The crypto-market is still dominated by the long-term correction pattern that keeps Ethereum’s and Bitcoin’s price in narrow ranges for almost a week now, with no significant moves in the two most valuable cryptocurrencies after last week’s strong decline and quick rebound. The smaller coins are now diverging from the majors and each other after moving together for several days.
With the break-outs of Litecoin and Dash, “rotation” between the coins is back and that could mean that some of the currencies will make a move soon even of ETH and BTC continue to trade sideways. That said, more consolidation is still possible for the smaller coins, as corrections usually happen in price and in time as well. Today we take a look at Stratis, Bitshares, Zcash, Steem, and Antshares, while tomorrow we will analyze IOTA, Waves, Digibyte, Siacoin, and Dogecoin.
Stratis/BTC, 4-Hour Chart Analysis
Stratis is still inside its consolidation pattern that has been dominating the coin’s market, and although the key support near the 0.00215 level held during last week’s broad correction, the declining trendline is also intact. The MACD is still showing neutral readings, with resistance found at 0.0025 and above that near the 0.0029 level.
ZEC/USD, 4-Hour Chart Analysis
ZEC remains under pressure as the currency started its correction later than most of the coins, still hitting new highs two weeks ago. We still expect more consolidation after the strong moves in ZEC, and short-term traders should remain cautious with new positions, while long-term investors could add to their positions on the dips in both pairs.
ZEC/BTC, 4-Hour Chart Analysis
BTS/BTC, 4-Hour Chart Analysis
Bitshares tried to rally earlier on this week, but the break-out attempt stalled out and the correction still continues in the BTC pair. The coin still hovers around the 0.00009 level, with strong support near 0.00008. The short-term trend is neutral below the 0.00010 level, but the long-term picture remains bullish and investors could still add to their positions in the current range.
Steem/BTC, 4-Hour Chart Analysis
Steem also rallied against BTC earlier on this week, after holding up well in the 0.0006-0.000675 zone during last week. The coin moved higher from the convergence zone of the declining short-term trendline and the value area, signaling buying pressure. The short-term trend is still neutral, but a move above 0.00075 would trigger a new buy signal, with the long-term trend still being bullish.
ANS/BTC, 1-Hour Chart Analysis
Antshares continues to be bullish both short- and long-term, although the short-term consolidation remains intact despite the recent rally attempt. The key support near the 0.0028-0.003 zone that we pointed out held the coin during the correction. Crucial resistance is ahead at 0.0035 if the bullish move continues, while a move below 0.0028 would signal more short-term downside for the currency.
Featured image from Shutterstock
Daily Analysis: Dollar Falls, Gold Jumps after Yellen’s Final Move
Wednesday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||56.65||-0.68%|
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.
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.
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.
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
|11:30||UK||Claimant Count Change||5,900||3,300||6,500|
|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%|
Featured image from Shutterstock
Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets
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.
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
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
Technical Analysis: Bitcoin Grinds Higher as Records Tumble in Altcoins
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.
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
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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