average, but BCH is still stuck in a grueling downtrend despite the recent rally. All in all, the market is stable before the weekend, and the long-term picture remains encouraging for most of the majors.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The tech benchmark gained a whopping $200 billion in market cap just thanks to the five biggest companies (more than all of the cryptocurrencies combined), and it rocketed to a new all-time high, with the S&P 500 following in suite. With the short-term uptrend still being intact, the internal weakness remains only a secondary warning, but we still expect a deeper correction in the coming weeks.

NASDAQ 100, 4-Hour Chart Analysis

Key Economic Releases on Friday

Time, CET Country Release Actual Expected Previous
14:30 US Advance GDP 3.0% 2.7% 3.1%

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
1:50 JAPAN Retail Sales 2.3% 1.8%
9:00 GERMANY Retail Sales 0.5% -0.2%
Tent. GERMANY Prelim CPI 0.1%
10:00 SPAIN Flash CPI 1.7% 1.8%
10:00 SPAIN Flash GDP 0.8% 0.9%
14:30 US Personal Spending 0.8% 0.1%

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. 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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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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