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Analysis: Monero Surges by 50% as Ethereum Breaks Out

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The bull market in cryptocurrencies continues and Monero is the next coin to shine after Dash’s break-out last week. The currency already showed strength in recent weeks, and it finally ended its consolidation with a bang, breaking out to new all-time highs and surging past the $75 level as well. The coin quickly hit the range projection target for a break-out at 90, and with the move, the coin is now getting overbought regarding long-term momentum so investors shouldn’t take on new positions here.

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XMR/USD, 4-Hour Chart Analysis

The other majors are mixed, with Ethereum starting a new leg higher in its uptrend as expected, being up by double digits. Dash is consolidating its lofty weekend similarly to NEM, while Litecoin and Ethereum Classic are slightly higher today.  Ripple and Bitcoin are virtually unchanged, with the latter still being stuck around $4000. The long-term picture is getting mixed after a period of broad bullishness, as some of the coins are in, or approaching overbought territory. Let’s see how the short-term charts are looking after the weekend.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still in a correction since hitting $4500 for a new all-time high. The currency is still within its short-term uptrend, but the overbought long-term picture suggests more downside for BTC. Major support levels are found near $3800, $3500, and near $3000. Investors should still wait until the overbought condition is cleared before entering new positions.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH cleared the major resistance level near $330, and now the coin looks ready to test the $380 level, and probably its all-time high near $400 in the coming weeks. Support below $330 is found at $300, and $285. Both short-term traders and investors could still hold the coin, but new long-term positions now have a less favorable reward/risk profile.

Litecoin

LTC/USD, 4-Hour Chart Analysis

The currency continues to hover around $46 and it’s still in a bullish consolidation pattern, within an uptrend, and we expect a break-out from the coin in the coming weeks. The $50 and $56 levels are ahead as resistance with the long-term range-projection target found just below $60.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash blasted through the $300 level during the weekend and corrected back below the key resistance afterwards. The coin might be headed even higher short-term, but long-term investors shouldn’t open new positions here, as the long-term MACD is getting overbought after the huge rally. Support levels are found at $260 and near $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple showed some stability in the past couple of days after a period of eroding prices. The currency is still trading within a forming base pattern, giving investors an opportunity to increase their holdings. Key support is found near $0.14, while resistance is ahead at $0.16, $0.18, and around $0.22.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic found support near the lower boundary of the forming long-term base pattern, just as Ripple, and the coin might be ready to finally break-out from the declining trend. The falling trendline is converging with the $14.50 resistance in the coming days, and a move above that zone would provide a buy signal for short-term traders.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still trading in a volatile range amid the BTC correction, with the long-term picture being constructive. We expect the coin to re-test the prior break-out highs in the coming weeks, with a likely rally towards 0.00010. Support levels are found near 0.0000575 and 0.000048, while strong resistance is at 0.000075.

NEO

NEO/USDT, 4-Hour Chart Analysis

Previously high-flying NEO has been through an almost 50% correction, and it still trading in a declining short-term trend. The strong support/resistance zone near $40 could be in the focus, in the coming period while the $30-$31 zone should provide support for the coin. Short-term traders should wait with new positions until a break-out from the current trend, while investors could add to their positions on the dips.

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3 Comments

3 Comments

  1. Chris G

    August 21, 2017 at 5:06 pm

    just waiting for LTC to make a move …

  2. csinkey

    August 21, 2017 at 8:33 pm

    Thanks for adding NEO!

  3. Chris G

    August 22, 2017 at 12:15 am

    looks like ltc might finally test $50 – I took profit on eth at 320, rolled it over into ltc at 44 … could be a good day

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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Analysis

Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs

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Cryptocurrencies are having another bullish session as the total value of the market surged to a new all-time high near $225 billion, with the help of the rally in BTC and Ripple, and despite the drop in the value of Bitcoin Cash. The most valuable coin its record high yet again after the brief but steep weekend correction, despite the still overbought long-term picture. We still urge traders and investors to wait for a deeper correction before entering new positions here, with support levels found at $7000, $6700, and $6000.

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BTC/USD, 4-Hour Chart Analysis

Ripple has been the other main mover of the day so far, as the coin skyrocketed on huge volume and breached the $0.26 level before turning lower and stabilizing near $0.23. The coin triggered a short-term buy signal by moving above $0.2250 and it remains bullish on both time-frames, despite the pull-back, with another major target level ahead at $0.30.

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Ripple/USD, 4-Hour Chart Analysis

The other majors are little changed expect IOTA, which further added to yesterday’s gains and reached overbought readings, while Ethereum Classic and Dash continue to drift lower in short-term correction patterns. Let’s see the detailed analysis of the short-term charts.

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