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Analysis

Litecoin on the Move as Cryptocurrencies Settle Down and Volatility Shrinks

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The major coins remained inside their short-term ranges during the weekend, and the volatility of the moves declined significantly as we expected. Ethereum and Bitcoin traded very similarly, but Litecoin attempted a breakout late on Sunday, and it is still looking strong this morning.  The smaller coins are generally higher today, and the decline in volatility is a bullish sign for the majors as well, although the declining short-term trends remain intact for now, at least in the case of ETH and BTC. Correlations continued to break down, and that could point to significant moves by some of the smaller coins today.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin continued to trade in the compression pattern that we pointed out on Friday, and it still stuck around the $2500 level after forming a higher low on the 4-Hour chart. A move above $2600 would trigger a short-term buy signal, but for now, the picture remains neutral, with the trendline of the correction still holding on.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is also trading below the short-term trendline after the weekend, despite the Sunday bounce, and the new swing low that formed in the crucial support zone that propelled the coin higher after the first leg down in the correction. The coin remains neutral short-term, as a move above $300 would confirm a new rising short-term trend compared to the Dollar, while the BTC faces resistance near 0.12 and above that at 0.13 as well.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is on a renewed buy signal after breaking above the $44 level this morning, and a test of the previous highs around $50 looks possible in the coming days now.  The long-term uptrend in the currency is intact, and the MACD is after a bullish cross, but still I neutral territory, leaving ample space for a move higher.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash followed the majors lower on Saturday, touching the $160 level before bouncing higher again. The coin remains in the short-term consolidation pattern below the $190 level, with the prior highs just above the current primary resistance. A move above the swing high would likely trigger a rally to new highs above $200, while the most important support level is still near the $150 level, and the rising trendline is well below the current price at $120.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still stuck below the declining short-term trendline as most of the majors, with the weekend bringing no new developments regarding the technical setup of the coin. XRP is still in a long-term consolidation pattern, and traders are still suggested to hold their positions, although the short-term trend is still neutral.

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4 Comments

4 Comments

  1. Chris G

    July 3, 2017 at 3:18 pm

    I set a trading alert on my phone for when the price hit 44, alert went off at 2am EST last night but I fell asleep before hitting the ‘buy’ button … ack!

  2. beckyvn

    July 4, 2017 at 3:11 am

    Hi Chris G,

    What software you used to set the alert of Crypt price ?

    Thank

    • Chris G

      July 4, 2017 at 4:17 am

      I was just using an app called ‘trigger,’ but reasonably should have just set up a buy-stop order for $44 on the gdax trading platform. I managed to get in at $45 though, and we just broke $50!

  3. alphadreams

    July 4, 2017 at 4:21 am

    New high in LTC hit brings positive sentiment into mid-range cryptos

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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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