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Ethereum (ETH) Rally Halts After A Strong Rejection At The 61.8% Fib Level

Ethereum (ETH) rally has come to a halt after the price faced a strong rejection at the 61.8% Fibonacci retracement level. This resistance was expected to hit ETH/USD hard because it could push the price into a descending channel. As we can see, this resistance level at $140.93 has now become a confluence of resistances. Apart from the Fibonacci resistance, there is another strong support turned resistance. When Ethereum (ETH) fell below the trend line (shown in yellow) around 27th Dec, this support line turned into a resistance line. The price has struggled to break past this resistance line in the last...

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Ethereum (ETH) Well Positioned To Rally Before Constantinople Hard Fork

Ethereum (ETH) is well positioned for a rally just before its upcoming Constantinople hard fork. Word on the street is that this hard fork is expected to give a massive boost to the price of ETH/USD. It seems reasonable to expect this considering the purpose of this hard fork is to make the transition from Proof of Work (PoW) to Proof of Stake (PoS) more effective. Ethereum (ETH) has now lost its position as the second largest coin by market capitalization but we have reason to believe that it has lost a lot more than that. Things are not the...

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Ripple (XRP) Appears Very Vulnerable Short Term, Significant Downside Likely

While most cryptocurrencies are throwing mixed signals as to their probable course of action in the weeks ahead, Ripple (XRP) seems to have made a clear decision. The weekly chart for XRP/USD shows that the price has now run into the 61.8% Fib level and bounced strongly off it. Ripple (XRP) has now effectively fallen back in to the descending channel having also fallen below the 21 Week EMA. If the overall market outlook was different, there would be little doubt as to the near term direction of Ripple (XRP). The RSI/Stochastic crossover also points to a bearish outlook in...

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Bitcoin (BTC)’s Next Move Hinges On EUR/USD Outlook for Next Week

Bitcoin (BTC) appears all set to rally with the beginning of a new year but there is one little catch. The price action of Bitcoin (BTC) is largely dependent on the future outlook of EUR/USD. During times of uncertainty, this is exactly what happens. Bitcoin (BTC) is still a highly speculative asset in an emerging market. Its movement during critical points is for the most part a reaction of the price of EUR/USD. We have observed this correlation many a time in the past and it is quite natural to expect. The price of Bitcoin (BTC) is paired to US...

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Ripple (XRP): When Is The Right Time To Start Buying?

Ripple (XRP) has run into a strong resistance at the top of its descending channel. This resistance is the 61.8% Fibonacci retracement level which indicates that there is a strong probability that Ripple (XRP) may have to correct short term. Even if XRP/USD does not have to fall towards the bottom of the descending channel, it still has to at least retest the 21 Day EMA if it is to break the descending channel. The problem with Ripple (XRP) is that it has been trading out of sync compared to the rest of the market which has put itself in...

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