Spain Q3 GDP final readings now out 30 Nov
– 0.8% flash
– yy 3.1% as exp/flash
Ntg to see here. Is it 1 o’ clock yet?
EURGBP continues it’s retreat and now 0.8805 lifting GBPUSD back up to 1.3470. EURUSD 1.1860
Swiss Nov KOF leading indicator now out 30 Nov
– 109.8 prev up from 109.1
The KOF Leading Indicators Index is designed to predict the direction of the economy over the following six months. The index is a composite reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing.
France Nov CPI provisional data now out 30 Nov
– 0.1% prev
– yy 1.2% vs 1.1% exp vs 1.1% prev
– HICP mm 0.1% as exp/prev
– yy 1.3% vs 1.2% exp/prev
Slight uptick in yy readings but euro not so impressed . EURGBP back down to 0.8813. EURUSD 1.1865
Hello and welcome to News BTC’s Market Outlook November.
Ethereum broke out during the trading session on Wednesday, clearing the $500 level. It now looks as if we are going to continue to find buyers in the Ethereum market on dips, and we should continue to go much higher. Given enough time, I believe that Ethereum will go looking towards the $550 level as the next logical round number. However, on the hourly chart we are crossing in the overbought part of the stochastic oscillator, and that of course suggest perhaps the pullback is coming before we move higher. Nonetheless, I remain bullish.
Ethereum also rallied against Bitcoin, but with Bitcoin skyrocketing over $1000 in the last 24 hours, it’s a most impossible to imagine going long against it. Because of this, I suspect that the 0.48 level is going to offer significant resistance, and we may very well pull back in the short term.
All alt coins are depreciating across the board after testing record highs.
Let’s look at the charts:
AFTER TESTING SEPTEMBER 12 HIGHS, NEM NOW CORRECTS
In the weekly chart, bulls are in charge and that means in lower timeframes like the 4HR chart, buyers should be waiting for buy opportunities to load up their long positions.
Because of the current bearish divergence pattern which begun between November 26 and 29, USD bulls are NEM prices lower.
Traders should in turn wait until a stochastic buy signal is printed probably around $0.22 because as it is, it is likely that bears might close below $0.24 and the 20 period MA support lines.
DASH FOLLOWS BTC RALLY AND IS NOW TRADING AT RECORD HIGHS
After yesterday’s slow price action, DASH bulls are now trading at record highs just like Bitcoin.
The minor resistance trend line which was capping prices at around $640 was broken through after November 29 higher highs and the accompanying above average buy volumes.
As it is, DASH prices look fair. For investors seeking to benefit from the same rally as BTC, DASH is an attractive alt coin to invest in. Traders should only be watching higher time frame trends to determine entries in the lower time frames.
At the moment, the weekly chart is bullish and therefore we only take long positions. Our immediate support is the 20 period MA and the trend line at around $640 just in case there is a correction from current prices.
ALT COINS IOTA BREAKS ABOVE JUNE’S HIGHS OF $1.3
This week has been historic for IOTA and after positive news following that collaboration with MicroSoft and 20 other companies, IOTA is gaining traction.
As we can observe in the weeklly chart, IOTA reversal was from below the 78.6% Fibonacci retracement levels. This meant that IOTA bulls were capable of pushing prices to current levels just as Fibonacci retracements and extension stipulate.
It did and right now prices are trending above June’s highs at $1.40. The daily and weekly charts are bullish with diverging %k and % d pointing at high momentum and IOTA demand.
As a result of this surge, traders are anticipating a correction. As it is $1.3 is our immediate support line. Should price break below it then traders should wait for better entries at around $1.1 and $0.98 support zone.
AFTER TESTING $214 MONERO IS NOW CORRECTING LOWER
For some reasons, Monero is dropping like a stone after testing highs of $214.
Because of this strong bearish engulfing pattern, a stochastics sell signal is clear in the daily chart. Remember before this bear surge, the 20 period MA in the 4HR chart was our main support line. Monero bulls will be invalid if USD bulls convincingly close below this level in coming sessions.
Going forward, this bears will be in charge if bears push prices below August highs of $166 in the next few trading sessions.
Otherwise, this bear forecast will be null and void should prices bounce back and close above $170.
USD BULLS DRIVE NEO PRICES BELOW $34 MAIN SUPPORT LINE
After period of lower lows, NEO bear pressure broke below the support trend line of the bull flag. At the same time, USD bulls took out the main support line at $34.
Overly, despite these lower lows, our bullish skew remain. Because of this, we shall only wait until after a stochastic buy signal is forms at the over-sold territory before we trade.
Thereafter, NEO bulls should look to initiate long entries.