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Undecided: Price Analysis of Bitcoin, Ethereum, Litecoin, Ripple, and NEM

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Cryptocurrencies had a very quiet day, with Ethereum’s slide and Ripple’s pull-back defining sentiment. Bitcoin recovered after yesterday’s dip, and finished the US session near the $2700 level again. With financial markets definitely in summer mood, short-term traders might be in for more frustrating days and sudden moves in both directions, as trading volumes thin out. Small cap coins also traded mostly sideways, with the lengthy consolidation patterns being intact.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade between $2600 and $2750, with no clear short-term direction amid progressively falling trading volumes. BTC failed to follow through on Tuesday’s strength but also bounced back encouragingly off the short-term support level. The long-term picture still points to more consolidation or correction so we remain neutral on the currency.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum scared investors and traders with its recent weakness although the current weakness is normal following the stellar rally of the past few months. The $300 level held the coin so far during this consolidation, with only a brief spike below that support last week. The BTC pair is approaching the rising long-term trendline thanks to yesterday’s weakness, probably setting up a good buying opportunity for long-term investors. An ideal setup would b a spike below 0.11 followed by a quick recovery in the trend channel.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin remains the strongest major, as the coin held up well despite the short-term overbought readings that developed after the weekend rally. That said, we expect more consolidation before the resumption of the trend, with a possible test of the 0.015 level against Bitcoin and the $40 support on the Dollar chart.

LTC/BTC, 4-Hour Chart Analysis

Ripple

XRP/USDT, 4-Hour Chart Analysis

Ripple confirmed a failed break-out today as it slid out of the short-term rising trends on both the USD and BTC charts. The coin fell back below the $0.30 level to re-enter the long-term consolidation pattern that dominated trading for several weeks. The 0.00010 support still holds on the BTC chart, but the currency needs to recover above the 0.000115 level to trigger another short-term buy signal.

XRP/BTC, 4-Hour Chart Analysis

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM continues to trade in a persistently weak fashion against Bitcoin, since the brief surge in mid-May. The coin broke its rising long-term trend recently and re-entered the base between 0.000057 and 0.000075. The test of the 0.000065 level now seems likely, barring a quick surge above 0.000084. Short-term traders should avoid the coin for now while long-term investors could add to their positions here.

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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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