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Analysis: Bitcoin and Ethereum Shine as Market Hits $160 Billion

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The two largest coins are on the move today, as Ethereum finally cleared the $350 mark after a period of gradually increasing prices, while Bitcoin is now at a new all-time high above the $4500 level. With the two behemoths increasing their market capitalization and BTC crossing $75 Billion for the first time, the total value of the segment got a boost as well, hitting $160 billion today. While Bitcoin is overbought regarding the long-term picture, the current rally could still carry the currency somewhat higher, although the odds of a bull trap are much higher than before, so only short-term traders should ride the wave, while investors should wait for a deeper correction to jump back in.

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BTC/USD, 4-Hour Chart Analysis

On the negative side, Monero and NEO are well below yesterday’s levels, and Litecoin is also lower than its break-out highs from the first session of the week. Dash, NEM, ETC, and Ripple are little changed, although XRP continues to be volatile, as bulls and bears battle for control near the $0.22 level. As the current leg higher in the sector is in its mature phase, risks are higher for investors, with only a few majors being clearly bullish and not overbought. Let’s see the detailed short-term analysis of the coins.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is closing in on the $380 target level after today’s 5% rise, as the rising short-term trend remains intact. The all-time highs of the token are also within 10% now and a test of the $400 mark is in the cards in the coming days. The coin still has room to rally according to long-term momentum readings, so investors could still hold on to their positions for a possible break-out to new highs. Support levels are found at $330, $300, and $285.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is consolidating above the $60 level after its recent break-out. The coin hit a new high near $65, finally topping our long-term range projection target. With the long-term picture still being encouraging, a move towards $70 is still possible, and investors could still hold on to, at least part of their positions. Support is now found near the prior high at $56, near $51 and around the $46 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading in a narrow range today after retreating off the $400 level, back to the prior break-out high. The coin broke the short-term rising trendline, and although that doesn’t mean that a decline is imminent, the picture is risky for long-term investors, given the overbought momentum readings after the huge rally.  Strong support is found at $300, and near $266, and we expect a correction towards $300 in the coming weeks.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is experiencing elevated volatility since its break-out from the prior long-term consolidation pattern, with the support/resistance zone around the $0.22 level still being in focus. The coin completed a short-term correction after the initial surge and a move above the declining trendline would open up the way towards the $0.30 again. Key support is found near the $0.20 level and at $0.18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is drifting sideways today, still being stuck below the $16 level, as the current weak uptrend is in danger now. The coin remains the weakest major in the current leg of the bull market, and that could point ot further consolidation before a move back towards its prior highs. Resistance is ahead near $16, $18 and $23, while long-term support found around the $14 level.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is retreating after a failed short-term break-out above $150, as the steep uptrend in the coin is in danger now. XMR might be ready for a deeper correction in the coming period, after rising 400% since the July lows. Support is found near $125, at $100, $80, while only the recent highs are ahead as resistance.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still stuck in the broad trading range around the 0.000065 level despite yesterday’s encouraging strength, as the move in BTC pushed the pair lower today. As we still expect a deeper correction in Bitcoin, the pair could test the 0.000075 level again soon, while support is still found near 0.0000575 and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO fell sharply today in early trading after failing to rise back above $40 sustainably for almost a week. The coin found support near the $30 level again, and that zone could be in focus in the coming days if volatile trading continues in the currency. Short-term traders should wait until a new trend is established, while long-term investors should hold on to their positions.

Featured image from Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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2 Comments

2 Comments

  1. jjkateam

    August 29, 2017 at 11:47 pm

    Hi, it would be great to get your opinion on TenX, do you see it as a game changer? What do u think will happen come September when the IOS app is released?

  2. Chris G

    August 30, 2017 at 5:16 pm

    I was hoping ETH would wait on breaking out until I had moved more funds in. Ahwell, still have done great on it all though I am not seeing any clear entry points atm. Maybe wait for Dash to correct …

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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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