Connect with us

Analysis

Analysis: Bitcoin Spikes Lower as Ripple is the Next Coin to Move

Published

on

After Monero’s surge yesterday, today it’s Ripple that’s on the move, breaking out from its long standing declining trend, and moving above several key resistance levels. The coin is still below the line-in-the-sand resistance at $0.22 but odds favor further more after the lengthy correction. Ethereum Classic, which has been correlated with XRP in recent weeks, failed to follow the break-out so far, and its now the only major that still trades within a long-term correction pattern.

// -- Discuss and ask questions in our community on Workplace.

XRP/USDT, 4-Hour Chart Analysis

The two most valuable coins traded sharply lower, as Ethereum dipped backed below the crucial $330 level, as Bitcoin got smashed lower to $3600 after it exited its short-term uptrend. The correction in BTC dragged most of the majors lower as well, with only Monero, the volatile Bitcoin Cash, and Dash being in the green today. The mixed performance is accompanied by a diverging long-term outlook for the majors so let’s see how the technicals are looking.

// -- 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 -- //

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin broke below the short-term trendline, as it continues its correction after its epic rally off the correction lows. The currency bounced back off the $3600 level this morning and it’s now just below the key $4000 price level. With the long-term picture still being overbought, we expect the coin to fall at least to the $3500 support in the coming period, with further targets near $3150, and Between$299 and $3000.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH followed Bitcoin lower today in early trading, and its back just above the $300 level, as it failed to hold the $330 support/resistance level after the break-out of yesterday. The coin might remain volatile in the coming weeks, as the next major upgrade of the ecosystem is looming, but we expect the uptrend to continue, with a likely test of $380 and the all-time high near $400.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC continues to trade in a narrow range near the $46 level, being down slightly today, but holding up well amid the decline in Bitcoin and Ethereum. The currency still looks bullish both considering the short- long-term picture, and a move above $50 towards the prior highs is expected.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading in a consolidation pattern below the $300 level after the weekend break-out and although the long-term picture is getting overbought, another push higher to test the high is possible in the coming days. Long-term investors shouldn’t open new positions here, but short-term traders could still play the move higher.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic tried to break-out of its declining trend along with Ripple, but the coin failed to stay above the $15 level, and now it’s back in the correction pattern. The currency is still trading in the key support zone around $14, and both the long- and short-term momentum readings are neutral.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading close to yesterday’s highs, after doubling in just a few days time, giving a good opportunity for long-term investors to reduce their holdings, as the coin is now in overbought territory. That said, a move above $100 is possible as the short-term momentum could still carry XMR higher.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still in a volatile trading range, as the correction in Bitcoin unfolds. The coin still looks bullish regarding the long-term setup, but a move above 0.000075 would be needed for a renewed short-term buy signal. Strong support levels are still found near 0.0000575 and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

Neo is still trading in a short-term correction pattern, as the price of the coin is stuck between $30 and $35. The declining trendline is close to the current level, with strong resistance above that near $40. Below $30 the next major support level is at $22, but another leg lower is unlikely after the 50% correction.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Analysis

Music: One Overlooked Use Case

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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.

// -- 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 -- //

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

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

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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

// -- 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 -- //

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
13 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 5 (13 votes, average: 4.92 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

Published

on

The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

// -- Discuss and ask questions in our community on Workplace.

Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

// -- 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 -- //

Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
6 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 5 (6 votes, average: 4.17 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending