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Analysis: Bitcoin Near All-Time High Again as Ripple Slumps

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BTC continued to creep higher today following deep correction on Monday, and the most valuable coin is now only a tad below the recent highs after regaining almost all of its losses in a few days. The coin is back in the short-term rising trend channel that carried it from below $1900 to $4500, and odds now favor another leg higher in the currency. That said, the long-term picture remains overbought and investors shouldn’t jump on the advance here, as the risks of a deep correction are high, and there are still better opportunities in the segment.

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BTC/USD, 4-Hour Chart Analysis

The other majors are mostly higher amid the Bitcoin rally, but Ripple fell as much as 20% off its short-term maximum, as it failed to hold above $0.30 and entered a deep pull-back after its recent 100% rally. Monero and Dash are trading near their prior highs, as they moved back near the top of their short-term consolidation zones today. Ethereum is also nearing its raly-highs following in BTC’s footsteps, while Ethereum Classic continues to be the weakest major from a technical perspective. Litecoin and NEO are little changed today, with both still looking promising before the weekend. Let’s see the short-term charts of the majors.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH has been following BTC closely recently, but we still expect the coin to outperform its most important peer in the coming weeks. The rising short-term trend is intact, and the token is trading slightly above the key $330 level while being a bit lower than the weekend high. The next leg of the rally should carry Ethereum to the $380 resistance, with the prior all-time high also ahead at $400. The currency remains bullish above the $285 support,

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC briefly dipped back below $50 in early trading but now the coin is back above the key level, as the break-out from the broad triangle pattern remains intact. We expect the currency to test the $60 level in the coming period as the long-term picture remains encouraging, and the short-term is also clearly bullish. Below $50 Support is found near $46, $44 and $42 with the rising trendline also being near the $46 level currently.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is moving higher along its short-term uptrend that developed after the strong weekend break-out, as it held up above the $300 level following a volatile consolidation. The coin might be ready to test the recent highs above the $350 level, but we still expect Dash to enter a broader correction. The long-term picture is overbought, and investors should wait with new positions, while traders could still play the short-term trend.  Strong support levels are found a $300, near $266, and between $220 and $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple continues to be very volatile after its recent surge, and the coin quickly retraced a large part of its gains, falling back to the crucial support/resistance zone near $0.22 after touching $0.30. The break-out from the long-term consolidation pattern remains intact, but the currency has to hold above $0.20 to keep the trend going. Resistance is ahead near $0.26 while further support is found near $0.18. The long-term picture remains bullish but more volatile moves are expected in XRP.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic has been virtually unchanged recently after a weak break-out attempt from its previous downtrend. The coin is trading in a new uptrend, but the $16 level is still holding back the advance, and further weakness would warn of a failed move, and more corrective price action in the coming weeks. Strong support is found around the $14 level, while above $16 the next target would be $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero surged back towards the prior high at $100 after a deep but deep correction, and it might be ready for another move higher, despite the overbought long-term picture and the recent lofty gains. Investors are still advised to wait with entering new positions, with support zones below found near $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading near the line-in-the-sand support/resistance zone around at $40, after the strong rally this week. The coin is still expected to test its all-time high in the coming weeks, but a break below $38 would warn of more consolidation, with the $30 level remaining in focus. Above the current zone the token faces strong resistance at $47.50.

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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4.5 stars on average, based on 224 rated postsTrader 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.




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2 Comments

2 Comments

  1. tieuthanhliem

    August 25, 2017 at 8:25 pm

    If bitcoin is overbought, every coins are overbought. How Ethereum can go up to $380 and bitcoin go down? Please stop manipulating the market.

  2. Chris G

    August 26, 2017 at 3:35 am

    presumably he’s just looking at RSI as an indication of overbought/oversold conditions, which can certainly vary between the cryptocurrencies …

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Analysis

Crypto Update: Ethereum Tops $550 as Altcoins Hit New Rally Highs

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The major coins are having another bullish day after a consolidation period with all of the top 10 cryptocurrencies sporting meaningful gains. Altcoins are leading the charge higher, as the switch in relative strength that we pointed out several times seems to be a lasting phenomenon, with the ETH/BTC pair confirming a short-term uptrend.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin is also up today, but while the majority of altcoins are trading on new rally highs, BTC is stuck below the prior swing high at $8400, which is also a previously established resistance level. The dominant declining trendline is also in that area, and that strong zone could hold back the largest coin for a longer period. A breakout would confirm a new rising short-term trend, with the next major resistance zone ahead between $9000 and $9200.

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ETH/USD, 4-Hour Chart Analysis

Ethereum is among the strongest coins short-term, and with smaller cap altcoins also joining the rally, the whole segment could be ready for a move higher. That said, the broader declining trend is still intact with the coin trading in a strong resistance zone between $555 and $575. A new short-term uptrend is now confirmed but with the declining trendline just ahead, the coin could be in for volatile swings in the coming days. The next target zone is at $625, while support is found at $500 and $450.

Broad Altcoin Rally Lifts All Ships

XRP/USD, 4-Hour Chart Analysis

Ripple, which was among the weakest majors for a prolonged period is one of the leaders today, climbing above $0.75, and eyeing the next major level at $0.84, with tbe coin already being above the previously dominant declining trendline.

On a slightly negative note, correlations are still high between the majors, but there are standout performers despite the concerted rally. Among the long-term leaders, Litecoin is trading near $150, while Monero added to yesterday’s gains, and it’s testing the $240 resistance as we speak.

The early leaders of the rally are slightly lagging in the current short-term swing, but that is likely a sign of rotation, as the likes of EOS, NEO, and IOTA are also higher today, while holding up wrll above the correction lows.

With all of the majors on buy signals in our trend model, we expect the rally to continue even as strong resistance zones are ahead and the road will likely be bumpy after the steep and lengthy downswing.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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

Rally Fades in Stocks as Apple Weighs on Nasdaq

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We warned yesterday that stock markets got vulnerable as the major US indices reached short-term overbought readings, and after a choppy Wednesday session, equities turned lower today in early trading. Apple fell by more than 2% in early trading on a supplier report regarding declining orders from the smartphone giant, and the sliding stock dragged the tech segment lower.

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S&P 500 Futures, 4-Hour Chart Analysis

While the short-term technical picture deteriorated, the losses are muted so far, and the rising short-term trendlines are holding up. Volatility ticked higher, with the VIX bouncing off its two-month lows, but the index is well below the levels seen in the beginning of the month, as Syria-related fears continued to ease and the Chinese-US trade spat also took the back seat in the mainstream media.

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DAX, 4-Hour Chart Analysis

Stocks finished broadly lower in Europe, while Asian equities reversed their early gains, with trading volumes still being low across the board. The economic calendar was almost empty today, with only the much worse than expected British retail sales figure adding to the string of negative surprises coming out form the UK this week. In the US, the Philly Fed index came in higher than expected, while weekly jobless claims were in line with expectations.

Dollar Stable as Short Yields Hit New Highs

2-Year Treasury Yields, 4-Hour Chart Analysis

Treasury yields resumed their rise in the quiet environment, and as the short end of the curve continues to outperform the flattening of the yield curve continues in earnest. While forex markets are still mostly flat, the Dollar is drifting higher against most of its peers in US trading.

AUD/USD, 4-Hour Chart Analysis

Commodity-related currencies are little changed, although both the Aussie and the Canadian Dollar are off their recent highs, and should they roll over, the bullish case would receive another hit.  Despite the weakening of the risk rally, crude oil continues to hit multi-year highs, with the WTI contract getting close to the $70 per dollar level today. Gold fell back below $1350, as the choppy consolidation pattern is still intact, and the slight risk-off shift wasn’t enough to trigger meaningful safe-haven flows.

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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

More Chance to Go Up for Litecoin

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Litecoin short term outlook is quite positive, while in a longer term, it’s somewhat mixed. Shortly, the digital coin may face a very strong resistance at $141, being currently priced at $140. As Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says, Litecoin already tried to test this level earlier this week, but did not succeed.

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In the mid-term Litecoin is trying to break out the current range, and in case it finally manages to break out $141 and stay above, it may go up to $168. Before reaching this target, however, another downtrend may be formed, with Litecoin plunging to the support at $114 again. If the bears succeed in breaking out this level, too, another sell-off target will be at $87.

Current outlook, however, is mostly positive, with the key support being at $114 and the key resistances at $141 and $168. The MACD on D1 is in its negatives, but is going up, issuing a buy signal, while the Stochastic is in the positive area and confirms its buy signal, already issued some time ago.

Fundamentally, Litecoin has got much support this week. The market started buying out the coin once the news on the token being listed at Korbit appeared. As the recent reports say, the crypto started being traded on Korbit yesterday, while withdrawal should be available starting today, Apr 19. This is important for Litecoin: first, Korbit is one of the oldest and most reliable exchanges in Korea; second, as we have already stated a few times, if the crypto becomes widespread across multiple exchanges, its liquidity gets boosted, while the accessibility simplifies the transaction processes.

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Korbit decided to hold a contest, with the top 6 LTC/KRW traders getting prizes in Litecoin (the winner gets LTC 50, the runner-up will walk away with LTC 25). Meanwhile, Litecoin being available on Korbit also helped the crypto to rise on Bitfinex.

Currently, Litecoin is one of the most volatile currencies, mostly because of it always being in the news, which does good to its promotion. As such, it was announced a few days ago that LTC would be used as a payment method, and TenX already started developing a prepaid card for that purpose.

By: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer
Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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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I have two degrees in Social Psychology and Economy. After graduation I worked as the Head of the Laboratory of Technical and Fundamental Analysis of Financial Markets at The International Institute for Applied Systems Analysis. The experience and skills he gained helped me to realize my potential as an analyst-trader and a portfolio manager in an investment company. At the moment I'm a financial expert, writing for various financial media sources and a Chief Analyst at RoboMarkets.




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