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Analysis: Bitcoin Suffers Blow from Bitcoin Cash as Altcoins Remain Volatile

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The cryptocurrency segment had a hectic and volatile day, with several strong moves in the active trading environment. The BTC-BCash skirmish entered its next phase as Coinbase integrated the coin, and BCH skyrocketed to a new all-time high, while BTC fell as much as 20% from its recent all-time high.

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Bitcoin Cash/USDT, 4-Hour Chart Analysis

BTC rebounded strongly amid the controversial events surrounding the BCH launch, but now it is back near its lows as the trading in the forked coin resumed, and the sentiment in the largest altcoin markets also turned slightly bearish.

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The most valuable coin is still trading below its prior rising trendline, and with the long-term picture still being severely overbought, further correction is likely, with the first significant support zone found near $13,000, further levels at $11,300, $10,000, $9000, while stronger levels found at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

Litecoin remained in the center of attention thanks to a bombshell Reddit post from the creator of the coin. Charlie Lee announced that he sold all of its LTC coins after the recent stellar rally, and that put some pressure on LTC, pushing the coin back below the $300 level after the failed break-out to new highs. With the long-term picture sill clearly overbought, a deep correction is likely in the coming weeks, as key support levels are still found at $125 and $100, with weaker levels between $250 and $260 and at $170.

LTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading near last week’s highs after the overnight spike lower and the subsequent bounce. The coin is still below the previous steep trend channel after re-testing the lower boundary of the pattern. The long-term uptrend is in no danger, even if the coin enters a deeper correction along with Bitcoin.  Initial support is at $740, while key levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been the strongest major altcoin along with Monero today, as the coin reached yet another all-time high amid the struggles of BTC, briefly topping the $1500 level. The currency re-entered its previous uptrend despite the overbought long-term momentum readings, but we still advise investors to wait for the next correction to add to their holdings. Major support levels are now found at $1000, $800, $650, and $600.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple remained inside the short-term consolidation pattern after briefly dipping below the $0.68 support. The short-term momentum is now back to neutral, and although we expect a deeper correction in the coming period, a short-term push higher is possible here. Below the initial support at $0.68, further levels are found at $0.4250 and in the $0.30-$0.32 range.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic bounced back above $40, testing its all-time highs after the volatile dip in early trading, and it continues to trade around the lower boundary of the previous uptrend channel. Despite the short-term rising trend, we still expect the coin to enter a significant correction soon, with key support found at $32 and $30, and further strong levels at $23 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero remained firmly inside the dominant short-term uptrend, and the coin cleared the $400 and $450 levels amid the strong momentum-driven buying pressure. Despite the strength, investors should wait for the next correction before entering new positions, while traders should also consider exiting here, as the coin triggered a short-term sell signal today. Key support levels are now found at $300, $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading in a short-term correction pattern after spiking lower amid the broad correction overnight, touching the $60 level in early trading. A test of the $100 range extension target is still possible during this cycle, but a segment-wide correction would likely drag the NEO down as well. Key support zones are now found near $0.56, $0.50, and around $0.40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA had a choppy session after testing its all-time high during yesterday’s rally and while the long-term picture is clearly overbought, the short-term setup is neutral. We still expect the correction to continue soon, and strong support is only found at $3 and $1.5, with potential Fibonacci support still at $2.35.

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

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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