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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.

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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.

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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

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

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The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

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Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

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That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

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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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4.7 stars on average, based on 113 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

Pre-Market: Stocks Refuse to Fall Even as China Takes Over Key Insurer

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Although it should have been a very quiet week in China, thanks to the New Year celebrations, the recent surge in volatility and the plunge in equities didn’t pass without consequences in the key market. Just shortly after effectively shutting down the Chinese version of the Volatility Index (VIX) (presumably to calm the markets…), one of the main actors of the monstrous financial web, Anbang, of the country had to be taken over to avoid a systemic event and stop the “creative” financial engineering that involved criminal activity (the shadow of 2008).

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China will likely need many more duck-tapes like this one if it wants to stop the largest credit bubble in human history to collapse, but for now, the solution could work. Equity futures edged higher since yesterday’s volatile close, and as the major US indices are holding up well, not far off last Friday’s highs, our bearish short-term view might have to be revised.

Nasdaq 100 Futures, 4-Hour Chart Analysis

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As we discussed before, the long-term uptrend is intact, and we expect at least a re-test of the highs even if we are in a large-scale top formation, but we thought that the technical damage caused by the crash three weeks ago would require more healing.

We are not turning bullish just yet, but today’s session could finally decide if we the BTFD-crowd is strong enough to turn the tide after the choppy drift lower this week. We are still focusing on the Nasdaq, as the broader market seems to be following the lead of the tech benchmark, and a move 6850 (in the Nasdaq 100 futures, and still the 2735 level in the S&P) would be a very positive sign for bulls.

DAX Index, 4-Hour Chart Analysis

The German DAX index is also showing some tentative short-term relative strength although it remains almost 10% below its all-time high, and it remains a strong negative divergence to be monitored.

Forex Markets Quiet

EUR/USD, 4-Hour Chart Analysis

The main pairs are trading in a choppy narrow range today after the strong move in the Yen and the drop in the USD yesterday. US Treasury Yields are edging lower today, helping the calm in equities and currencies, but on a bearish note, commodity currencies failed to rebound so far, and they were providing good signals since the crash. Day-traders should note that the Canadian Dollar will likely be very active again, with the Canadian CPI report coming out pre-market.

To sum the outlook up, we are still leaning on the risk-off side here regarding the short-term outlook, but we wouldn’t bet the farm on that, as there are mixed signals before the weekend.

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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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4.7 stars on average, based on 113 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

Crypto Update: Encouraging Bounce before the Weekend

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The correction that started out in the major lagging altcoins and spread to the leaders of the market yesterday is weakening, with a nice rally today in early trading in most of the majors.  Although the segment is not out of the woods just yet, the bullish signs which have been present ever since the lows three weeks ago still persist.

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Bitcoin stayed clear of the key $9000-$9200 support zone, for now at least, which would be an ideal bottom for the correction, but as we noted long-term investors should accumulate the coin during the correction, as the short-term momentum is already back to neutral. The $10,000 level is still in the focus, while the next major resistance is found at $11,300 and the prior rally high near $11,750 is also ahead as an obstacle.

BTC/USD, 4-Hour Chart Analysis

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The early leaders of the rally, Litecoin and Ethereum Classic are once again showing strength and that could signal that the next leg higher already started. That said, with several coins still stuck in broader downtrends, investors should still expect a bumpy road, with the occasional volatile sell-off.

Litecoin got very close to the $180 support that we have been monitoring throughout the correction, but it quickly bounced above the $200 level again, as the broad bounce started after testing the previously dominant declining trendline. So far, the price action in the coin is consistent with a new uptrend and we still expect LTC to lead the market higher.

LTC/USD, 4-Hour Chart Analysis

Ethereum Showing Positive Signs Again

ETH/USD, 4-Hour Chart Analysis

After yesterday’s early signs of relative strength, the second largest coin is now clearly showing evidence of accumulation, as it quickly recovered above the $845 level following the selloff after the US close. The coin established a new support near $780, and as the MACD is close to providing a bullish cross, it might signal the bottom of the correction.

Despite the bullish price action across the board, even in the recently lagging XRP and IOTA, the correction could still continue, but we still advise traders and investors to look for entry points as we expect the recovery to continue, although traders should still use smaller positions in the relatively weaker coins.

Stay tuned for our detailed technical analysis later on today.

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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4.7 stars on average, based on 113 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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