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Analysis: Ripple and NEO Soar as Ethereum Classic Breaks Out

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The influx of capital into altcoins continues in earnest, as Ripple added to yesterday’s lofty gains, and it catapulted back to the third place regarding market capitalization. The coin took over Bitcoin Cash after almost doubling in price in a couple of days. XRP is now just below the $0.30 level, although the all-time high of the currency is still 50% higher than the current price. Investors could reduce positions near the resistance zone just above the current level, as a correction back towards $0.25 is likely in the coming days.

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XRP/USDT, 4-Hour Chart Analysis

NEO and ETC also moved out their correction patterns, and now all of the major coins are back in uptrends after the summer bear market. The total value of the cryptocurrency market reached $150 billion as Bitcoin also moved higher after Monday’s spike lower.  The rest of the most valuable coins are also in the green, as the broad rally continues in the segment. While some of the majors are already in overbought territory, there are still opportunities in the sector, as some of the coins are still in the early stages in trend. Let’s see how the technicals are shaping up today.

Bitcoin

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BTC/USD, 4-Hour Chart Analysis

Bitcoin surged back to its prior short-term rising trend channel as buyers stepped in after the steep drop yesterday. The coin remains overbought regarding the long-term picture, and investors should still wait with new positions, while traders could play the volatile swings in both directions. Key support is found at the $4000 price level, and below that near $3800, $3500, and $3150.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is also up today after the dip on the first day of the week, but it remains below Sunday’s high, despite trading within the short-term uptrend. The $330 level remains in focus, with strong support near $300 and $285. Strong resistance is ahead at $380, and we still expect a test of that level, and possibly the all-time high of the token near $400.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC continues to trade just above the $46 level, still within a narrow range and a broader triangle pattern. We still expect a break-out in the coming period, with a move towards $50 and the all-time highs near $56. Short-term traders could still wait for a break-out of the triangle before entering into new positions, but the technical picture remains bullish, in all time frames.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading just below the $300 level, inside the short-term uptrend, after the huge weekend move. The currency might be ready for another push higher, although the long-term picture is already overbought, but short-term traders could still enter new positions here. Support levels are found near $266, between $220 and $230 and at $200.

 

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic finally moved out of the previously dominant downtrend today and it is testing the $16 resistance. Should the break-out hold its ground, the next target of the move is at $18, with further resistance levels found at $20 and near $22. Long-term support is found between $13.50 and $14.50. The long-term picture momentum indicators are still in neutral territory, leaving more room higher for the rally.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero breached the $100 level after pushing to a marginal new high following Monday’s break-out. The coin is now back near the prior range projection target at $91, and with the long-term picture turning overbought, investors shouldn’t open new positions here. The coin is also overbought short-term, pointing to a correction in the coming days.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still stuck in the volatile trading range that developed after the coin’s break-out. The coin is hovering around the 0.000065 level with strong support levels near 0.0000575 and 0.000048. Resistance is ahead at 0.000075, and we still expect a move back towards the recent high at 0.00009 as the Bitcoin correction unfolds.

NEO

NEO/USDT, 4-Hour Chart Analysis

The coin moved out of its declining short-term trend after a 50% correction, and rallied through the resistance zone around the $40 level quickly. Neo could be ready to test the prior high soon, but it faces resistant before that near $47.50, which could trigger a short-term correction.

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

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

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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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

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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: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

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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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