Analysis: Bitcoin and Ethereum Shine as Market Hits $160 Billion | Hacked: Hacking Finance
user

Analysis

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

Posted on .

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

Introduction

This article was posted on Tuesday, 19:43, UTC.

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.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

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.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR jjkateam

    Posted on 11:47 pm August 29, 2017.

    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?

  • user

    AUTHOR Chris G

    Posted on 5:16 pm August 30, 2017.

    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 …

  • View Comments (2) ...
    Navigation
    The team:
    Dmitriy Lavrov
    Analyst
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Founder
    Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
    Mate Csar
    Analyst
    Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
    Mati Greenspan
    Analyst
    Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Analyst
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Journalist
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    U.S. equities were little changed on Monday, as Wall Street…