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Bitcoin Just Hit a New Record High; Crypto-Employment Is Also Up

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Bitcoin just capped off another record-setting weekend, as prices reached the $6,300 plateau for the first time ever. There was no apparent reason for the latest surge, except that appetite for cryptocurrency remains elevated.

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BTC/USD Price Levels

Bitcoin peaked at around $6,301 on Sunday, enough for a new all-time high. At press time, BTC/USD was up $404, or 7.1%, at $6,149. That gives bitcoin a market cap of roughly $101.6 billion, according to CoinMarketCap. There was no immediate catalyst for the weekend rally.

Bitcoin is a tad overbought, according to the Relative Strength Index (RSI). However, the oscillators should be used with caution when evaluating prices following a massive fluctuation.

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The rally also rubbed off on Bitcoin Cash (BTH), whose developers turned their back on bitcoin in early August. BTH/USD rose 7.6% to $447, its highest in over a month. At present values, BTH has a market value of $7.5 billion, enough for fourth on the list of global cryptocurrencies.

Gains in these two coins brought the total value of all cryptocurrencies to $179.8 billion, which was also an all-time high.

Bitcoin-Related Jobs?

Jobs related to bitcoin are the fastest growing category on Freelancer, according to the company’s CEO. The international freelancer hub saw crypto-related job postings surge 82% in the third quarter.  A similar trend was likely observed on Upwork, a slightly more professional version of Freelancer.

“People are getting freelancers to design new types of cryptocurrencies,” Matt Barrie, CEO of Freelancer, told CNBC last week.

With bitcoin prices where they are today, it’s not surprising to see so much demand for developers, writers and marketers.

The uptrend in cryptocurrencies has been truly relentless. Prices are up across the board as investors take advantage of what appears to be a generational opportunity. This euphoria has also been reflected in the market for initial coin offerings (ICOs), which allow start-up companies to raise funds by issuing cryptocurrency. ICOs have generated more than $3.2 billion in funding this year, according to the latest data from CoinSchedule.

Featured image courtesy of Shutterstock.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. 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 majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary 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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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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