Connect with us

Analysis

Analysis: Ripple Price Nears $0.25 as Rally Continues

Published

on

Cryptocurrencies are on the rise today, as the short-term correction that we have been monitoring lost its steam, and the major coins turned higher. Ripple is leading the way once again, as while Bitcoin is battling with the $4400 resistance after the recovery. With no major news affecting the segment, technical factors reign supreme, and the underlying bullish trend lifts the market. BTC found support near the $4150 level while the MACD got back to neutral, and a continuation of the rally is now very likely. Further support is found at $4000 and $3800, while resistance is ahead at the $4650 and $5000 price level.

// -- Discuss and ask questions in our community on Workplace.

BTC/USD, 4-Hour Chart Analysis

The rest of the market is also bullish before the weekend, with all of the other majors trading in the green. NEO is still the most volatile coin, now being up by more than 5%, while Monero, Dash, Ethereum Classic, and Litecoin also being meaningfully higher. We expect the positive trend to continue over the weekend, but with correlations being low, the coins might diverge significantly. Let’s see the short-term setups.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum re-tested the $285 support once again, but it is now trading above $300, within its narrow range. The long-term picture is still clearly positive, and a rally towards the $330 level is likely in the coming days, as the MACD is after a bullish cross. Support levels are found near $250 and $235, while further resistance is ahead near $380.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is stuck in a narrow short-term trading range between the $51 support and the $56 resistance level. The coin is still among the relatively weak majors, but recently some encouraging signs emerge and a rally above $56 could signal a quick surge to $64. Further support is still found near $44 while another resistance level is ahead at $75.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is also among the laggards regarding the short-term performance, although the long-term picture remains very bullish, with the coin still being well above its July highs, and inside a rising long-term trend. The currency held up above the $300 support during the current consolidation, and we expect a move above $360 in the coming weeks.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is after perfect break-out form a short-term consolidation pattern and the coin surpassed the key resistance zone around $0.22, as we expected. The currency is now likely headed to test the $0.26 level, with both the short- and long-term picture still being positive. Support levels are now found at $0.22, $0.20 and $0.18, with resistance ahead at $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is back above the $12 level but it remains well below the key resistance zone near $13.50, and it is yet to provide a short-term buy signal for traders. That said, long-term investors could still add to their positions here, and the coin remains above the prior declining trend channels, with support near $11 and $9, and resistance ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is edging closer to the dominant declining trendline in the calm environment, and the coin is trading in a very narrow range just below the $100 resistance. With the long-term picture still being very bullish, we expect a new uptrend to develop in the coming weeks, with resistance levels ahead at $125 and near the all-time high above $150. Key support levels are found at $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO remained inside its steeply rising short-term trend, despite the recent volatile correction, and the coin has recovered well of the $30 support. The MACD is now in neutral territory, and the currency could soon test the $40 resistance again, especially if the broad rally continues. Support is now found at $30 and $25 while resistance is ahead at the $34 and $40 levels.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is trading in a narrow short-term range and it is still not out its correction, while remaining well below the $0.64 resistance. That said, the technical picture is encouraging and we expect the rally to resume soon. Primary support is found in the $0.45-$0.48 zone, with resistance ahead above $0.64 around the $0.75 level.

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Analysis

Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs

Published

on

With the crypto world being focused on the historical futures launch, the major coins all enjoyed buying following a hectic weekend, and a volatile week as a whole. BTC itself got another boost from the widespread publicity and the volatile correction of the recent days ended, with the most valuable coin bouncing back towards its all-time high.

// -- Discuss and ask questions in our community on Workplace.

While the long-term picture remains severely overbought, the short-term picture is not stretched and further gains are possible even amid the elevated correction risk. That said, investors should wait for a more favorable entry point to ad dot their holdings, while traders should control position sizes in the light of the long-term setup. Major support levels are now near $13,000, $11,300, and $10,000, with stronger levels still at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The major altcoins are all up today, but only Monero and Litecoin are still within short-term uptrends, and the segment as a whole is still dangerously overextended, and a deeper correction is very likely in the coming weeks. LTC continued its recent break-out, getting close to the $200 level, and joining the extremely overbought group regarding the long-term momentum, and triggering a long-term sell signal in our trend model. Key support levels are found $100 at $75 and $64, with a weaker primary level at $125.

LTC/USD, 4-Hour Chart Analysis

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Analysis

Long-Term Analysis of the Silver Market

Published

on

Silver

The silver market has once again caught investors’ interest as the price is nearing areas not seen since late 2008.

// -- Discuss and ask questions in our community on Workplace.

2017 started at a low point for silver, and it seems it will end the year that way as well, meaning investors who bought at the beginning of the year haven’t suffered nor gained much.

This doesn’t mean, however, that the price hasn’t moved during the year. After the low start of the year, silver quickly tacked on about 18% to a top of $17.50 per ounce.

In terms of fundamentals in the silver market, things look a bit complicated for 2018. There are multiple forces pulling in different directions for the price of silver going forward:

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Positives

  • A sharp stock market correction can be expected to occur some time in 2018. Most likely, this will happen sooner rather than later. Stock market crashes always trigger a flight to safety, meaning gold, silver, and quite possibly bitcoin, can benefit.
  • We are seeing signs that inflation may be starting to rise again, although this is not confirmed yet. Rising inflation is always good for precious metals.
  • If the US federal budget deficit widens as a result of the new tax reform, the US dollar may suffer as a consequence. Goldman Sachs put out a note to investors in November 2017 saying that the US debt is “on track” to reach an “unsustainable” level in coming years. Fed Chair Janet Yellen has also said about the US debt that it is “the type of thing that should keep people awake at night.” Rising debt levels creates uncertainty about the economy, which is generally good for gold and silver.

Negatives

  • Central banks around the world seem committed to raise interest rates in 2018. Rising interest rates are bad for precious metals because it would make it more attractive to put money in the bank.
  • The cryptocurrency bull market is on track to continue, diverting attention and capital away from precious metals as a traditional store of value. However, this one is uncertain, as it may also be considered a positive in the way that the rise of cryptocurrencies brings the inflationary and unsustainable nature of fiat currencies into focus.
  • The US dollar may have hit a bottom in 2017 and trade higher compared to other major fiat currencies going into 2018. A stronger dollar is always bad for precious metals, which are priced in dollars.

Silver chart

When looking at the chart, we can see that silver is back down to were it started the year, which coincides with a major support area where it has turned several times in the past few years.

From a technical perspective, silver has been trading in a triangle pattern on the longer-term weekly chart, with the price now trading very near the lower end of the triangle, adding confluence to our bias that silver will trade up from here.

Silver failed to live up to our prediction from early 2017, and is now even trading well below the level from that time.

A low price by any measure combined with two major technical support levels adds confidence to our trade and makes silver a low risk and potentially high reward trade for 2018.

Depending on your own strategy and investment style, you may want to wait for the price to break out from the current triangle pattern it has been trading in for the past year and a half. You would then give up some of the potential return for an even safer trade. After that, major resistance is found around $17.50 and $18, with lots of upside potential if we can finally break through those levels.

Featured image from Pixabay.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Analysis

Long-Term Cryptocurrency Analysis: Look Out Below?

Published

on

After last week’s observation that a major top is in or near in the segment, the Bitcoin surge continued for almost a week, with Thursday’s wild session taking the coin as high as $19,000 (the article uses Bitstamp prices) on some exchanges. While the currency already pulled back by more than 20% the long-term picture is still extremely overbought and a much deeper correction is likely in the coming weeks.

// -- Discuss and ask questions in our community on Workplace.

BTC spiked below $13,000 today, violating the primary weak support at $13,300, with further levels now at $11,300, $10,000 and $9000, but stronger support only found at $8200 and $7700. Next week’s futures launch could cause another jump in trading activity, and volatility is expected to remain very high amid the likely correction.

BTC/USD, Daily Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

While not all altcoins participated in the, supposedly, last part of the rally, IOTA, Monero, and towards the end of the week Litecoin, also stretched above all conventional targets with IOTA also turning exponential after a deal with Microsoft. The coin exploded by more than 350% before entering an initial sharp correction, breaking the steepest short-term uptrend. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other altcoins look after the crazy week.

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending