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Analysis: Broad Rebound Stalls as Cryptocoins Turn Lower Again

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Cryptocurrency traders enjoyed a slight breather after a very volatile week, as most of the major coins were close to unchanged this Friday. Dash and Monero were up by more than 5%, with the pair still trading in tandem, consolidating their lofty break-out gains from the prior weeks. XMR advanced above the $125 support/resistance line today in early trading and it still remains near the key level. The most likely candidate for a deeper correction is the zone around the $80 level where the 38.2% Fibonacci retracement and a strong support line is found.

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XMR/USD, 4-Hour Chart Analysis

Bitcoin, Ethereum, Ripple, and Litecoin have all been trading in narrow ranges today, before a sharp turn lower around the US market open, with the total market value of the segment stabilizing only 10% below the all-time high near $160 billion. The largest currencies are still facing correction risks here, despite the recent bounce, and long-term investors should keep some gunpowder dry for a possible dip in the coming weeks. That said some of the coins, like XRP, are not overbought and could be attractive here, especially if they follow the broader market lower during the down swings. Let’s see how the charts are shaping up before the weekend.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin’s dominance increased once again during the recent correction, and the most valuable coin is still among the most short-term bullish majors despite the huge rally of the recent weeks and the overbought long-term picture. The currency remains above the crucial $4400 level, keeping the short-term setup positive, for now. Below $4400, further support levels are found near $4000, $3800, $3500 and $3150.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH continues to lag the leaders of the market, as it is still trading near the 4330 support/resistance level, almost 20% off its all-time high. The coin is back to neutral regarding the short-term picture and remains suspicious below $350, the primary short-term resistance level.  Below $330, the $300 and $285 levels provide immediate support while a move towards the $235-$250 zone is still likely in the coming weeks.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC has been holding up well, still being one of the strongest majors following the Monday crash, and although the long-term picture is definitely overbought, a move to test the prior highs or even the $100 level is possible. Support levels are found at $75, and near $64, while the lower boundary of dominant rising trend channel is near $51 currently. Long-term investors should remain patient until the next deeper correction before entering new positions.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash followed Monero above the crucial $360 level, and it remains near the important zone. The coin faces strong headwinds due to the long-term overbought readings, and more corrective price action is likely in the coming weeks. Support levels are found near $300 and below that at $265 and around $220.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP continues to trade in the broad consolidation pattern that has been dominating trading since the coin’s break-out. The currency remains among the less overbought majors, and the short-terms dips could still be good buying opportunities for investors. The $0.22 support remains in focus, with further important levels found at $0.20, $0.18, and $0.16, while resistance is ahead near $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic spiked lower recently towards its break-out levels near the $16 support, as it is still trading in a correction pattern after the explosive move higher. A break below support would warn of further sideways price action, but the long-term support near $14 should hold, and the short-term dips could still provide buying opportunities for investors. Primary resistance is now ahead at $18, and above that near the all-time highs at $23.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO turned lower yet again today after trading near the $30 level following an explosive rebound of its crash lows. The coin remains within a downtrend that started off the all-time highs near $52, but the long-term picture is not overbought as in the case of the largest currencies. The volatile coin faces resistance at $30 and near $40, while support is found near $25, $22, and below that at $16.

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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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

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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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