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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.

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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.

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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.

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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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4.5 stars on average, based on 230 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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Analysis

Crypto Update: Ethereum Tops $700 as Short-Term Sell Signals Pop Up

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The major cryptocurrencies are having another strong session, with all of the top 10 coins sporting gains, adding more than 5% on average since yesterday. The largest digital currencies are trading in clear short-term uptrends, with the broad declining trendlines also being broken in most cases.

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That said, the short-term momentum indicators are overbought with regards to altcoins, and now several majors triggered short-term sell signals following the first signal by IOTA yesterday. While this doesn’t mean that traders should exit all short-term positions here, taking some profits and/or setting tighter stop losses is advised, as there will likely be opportunities with much better risk/reward profiles to re-enter the market.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin finally topped the $9000-$9200 resistance zone after a period of relative weakness, further boosting the already positive overall picture. The momentum of the move is still not stellar, but the coin is still not severely overbought, and although a deeper pullback is still likely soon and short-term traders shouldn’t open new positions here, a test of the $10,000 level is still possible in the coming days. The long-term setup is clearly bullish, and investors could still add to their holdings during the short-term pullbacks, with further support found at $8400.

ETH/USD, 4-Hour Chart Analysis

Ethereum continued to rally, despite the already overbought reading, and now the coin is severely overbought, and a correction is very likely in the coming days, so short-term traders should exit their positions or use tight stop losses here. We expect the rally to continue after a correction, and long-term investors should hold on to their coins. Resistance zones are ahead near $735 and $780, while primary support is between $625 and $645.

Altcoins Overbought but Uptrend Intact

XMR/USD, 4-Hour Chart Analysis

While correlations are getting lower and lower among the major coins, which is a bullish sign, most of them are already overbought from a short-term perspective. Although further gains are still possible, chasing those coins higher here is not a good strategy, even as the long-term setups remain encouraging.

Litecoin, ETC, and NEO are not severely overbought yet, while Ripple, Stellar, and Cardano are already in short-term corrections clearing the overbought readings, but traders should be cautious with Dash, EOS, Monero, and IOTA as they are ripe for a move lower.

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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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Analysis

Pre Market: Dollar Pulls Back from 7-Week High as Stocks Rebound

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Global equities are attempting to rally after drifting lower for three sessions, with Asia leading the bounce thanks to rumors regarding possible monetary easing steps in China. The rumors surfaced on the heels of the Yen’s plunge which followed Bank of Japan governor Kuroda’s dovish words. Mr. Kuroda is worried about the stubbornly low inflation rate, and hinted on a delay of the ”normalization” process of the central bank’s monetary policies.

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USD/JPY, 4-Hour Chart Analysis

As a reminder, the BOJ now owns the majority of the stock ETFs in Japan, but we might reach a point where it will own the whole float (why not?), while also technically controlling the whole Japanese government bond “market”. Meanwhile, the Euro also got under pressure lately thanks to the string of negative economic surprises and Mario Draghi’s cautious words regarding growth, and with Thursday’s ECB meeting looming, forex traders could be in for a very active week of trading.

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EUR/USD, 4-Hour Chart Analysis

The Dollar reached a 7-week high against the Euro yesterday, while the Dollar index closed at the highest level since January, and although the Greenback is correcting the recent rally today, it seems that the growing number of Dollar bears might be in for more pain after a likely short-term correction, as Treasury yields continue to rise relentlessly.

US 2-Year Treasury Yield, 4-Hour Chart Analysis

Stocks are having a relatively quiet week so far, but the bearish trend of the recent sessions remains dominant despite today’s bounce, even as volatility is still low, and trade war fears and geopolitical tensions have been easing somewhat lately. We switched to a bearish bias last week, and we maintain that the stocks look vulnerable here, although the short-term overbought readings have been cleared.

S&P 500, 4-Hour Chart Analysis

Bulls still have the hope that the major US indices can resume the recovery and launch a rally towards the all-time highs, but unless we see a quick move above last week’s highs, bears remain in control, and another test of the correction lows is likely.

On a slightly positive note, European equities enjoyed some relative strength in the last couple of days, as they were boosted by the weakness in the Euro, but looking at the broader picture, the Old Continent continues to be among the weakest regions globally since the start of the correction.

Commodities Mixed but Commodity Currencies Still Weak

AUD/USD, 4-Hour Chart Analysis

Interestingly, the Aussie and the Canadian Dollar are still under selling pressure today, despite the risk rally, and that fact strengthens our short-term bearish view on stocks, as they have been reliably leading equities since February.

In the meantime, commodities have been trading in a choppy fashion amid the Dollar rally, as gold has been pushed back below $1330 again, continuing its lengthy consolidation phase, while crude oil slightly retreated from its multi-year high near the $70 per barrel level concerning the WTI contract.

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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

Long-Term Cryptocurrency Analysis: Bitcoin and Ethereum Break-Out of Declining Trends

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The altcoin-led rally continued since our previous look at the long-term charts, and the major coins all confirmed a new short-term uptrend. Most of the largest digital currencies also broke out from their broad declining trends, as the total value of the segment is now more than 50% above the level around the correction low.

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BTC/USD, Daily Chart Analysis

The overall picture remained positive, with only Bitcoin’s weakness causing headaches for crypto bulls, as the most valuable coin is hovering close to declining trendline that dominated trading throughout the first quarter of the year.

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Despite the short-term weakness, BTC is still among the stronger majors from a long-term perspective, and with the secular uptrend clearly being intact, long-term investors should hold on to their coins and add to their holdings on the short-term pullbacks.

Crucial resistance is still just ahead between $9000-$9200, with further levels at $10,000 and $11,300, while support is found near $8400, $7650, and in the $6150-$6250 zone.

ETH/USD, Daily Chart Analysis

Ethereum built upon its recent relative strength, and the coin broke out convincingly above the declining trendline, and reached the next key resistance zone between $625 and $640 before the momentum of the move stalled.

While there are still several strong zones ahead, with the closest ones near $725 and $845, barring a quick move back below the declining trendline, the coin should continue the advance. With the long-term MACD still just in neutral territory, long-term investors could add to their holdings during short-term corrections, with key support levels at $500, $450, and $400.

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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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4.5 stars on average, based on 230 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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