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Analysis: NEO on the Rise Again as Bitcoin Nears $4500

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The steady uptrend in the most valuable coin is defining trading in the segment yet again. BTC cleared the $4400 resistance level today in early trading as the coin continued its march off the crash lows near $3000, nearly completing a 50% rally. With the Segwit2x hard fork rumors being sidelined, a test of the all-time high near $5000 seems more and more likely. Before that, the $4675 resistance is the last major hurdle, while support is found near $4150, $4000, and $3800.

BTC/USD, 4-Hour Chart Analysis

The rest of the market is generally very calm, with only IOTA and NEO showing increased trading activity. NEO is the positive outlier, being up by more than 8% compared to yesterday’s close while IOTA is in a short-term correction after its strong showing last week. Dash and Monero are still drifting lower, lagging the broader market, while Ethereum and Ripple are hovering around $300 and $0.20 respectively in the quiet environment. The overall long-term picture is consistent with a bullish trend, as correlations are low and volatility is muted. Let’s take a look at the short-term prospects of the majors.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is among the weaker coins short-term, as it continues to struggle with the $300 level, although the $285 support is not in any danger for now. The MACD is in neutral territory thanks to the sideways drift, and ETH is still likely to test the $330 level soon, as the long-term picture remains constructive.  Further resistance is ahead at $380, while support is at $250 and $235.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still stuck below the $56 level and the long-term rising trend channel, as it failed to regain its relative strength after the crash. We still expect choppy price action in the coin before a sustained rally and short-term traders should wait with opening new positions here.  Above $56, further resistance is found near the $64 level, while support is around $51 and $44.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash remains inside the consolidation pattern that has been driving the coin lower since the strong post-crash rally. The currency, which is still one of the strongest majors regarding the distance from the all-time high, is getting short-term oversold, but a test of the $300 level is still possible before a meaningful rally. Below that further support is found near $265 while resistance is ahead at $360.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is in a short-term consolidation pattern near the $0.20 level, as the coin settled down after its rally. Ripple is still likely to test the key zone near the $0.22 level in the coming days, given the bullish long-term picture, and the broad recovery in the segment. Support levels are still found at $0.18, $0.16, and $0.14, with further resistance ahead at $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic has been trading with very low volatility lately after bouncing off the key $13.50 elvel during the weekend.  The coin still faces strong overhead resistance, even after breaking out of both the short- and long-term downtrends, but the long-term prospects of ETC are much better now. That said, short-term traders should still wait for a break above primary resistance. Support is found near $11 and $9, while further resistance is ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still trading inside the correction pattern that has dominated the market since the end of August and the coin remains relatively weak compared to the other majors. Despite the short-term weakness, XMR is still one of the strongest currencies concerning the long-term picture and a break-out above $100 would open up the way for a re-test of $125 and the all-time high near $150, with key support at $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO surged to get close the crucial $40 level today, after the short-term correction that carried the coin back near $25 during the weekend. The currency remains one of the most active majors it has been since the China ICO-ban, and it is likely to experience volatility as investors continue to revalue the coin. Support is now at $34, $30, and $25 while primary resistance is around the $40 level.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA dipped back below the $0.60 level as it entered a short-term correction after a period of relative strength. The coin is still in a clear uptrend, it remains above the prior declining patterns. The currency tested the $0.64 resistance during the weekend, and we still expect a rally above that level in the coming week. Support is still found in the $0.45-$0.48 zone, while above $0.64, further resistance is ahead near $0.75.

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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4.7 stars on average, based on 443 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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2 Comments

2 Comments

  1. ArtieRufio31

    October 3, 2017 at 5:33 am

    Could you add ZCash to the analysis or to the trend signals chart?

  2. tieuthanhliem

    October 4, 2017 at 2:52 pm

    Where is $5000 bitcoin? Why I keep believing in you so many time?

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Altcoins

Tron Price Analysis: TRX/USD Constructing a Head and Shoulders Pattern

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  • TRX/USD remains vulnerable to further downside, with eyes on the possible head and shoulders technical structure.
  • TRX/BTC bulls are having much difficulty breaking down huge area of supply.

TRX/USD Price Action

TRX/USD daily chart.

There has been little in terms of committed market direction. It appears that after the huge bull run, which was observed from mid-December until 10th January, the price is trying to find its feet again. The gains of that push higher were a chunky 180%, before quickly becoming unstable and losing some of that ground.

Head and Shoulders Pattern

TRX/USD head and shoulders formation, via daily chart.

A near-term ascending trend line can be observed via the daily chart. This could be forming a head and shoulders formation. The left shoulder and head have already been constructed, with attention on this possible right shoulder. It is currently moving back towards the trend line, acting as a neckline for the technical pattern. A breach could see a fast fall below the $0.020000 mark.

The next major area of support is seen at a demand zone, which tracks from $0.017500 down to $0.016000. TRX/USD last traded here on 20th December, when the bulls ran through this range, which at the time was acting as supply. At a worse case scenario, a failure of this zone holding will shift attention to the December low area, $0.011150.

TRX/BTC Bulls Cannot Break Down Big Supply Zone

TRX/BTC daily chart.

This trading week, the TRX/BTC bulls attempted on a few occasions,to break down heavy area of supply. It can be seen tracking from 0.00000700 up to 0.000007500. The price has not been convincingly breached since June 2018, a strong sign of the bearish trend gripping the market. Briefly on 10th January, an aggressive spike to the upside was observed, pushing above for a very short-time before the sellers piled in.

Weekly Chart

TRX/BTC weekly chart.

Looking via the weekly chart view, TRX/BTC has been pushing higher for the past three consecutive weeks, at the time of writing. Despite this run of gains, the technical picture does still somewhat express some vulnerabilities. The large upper wick produced during the week which commenced 7th January appears to be a bearish pin bar formation.

If this week fails to close in the green, it could suggest that a larger wave of selling pressure may materialize. Typically, the types of candlesticks described above tend to come ahead of downside pressure. In addition, then numerous rejections seen within the earlier detailed supply zone, stacks favorably for the bears.

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

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.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Monero Price Analysis: Stronger Malware to Mine Monero; XMR/USD Has Room for Another Potential Squeeze South

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  • Researchers: a stronger malware has been uncovered, which can mine Monero.
  • XMR/USD price action remains stuck in a narrowing range, subject to an imminent breakout.

The XMR/USD price has seen some upside on Saturday, holding gains of around 3% towards the latter stages of the day. Despite the press higher from the bulls, a move which has been observed across the cryptocurrency market, vulnerabilities remain. Price action has been ranging for the past nine sessions. Once again, this isn’t specifically just XMR, as this type of behavior is witnessed across the board. The narrowing in play came after the steep drop that rippled across the market on 10th January.

Price action was initially well-supported to the upside by an ascending trend line, which was in play from 15th December. This at the time was a very promising recovery, as XMR/USD had gained as much as 55%. Unfortunately, however, the bulls were unable to break down supply heading into the $60 region and were eventually dealt a big hammer blow. On 10th January, the market bears forced a heavy breach to the downside, smashing through this support. The price had dropped a big double-digits, some 20%.

Stronger Malware Mining Monero (XMR)

There is a dangerous form of malware that can bypass being detected and mine Monero (XMR) on cloud-based servers. A recent notice was put out by Palo Alto Networks’ Unit 42, an intelligence team that specializes in cyber threats, regarding a Linux mining malware. This was detailed to have been developed by Rocke group, which has the ability uninstall cloud security products. It can do this to the likes of Alibaba Cloud and Tencent Cloud, to then illegally mine Monero on compromised machines.

The two researchers from Palo Alto Networks, Xingyu Jin and Claud Xiao, detailed the findings of their studies. Once the malware is downloaded, it takes administrative control to initially uninstall all cloud security products. Shortly after, it will then then transmit code that will mine the Monero (XMR). Further within their press release, they said, “To the best of our knowledge, this is the first malware family that developed the unique capability to target and remove cloud security products.”

Technical Review – XMR/USD

XMR/USD daily chart.

Given the current range block formation, eyes should be on the key near-term technical areas. Firstly, to the downside, $43, which is the lower part of the range. A breach here will likely see a retest of the December low, $38. To the upside, resistance be observed at around the mid $46 level. Should a breakout be observed here, then a potential retest of the broken trend line will be watched.

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

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.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Litecoin Price Analysis: LTC/USD Bulls Enjoy Big Jump But Stubborn Resistance Capping Potential

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  • Litecoin sees a relief rally on Friday, but is still stuck within stubborn range-block.
  • LTC/USD price action has formed a bearish flag pattern structure, subject to a potential break lower.

The Litecoin price on Saturday was seen holding decent gains of over 5%, as life is kicked back into the bulls. The LTC/USD pair has been victim of trading within a stubborn daily $3 range. This very much being the case for the past nine trading sessions. It is a form of consolidation after the breach south from an ascending trend line. This had been supporting the price from 14th December 2018, up until the bears forced a breach on 10th January.

In light of the breakout below the above-mentioned trend line, a large wave of selling pressure came with that. LTC/USD plunged by as much as 25% to the lowest levels seen since the start of the month. The earlier described range-block formation has come as a result of the increased volatility that accompanied the break south. The high of the range should be noted at the $33 mark, with the lower support eyed down at the psychological $30 level.

Bear Flag

Given this type of price behavior from a technical standpoint, it appears to demonstrate some vulnerabilities to the downside. The calming and consolidating after an initial explosive drop lower to then potentially resume the selling pressure reflects this point. As can see from either the 4-hour or daily chart, price action has formed a bearish flag pattern. When the market fell from 9-10th January, this formed the pole of the bearish flag of the structure. The actual flag is currently being constructed, as part of the sideways trading being observed.

Lightening Network Trial Underway

As reported by the CCN team, Coingate, a cryptocurrency-based payments platform, has now executed a trial run of its Lightening Network via Litecoin.  The platform has partnered up with a privacy service provider, known as Surfshark for this pilot project. Within the partnership, the implementation of Lightening Network payment solution for Litecoin transactions is a big milestone for the cryptocurrency community.

Technical Review – LTC/USD

LTC/USD daily chart. A bearish flag structure can be seen.

As detailed earlier, a breakout from the range-block formation will be the next trend defining move. Should the bears manage to force a break below the lower support, tracking at $30, then a demand area below will be called into action. This can be observed tracking within the $28 price region, which is a known area to find buyers. A failure to do so could see LTC/USD drop back down towards $23-22 range.

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

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.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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