Cryptocurrencies Signals: Fresh Outlook for December 2017

Bitcoin Strategy

The most recent gains in Bitcoin were triggered by the launch of Bitcoin futures in the Chicago Board Options Exchange (CBOE). As we are facing historic highs for the cryptocurrency it is challenging to determine whether a reversal is due. We will have to wait for more trading sessions in order to project the trend for Bitcoin.

We can nevertheless provide an intraday signal strategy for BTCUSD.

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Cryptocurrencies Signals: Fresh Outlook for December 2017

BTCUSD 60min Chart 12/12/17

This is an hourly entry, which is more sensitive when compared to longer time frames such as the 4hr or daily chart. Should Bitcoin post an hourly close below 16080 it may pave the way for stronger weakness towards 15,480. Should the price fail to break below 15,480 corrective gains may be seen 16,080, possibly even as high as 16,250 before reversing lower in an effort to break below 15,480.

The objective of the hourly reversal following a break below 15,680 is 14,350, however it may take time despite the recent volatility in Bitcoin.

Ethereum Strategy

Very similar to Bitcoin, Ethereum (ETHUSD) is also trading at historic highs at the time of this writing. We cannot provide a medium-term outlook when the price is at historic levels. We can nevertheless present the intraday signal in the cryptocurrency.

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Cryptocurrencies Signals: Fresh Outlook for December 2017

ETHUSD 4hr Chart 12/12/17

We are using the 4hr chart for conducting our analysis. The price painted a fairly common reversal pattern, which may suggest corrective weakness is due to materialize, targeting 488. However, a successful re-test of 488, which means the price reaching 488 but is unable to post a 4hr close below 488 may provide a buying signal in Ethereum, targeting 560.

Although it may appear to provide a longer term outlook for ETHUSD but we remind it is an intraday time frame rather than a daily or a weekly chart.

Ripple Coin Strategy

Ripple Coin (XRPUSD) is different than Bitcoin and Ethereum.

XRPUSD Weekly Chart

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Cryptocurrencies Signals: Fresh Outlook for December 2017

XRPUSD Wekly Chart 12/12/17

XRPUSD Daily Chart

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Cryptocurrencies Signals: Fresh Outlook for December 2017

XRPUSD Daily Chart 12/12/17

XRPUSD may be on the verge of posting significant gains in the market. Should the price post a weekly close above the resistance line (upper blue line) we may witness a fairly strong rally in the cryptocurrency, beyond 0.4500.

Some traders may look for a daily close above the resistance but a weekly close above tends to provide a firmer signal. Should the priced post a weekly close above the resistance there may some weakness to re-test the breached resistance level before a resumption of the uptrend.

We will keep monitoring the progress to the entry should a breakout materialize. In an event the resistance remain firm it may provide a sell signal in Ripple Coin but again, it must be closely monitored. In an event a bearish signal is provided we will update this page in accordance but at the time of this writing we would like to see if the price is able to post a weekly close above the resistance.

Should the buy signal be affirmed it may take to acquire its target (above 0.4500).

14/12/17 UPDATE: While BTCUSD technical levels may still be used, ETHUSD (Ethereum) ripped through the resistance, which allowed it to post further gains in the market. As the title of the analysis states Ripple Coin is one of our top predictions for 2017. As the bullish flag was affirmed significant gains took place in XRPUSD.

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XRPUSD Trading Signal 14/12/17

XRPUSD Weekly Chart 14/12/17

XRPUSD Technical Strategy 14/12/17

XRPUSD Daily Chart 14/12/17

The spike in both Ripple Coin and Ethereum was triggered by reports South Korea is testing Ripple Coin as a payment method. To our understanding approximately 50% of the trades in XRPUSD are from South Korea.

07/01/18 UPDATE: The rally in Ripple Coin is one of our top predictions for 2017 as the price extended its gains significantly following the technical pattern we discussed in the strategy.

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Cryptocurrencies Signals: Fresh Outlook for December 2017

XRPUSD Weekly Chart 07/01/18


AS THE OBJECTIVE OF THE STRATEGIES HAS BEEN MET THE ANALYSIS IS NOW ACCESSIBLE TO ALL TRADERS



Cryptocurrencies Signals: Fresh Outlook for December 2017