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Technical Analysis: Ethereum Cruises Higher as Bitcoin Price Remains Stable

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Yesterday’s break-out in Ethereum was successful, as the second largest cryptocurrency left the vicinity of the long-standing resistance at $400 and posted double-digit gains afterward. The coin didn’t reach our primary target at $475 so far, but despite the overbought short-term momentum readings, the ETH token remains bullish, and we still expect at least the test of the $500 price level in the coming week. Key support levels are found below $400, at $380, and $350.

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ETH/USD, 4-Hour Chart Analysis

As the altcoin rally continued, Bitcoin remained inside the trading range of the past few days, despite a short volatile period. BTC is still within the short-term uptrend, with the MACD indicator being back in neutral territory. That said, the long-term picture is still stretched and we still expect a deeper correction in the currency soon. Key support levels are still found at $7700, $7000, and $6700.

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BTC/USD, 4-Hour Chart Analysis

IOTA is the most active altcoin besides Ethereum, as the coin entered a sharp correction, with Dash, Monero, and Ripple also drifting slightly lower. Bitcoin Cash remained bullish, and Ethereum Classic also broke out from a short-term consolidation, while the rest of the majors are virtually unchanged before the weekend. Let’s see the short-term setups in detail. while Bitcoin Ripple is also attempting another bullish move, while Monero and Dash are consolidating

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is trading close to the $75 resistance after yesterday’s rally, and the coin is still clearly in a short-term uptrend, with the long-term picture also being bullish. The currency faces resistance at $82.50 as well, with the all-time highs also ahead near the $100 level. Crucial support levels are still found at $64, $56, and $53.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade in a narrow bullish consolidation pattern following the recent break-out and the short-term momentum shows a clear correction pattern. The long-term picture is now overbought, and we advise investors to wait until a deeper correction before entering new positions. Key support levels are found at $500, $470, and between the $400 and $410 levels.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple also trades in a narrow, but rather choppy, range as the coin still failed to show sustained bullish momentum, with the key $0.26 level still ahead as a major obstacle. That said, the currency remains on a buy signal on all-time frames and a rally to test the $0.30 level is likely in the coming weeks, with support below the current levels found at $0.2250, near $0.20, and at $0.18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic finally left the zone around the key $18 support/resistance level, and the short-term MACD indicator returned to neutral territory during the consolidation. With that in mind, a rally towards the all-time high at $23 is likely, even as the long-term picture is now stressed, and investors should be looking for exit points for at least a part of their positions. further support below $18 is found at $16 and $14.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continues to closely follow Dash on its way higher, and the two correlated coins are in similar technical positions as well. XMR is in a short-term correction pattern, while being slightly overbought regarding the long-term momentum after its recent rally. We still expect a move towards $200 in the current leg higher, but long-term investors should start reducing their positions and wait for a correction before adding to them again. Strong support is still found at $150 and $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO’s technical setup is unchanged since yesterday, as the coin is still trading just north of the $34 support level after the volatile correction. The long-term setup remains bullish, and we expect a move above $40 soon, with the next major target being at $50 and further support found at $30.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA continued lower after confirming our bearish short-term view yesterday, and the coin not only broke below the $0.75 level, but also violated the rising short-term trend. As the long-term picture remains overbought, we still advise investors to stay away from new positions and wait for a deeper correction. Further support levels are found at $0.64 and $0.56.

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Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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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