Connect with us

Analysis

Analysis: Cryptocurrencies Test Supports as Regulatory and Hard Fork Risks Loom

Published

on

The major coins are still in short-term correction mode after last week’s strong rally, as BTC dipped by more than 10% off its highs. The most valuable coin dipped below $2450 but rebounded of the strong support zone near that level, while the short-term MACD indicator is headed towards oversold territory already. With the long-term picture still supporting more upside, this is likely a good entry point for traders, while the $2300-$2350 zone provides a relatively narrow stop loss opportunity.

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

BTC/USD, 4-Hour Chart Analysis

The other majors are also lower but Dash is still showing strength, while Litecoin, Ripple, Monero, Ethereum Classic, and Monero are holding above or near strong support zones.  The correction was partly triggered by a wave of regulatory news coming from the SEC and China, and although smaller coins were more affected by the announcements, the whole segment got under pressure.

// -- 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 -- //

BTC also sold off on the news regarding a fork attempt, Bitcoin Cash, but so far, the losses are limited compared to the recent gains, and break-out from the declining trend remains intact, despite the continued fears regarding the 1st of August. With the most important majors trading at critical levels, let’s see how the charts are shaping up.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum fell back to the key $200 level, as it got dragged lower by the broad weakness in the sector. The token continues to trade in a declining trend, lagging BTC and the relatively stronger coins. Strong support is found near $170, but a move back to test the $235-$250 resistance zone is more likely, with the long-term picture being constructive after the deep correction.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin tested the $40 level during the current dip, while remaining in the trading range that developed after the strong rally in June. The coin still looks neutral regarding the long-term picture and that could mean further sideways trading before a likely move to the %58-$60 zone. Crucial support below $40 is still found near the $38 level.

Dash

 

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade around the $200 level, and yesterday’s correction increased volatility in the coin, with wild moves in both direction today as well. The currency remains the strongest major coin regarding technicals, with $220 primary resistance still being in focus here, and our long-term target still found just above $250.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still well inside the declining trend that dominated the coin for more than two months, as it is trading today near the key $0.1750 level, after bouncing lower off $0.20. The coin showed strength during the weekend, and a recovery above $0.20 could point to a trend change, but for now, we still advise short-term traders to be careful with new positions.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is trading in a range above the primary support level near $14, after a period of relative weakness compared to the other majors. Resistance levels are ahead at $16 and $18. The technical position of the coin unchanged, as it is still in the long-term buy-zone with the MACD still being in oversold territory.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero followed the market lower after hitting strong resistance at $46, as we expected, and fell back to the upper boundary of the long-term base pattern at $37. The short-term MACD is back to neutral already, and although we expect more corrective action, the coin might be stay above $37, and get back abvoe the declining trendline that it brok last week.

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?

2 Comments

2 Comments

  1. bzvmaz

    July 26, 2017 at 11:26 pm

    why is 2,474 a key level for btc?

  2. adspecialty4u

    July 27, 2017 at 7:01 am

    These numerous ICO’S should be regulated. I’m over the “pump and dump” of ETH. Bogus companies taking advantage of the system.
    Screw those companies that got hacked during ICO – they got their dessert served on a platter.
    My thinking, it was probably an inside job.

You must be logged in to post a comment Login

Leave a Reply

Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

Published

on

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.

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

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.

// -- 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 -- //

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.

(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.
3 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 5 (3 votes, average: 4.33 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

Published

on

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.

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

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

// -- 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 -- //

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

(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.
17 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 5 (17 votes, average: 4.82 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

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

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