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Daily Analysis: Stocks Levitate with All Eyes on Bitcoin

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Monday Market Recap

Asset Current Value Daily Change
S&P 500 2599 -0.09%
DAX 13000 -0.45%
WTI Crude Oil 57.75 -0.62%
GOLD 1294.00 0.41%
Bitcoin 9759 2.23%
EUR/USD 1.1903 -0.31%

The major US indices traded just shy of their all-time highs today, as volatility remained near its historical lows on Cyber Monday. As Europe and Asia traded lower, with China leading the way south, the US session brought a wave of buying, which was only interrupted by a slight midday sell-off. The daily range on Wall Street resembled the Christmas period as bears are seemingly extinct and the Nasdaq-giants continue to drive the indices higher.

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NASDAQ 100 at All-Time Highs, 4-Hour Chart Analysis

Black Friday sales estimates pushed the shares of Amazon to a new record high, as Jeff Bezos’s wealth recently hit $100 billion, while Google parent Alphabet and Facebook are also trading in uncharted territory regarding valuation, even as a large number of smaller stocks are still left out of the party.

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With the global equity bull still roaring, the less euphoric bond market continues to show divergences, as high yield issues and long-dated Treasuries don’t agree with the optimism of that stock trends suggest at this point. Gold and the Japanese Yen are also showing strength, with the reports on the next possible North Korean missile test also fueling safe haven assets today. So as on the surface everything is stable, the central bank fueled asset price boom might be close to a tipping point,

Gold Futures, 4-Hour Analysis

Cryptocurrencies

Bitcoin took another step towards mainstream recognition today and in recent days, as media attention focused on the most valuable cryptocurrency amid its historic speculative surge towards the magical $10,000 mark. BTC hit a high of $9700, while most of the main altcoins are also at or near all-time highs, with Ethereum consolidating just below $500, another historic price level for the segment. While BTC is severely overbought, picking a top in such a rally is impossible, but when the inevitable correction comes, volatility will likely skyrocket.

ETH/USD, 4-Hour Chart Analysis

Ripple is the weakest among the most valuable coins, trading well below its record high, while Litecoin is edging towards the $100 level. Dash, Monero, IOTA, and Ethereum Classic are near their respective all-time high, while NEO is still trading in its own rhythm, ever since the China crash in September, currently near the $40 level. With the forked Bitcoin Gold and Bitcoin Cash also holding strong, the total value of the market reached $305 billion, as more and more investors get lured into the coins by the stellar gains.

IOTA/USD, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
17:00 US New Home Sales 685,000 627,000 645,000

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
9:00 UK Bank Stress Test Results
15:30 US Fed Chair Elect Powell Speaks
17:30 US CB Consumer Confidence 123.9 125.9

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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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