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Analysis: Coins Turn Lower Again as Dash Hits $360

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Dash remained the strongest cryptocurrency after yesterday’s Fed meeting, as the turmoil in fiat currencies, left the trends in the segment intact. Most of the major coins are in a limbo after last week’s crash and the subsequent surge. The general direction of the market is lower today, but Dash is up by more than 5% and it has been trading below an important support/resistance near $360. The coin is the only major the already established a new short-term uptrend and now it’s the closest to its all-time highs near $410. As we expect the broader market to correct further, Dash might head back for a re-test of the $300 level but the long-term uptrend remains dominant and we expect new highs in the coming weeks.

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DASH/USD, 4-Hour Chart Analysis

The other majors are headed lower yet again, as the bounce ran out of steam and the currencies remained inside their short-term downtrends. We continue to expect another leg lower in the majors, as the bullish sentiment that developed during the prior rally need to be reset. Last week’s crash most likely marked the final price lows in most of the coins, but a re-test of those levels or at least a deep dip is possible now. Today’s move might e the start of that decline so let’s see the short-term setup in detail.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

BTC is still trading in declining short-term trend and the most valuable coin dipped back below the $3800 level today, and it’s most likely headed to next major support level at $3500. Further resistance is ahead at $4000, while support below $3500 is found between $3000 and $3150. We don’t expect a durable move below the crash lows and investors should be looking for buying opportunities near the major support levels.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH failed to hold the $285 level and it re-entered the declining trend after trading slightly above it after the bounce. We still expect a test of the $250, or even the $235 level before a sustained move higher, but the long-term picture is looking encouraging for investors after the deep correction. The crash lows further support near $200 while resistance is ahead at $330.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin remains relatively weak after its stellar rally and the 60% crash, as it is still hovering around the $50-$51 support-resistance zone, after failing near at the$56 resistance. We are expecting more sideways price action in the coin, with a possible test of the $44 level, but without a new low below Friday’s crash levels. Crucial resistance is ahead at above $56 at $64 while support is found near $38.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is still following the general trends of the segment as correlations remain elevated, pointing to the continuation of the correction. The coin is back below $0.18, but remains well above the crash lows and the long-term base formation. Ripple is still in a declining short-term trend, but we still expect the currency to perform well after the conclusion of the correction. Support is found at $0.16 and $0.14 while crucial resistance is still ahead around the $0.1950 and $0.22 levels.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic remains very weak technically, failing to show strength in the face of the broad correction, after re-entering the declining long-term trend in the wake of the Chinese legislative changes. The coin is likely headed to a test of the 9 support, and traders should stay away from new positions until the short- and long-term downtrends are broken. Strong resistance levels are ahead at $13.5 and $16.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still showing short-term relative weakness, and the coin is now well below the key $100 level, as the correction continues in the previously surging currency. XMR is expected to continue the short-term decline together with the broader market, but the long-term uptrend is in no danger. Support levels are found near $80 and $68, while primary resistance is at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still inside the lengthy correction pattern even after the strong post-crash bounce as the coin failed to recover above the $22 resistance. Strong support is found near $16.50 and $13 and we don’t expect a new low in the currency in the coming period. That said, traders should wait for a new uptrend to form before entering new positions. Above $22, more key resistance levels are at $25 and $30.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is headed back towards the $0.45-$0.48 support zone, despite exiting the lengthy downtrend after the crash. We still expect the coin to outperform the market in the coming weeks, as the correction concludes, and investors should buy the short-term dips, as the long-term picture is favorable for the currency. Resistance is ahead at $0.65 and $0.75 while further support is found near $0.35.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

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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

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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