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Analysis

Selections at the Discount Buffet

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We’ve seen huge sell-offs in numerous cryptourrency markets, including NEO and Litecoin, both of which are long-time Chinese favorites. Many people are accurately analyzing the situation as a market reaction to the news of renewed Chinese regulation in the cryptocurrency space, especially regarding ICOs. That NEO is built to facilitate other tokens has steeply effected its price, dragging it beneath the $20 mark at time of writing.

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We would say that these are discount coins if you are already holding NEO, and perhaps a good entry point if you are not yet holding them. It seems evident that the news of Chinese regulation has shaken many coins lose from weak hands which would be directly affected by such changes to regulation. Big Brother has long arms and deep pockets for chasing down financial bad guys, so it’s understandable why so many would rush to the exit sign at the first whiff of regulation.

But the shakeout has made for a feast for the long-term NEO trader, and even provided short-term opportunities for people who have so far held off on NEO. The upcoming Red Pulse token offering is likely to increase the value of NEO as a whole regardless of what markets are unable to participate in the ICO, as those same markets will still have demand for the tokens at a later time such that they have become available.

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Litecoin

Meanwhile, Litecoin has also fallen back to a good-buy range, dropping from a recent all-time-high of over $90 to just over $60 at time of writing. Long-term, the demand for Litecoin is likely to mirror that of Bitcoin and other cryptocurrencies, and so we can see a good buying opportunity with LTC as well.

Seems it’s discounts all day at the coin massacre buffet. Bear traders may be reveling in the shake-up, but ultimately everyone has certain bags they can fill in the melee. In the short game it’s easy to lose sight of the horizon, especially when you’re losing your shirt, but overall this market remains so young that any short-term losses really can be solved simply by holding fast – at least when we’re talking about coins which have fundamental long-term value.

Not, as it were, tokens based on the actions of specific companies or individuals, as we have in the ICO market. There, we experience a much more stock market-crash like effect when things go sour, so we must be even more vigilant.

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5 Comments

5 Comments

  1. Inverstor Clouseau

    September 5, 2017 at 3:59 pm

    “The upcoming Red Pulse ICO” is cancelled!

  2. beaupain

    September 5, 2017 at 6:00 pm

    Has the POSTPONEMENT of the upcoming RedPulse ICO (not cancellation) has an impact on NEO, do you think, PH ? S

    • Inverstor Clouseau

      September 5, 2017 at 9:22 pm

      Yes. That was a point of optomism as NEO’s practical worth was going to be proven. Now we’ll probably settle here for a while due to (undeserved) pessimism, in stead of the jump we would have seen.

    • P. H. Madore

      September 5, 2017 at 11:34 pm

      Yes, absolutely. I only just saw this news. Looks like NEO buying opportunities will be sustained for awhile, but we also have AdToken adding their platform to the NEO blockchain, so we’ll have to see if that has an effect as well. Unfortunately it’s possible to use both NEO and Ethereum chain on AdToken, so the effect won’t be as great as a system which builds itself entirely on NEO.

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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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