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Analysis: NEO and Ripple Surge as Bitcoin Price Recovers Above $4000

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Crypto bulls should be delighted by the performance of the segment this week as the rising prices are also accompanied by bullish changes in the characteristics of the market action. The breaking down of the correlations is a very positive sign, and the general decline of volatility also points to an ongoing healing process.  NEO is among the notable performers, as it jumped higher once again following two bullish sessions and surged past the crucial $30 level, more than doubling off the crash lows. The coin is now slightly overbought short-term but the long-term picture remains encouraging. Support levels are found near $30 and $22, while resistance is ahead at $40.

NEO/USDT, 4-Hour Chart Analysis

The most valuable coins are all on the rise once again, with Ripple leading the way higher, finally breaking out of its declining trend, while Ethereum Classic is also showing strength, and Bitcoin and Ethereum are also up since yesterday. Dash, Monero, and IOTA are still slightly lagging the majors, as a sign of rotation, but the overall picture continues to improve following the deep correction. Let’s see how the majors are shaping up today.

Bitcoin

BTC/USD, 4-Hour Chart Analysis

BTC continued to build its new uptrend today, climbing above its recent swing high on the way towards $4000. The largest coin is still trading well below its all-time high, but the deep correction is likely over and a test of the prior high is possible in the coming weeks. The currency faces strong resistance between $4150 and $4200, above that at $4400, and around the historic $5000 level.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading right at the $300 level today after showing relative strength during the weekend. The coin is close to confirming a new uptrend after the deep correction, and a break-out above primary resistance would open up the road to the $330 level.  Further resistance is ahead at $380, while support is found near $250 and $235. The current levels are still attractive for long-term investors and short-term traders could also enter new positions here.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is on the verge of breaking out from the declining short-term trend, although the strong $56 resistance is still ahead for the currency. While the coin is yet to give a buy signal for traders, long-term investors could already look for short-term dips to add to their positions. Above $56 resistance is found near $64, while support is at the $44 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading in a low-volatility consolidation pattern that developed after the post-crash surge, and the coin remains below the $360 resistance as well, despite the clear long-term relative strength. We still expect the coin tot test the prior high in the coming weeks, as the long-term trend is still intact. Resistance at $360 and near the $400 level, while support levels are found around $300 and $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP surged above the $0.20 level as we expected after breaking-out from the declining trend. The key resistance zone around the $0.22 level is still ahead for the coin, but we expect a rally above that in the coming days. Support levels are now found at $0.18, $0.16, and $0.14, while further resistance is ahead around the $0.26 and $0.30 levels.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is finally showing relative strength after a lengthy period of underperformance, and the coin broke back above the declining long-term trendline today. The coin is still at attractive price levels for long-term investors, and short-term traders could also get a bullish confirmation. That said, the resistance zone around the $13.50 level is still ahead, and more overhead supply is found at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still among the weaker majors regarding the short-term picture, together with Dash and IOTA, s it still trades below both the key $100 level and the declining short-term trendline. The long-term picture remains encouraging, with strong support at $80 and $68, but we expect more sideways price action before a sustained move higher. Above $100, resistance is found at $125 and near the all-time high above $150.

IOTA

IOTA/USD, 4-Hour Chart Analysis

Volatility crashed in IOTA after the recent crazy price action, and the coin settled down below the declining short-term trendline after breaking out from its lengthy correction pattern. The coin is still well above the $0.45-$0.48 support zone, and we expect a rally to test the $0.64 level in the coming period, with further support found at $0.35.

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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: Bitcoin Plunges Below $6500 as Heavy Selling Resumes

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The cryptocurrency segment is having another very negative day after a calmer period, as selling pressure intensified yet again. All of the major coins turned sharply lower, with the laggards of the recent period, Litecoin, Monero, and Dash confirming their downtrend and the relatively stronger coins also taking a beating.

The total capitalization of the segment dropped below $270 billion, and from a long-term technical standpoint, several currencies are in precarious positions. With no clear news catalyst behind the move, technicals are playing a very important role, and last week’s lows will likely be in focus in the coming days.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still relatively weak both on the short- and long-term time-frames, and it dropped back to the $6275-$6500 zone that has been acting as primary support during the recent leg lower. Given the importance of the long-term zone between $5850 and $6000, a break below $6275 could set up a crucial test in the coming days. For now, traders still shouldn’t enter new positions, while investors should hold on to their coins as the bullish secular trend is still intact.

No Hiding From the Selloff as Altcoins Broadly Lower

LTC/USD, 4-Hour Chart Analysis

With the weakest coins leading the way lower again, new swing lows are likely in the majority of the coins, although there is still hope for bulls that a major long-term breakdown can be avoided. Ethereum fell below $500 after touching the declining short-term trendline, and it remains in a bearish trend, even as it’s still in a much better technical position compared to BTC, holding up well above the April lows, and being further away from last week’s swing low as well.

ETH/USD, 4-Hour Chart Analysis

 That said, we remain negative regarding the short-term outlook for the second largest coin, and traders shouldn’t enter new positions here.  Above the $500 level, strong resistance is ahead between $555 and $575, while primary support is found at $450, with further zones near $400 and $480.

BNB/USDT, 4-Hour Chart Analysis

There are no real hiding places for crypto investors from the current selloff even as Binance Coin is still holding up relatively well, within a clear uptrend and above crucial technical support.  That said, as we warned before, given the broad downtrend in the segment, traders should be cautious with new short-term positions.

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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4.6 stars on average, based on 280 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Italy Spooks markets Again as Stocks Remain Under Pressure

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European stocks Led the way lower today despite a bullish start in Asia, as equities gave back their gains when Daimler published a surprising profit warning, which was deeply affected by the recent trade war developments, reigniting fears of a tariff-driven downturn in global trade.

DAX, 4-Hour Chart Analysis

The Old Continent got into more trouble later on, when two anti-EU officials were named in Italy, resurrecting fears of a clash between the systematically crucial country and the core of the Eurozone. Italian yields rose in European trading, and although they are still shy of the levels hit during the May scare, the periphery could be in trouble as the ECB pledged to exit the market by the end of the year.

Nasdaq 100 Futures, 4-Hour Chart Analysis

The main European indices were smashed lower during the session, with the DAX hitting a two month low, still being very weak relatively speaking compared to its US peers. US stocks sold off heavily following the opening bell and they failed to recover, unlike two days ago, and the major benchmarks traded well below yesterday’s levels just before the close.

The Nasdaq and the Russell 2000 lost some of their recent mojo, pulling back heavily of the all-time highs during the day. All in all, the risk off shift continues to dominate across the board, as we expected and we remain negative on risk assets here, especially regarding emerging markets, even as the Dollar’s rally could be over for a while.

Dollar Pulls back as Pound Surges

USD/CAD, 4-Hour Chart Analysis

The Dollar took a beating as the Philly Fed Index came in much worse than expected, and as the Bank of England sent hawkish signals, pushing the Pound and the Euro higher. The central bank left its benchmark rate unchanged at 0.5%, but a rate hike this year got much closer, with a key member of the bank voicing inflationary concerns.

The Greenback fell more than what the events would imply, so a larger scale consolidation could have already started in the currency following the recent gains and the marginal new high yesterday. With the EUR/USD pair nearing the 1.1450-1.15 support zone, the USD/CAD hitting 1.33 and the AUD/USD touching 0.7350, a meaningful counter-trend move would be timely in the surging reserve currency.

WTI Crude Oil, 4-Hour Chart Analysis

Gold continued to drift lower before the Dollar’s reversal and it hit $1262 for the first time since lat December before bouncing back above the $1270 level in late trading. Crude oil also fell sharply in early trading, and the WTI contract traded with a $64 handle before rallying back to $66 per barrel.

The OPEC meeting, which is expected to result in a supply increase by the cartel made the crucial commodity very volatile in recent days, but we expect the bearish trend to continue, with a likely dip to the $60 level in the coming weeks.

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: Coins Drift Sideways as Trading Activity Plunges

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Liquidity dried up in the cryptocurrency segment in recent days, as trading volumes have been declining progressively, while the major coins got stuck in tight ranges. Only a few coins show signs of activity, and the bearish short-term patterns continue to dominate the market. With a group of currencies, namely Litecoin, Monero, Dash, and Bitcoin itself clearly dragging the segment down, the short-term trend will likely continue, as the previous leaders are now showing strength either.

While all of the top digital currencies are showing some gains today, and the total value of the market edged close to $290 billion, major resistance levels are still towering above. The fact that the effect of the Bithumb hack faded away quickly is a positive here, but until signs of bullish momentum and a clear leadership forming, the short-term outlook remains bearish.

BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade near the $6750 level, edging ever closer to the declining short-term trendline, in a bearish consolidation pattern. Bulls would need a sustained move above $7000 to negate the declining trend, but for now at least a test of last week’s lows is likely with a possible move towards the key long-term zone between $5850 and $6000.  The short-term zone around $6350 level provides support, while further resistance is ahead near $7350.

Ethereum Nears Trendline as ETC Attempts Breakout

ETH/USD, 4-Hour Chart Analysis

Ethereum has been among the strongest coins in the last few days again, and coupled with its long-term relative strength, the second largest coin is still the best candidate to lead a recovery. That said, the coin still faces strong resistance between $555 and $575, and bullish momentum is suspiciously weak. Primary support is found at $500 with further zones near $450 and $400.

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic has been positively diverging compared to the rest of the market, together with Binance Coin, and to a lesser extent Tron ever since its inclusion to Coinbase, and the coin moved above the key $16 resistance yesterday in late trading.

While ETC is slightly overbought from a short-term perspective, a consolidation above $16 and a subsequent move higher could confirm a trend change. For now, the short-term trend signal is only neutral, and traders should remain cautious given the broad downtrend in the segment

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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4.6 stars on average, based on 280 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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