Analysis Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds Up Published 3 months ago on August 14, 2018 By Mate Cser The cryptocurrency segment endured another ugly overnight session, with the major altcoins plunging by double digits across the board yet again. The total value of the market is now handily below the $200 billion mark after the latest selloff, and despite the deeply oversold momentum readings, there is still no sign of even a short-term bottom, and our trend model continues to flash red too. While Liteocin and Monero provided a glimmer of hope for bulls during the initial phases of the current leg lower, the coins that are among the laggards from a long-term perspective followed the broader market below support later on. With no bullish leadership forming, the strong downtrend is still dominant and traders should still remain defensive, despite the already heavy losses in the segment. That said, in time, a more durable bottom is likely close, thanks to the negative sentiment and the oversold environment, but percentage-wise, further steep losses could be ahead. ETH/USD, 4-Hour Chart Analysis Ethereum is still in the epicenter of the decline, with a more than 15% daily decline, as the coin quickly got below the $275 level just after violating the $300 support, and even touched 4250 in early trading. The second largest coin fell through key zones without even a blink, and that points to forced liquidations in the market. The coin is still on sell signals on both time-frames and traders still shouldn’t enter new positions. Support is now found at $260 and $230, while resistance is ahead between $275 and $280, and near $300. BTC/USD, 4-Hour Chart Analysis While sellers have been trying to push Bitcoin below the $6000 level amid the altcoin rout, the coin always managed to bounce back so far, and it continues to hold up clearly above the structurally important $5850 level. The coin is still in a bullish secular trend and while the long-term picture is overwhelmingly bearish in the segment, the strength of the largest coin might be the basis of a coming recovery. That said, the short-term downtrend is clearly negative in the BTC, and traders shouldn’t enter new positions. Resistance is still ahead at $6275, $6500, $6750, and $7000, while initial support is at $6000, while further support is found between $5000 and $5100. Relentless Selling in Altcoins XRP/USDT, 4-Hour Chart Analysis Ripple still resembles a falling knife, similarly to most of the majors, and the coin continues to slide lower, as last week’s break-down led to a series of support breaches. The coin is now down by 40% in a bit more than a week, and it is currently testing the strong support zone near $0.26 after spiking briefly below it overnight. Should XRP hold above the spike low, traders could be looking for signs of a bottom, but for the coin is still on a clear sell signal. XMR/USDT, 4-Hour Chart Analysis With the smaller coins also being hammered lower, there is no real hiding place beside BTC in the segment, and yesterday’s slightly strong coins also broke down overnight. Monero violated the key long-term support near $80, which served as a base for the late-2017 run-up, and the coin is trying to hold its ground above that after the spike lower. While the downtrend is clearly intact, and the short- and long-term sell signals are in place, a recovery above $90, could point to the exhaustion of sellers. Featured image from Shutterstock 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (5 votes, average: 4.80 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.7 stars on average, based on 394 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. Follow @HackedCom Feedback or Requests? Related Topics:litecoinMoneroripple Up Next Bitcoin Price Stabilizes Above $6,000 as Altcoins Get Rearranged Don't Miss Waves Coin Spikes 21% Before Levelling Off; Gets Cold Storage Treatment You may like Crypto Update: Selloff Accelerates as Bitcoin Brakes Support Monero Price Analysis: XMR/USD Bulls Eyeing Explosive Move Out of Current Range Block Crypto Update: Selloff Continues Despite Another Pop Higher In Ripple Trade Recommendation: Ripple Trade Recommendation: Monero XRP Price Analysis: Largest Bank in Japan, MUFG Bank, Set to Utilize Ripple Technology 2 Comments 2 Comments ridge195 August 14, 2018 at 2:57 pm Thanks for your great updates Matt. Your analysis is always spot on. Get out of most of my positions well before this crash and once again enjoying watching prices get cheaper instead if watching my balance get destroyed. Good to find honest analysis instead of most of the other guys out there just telling people what they want to hear. Log in to Reply jhmblvd August 14, 2018 at 11:07 pm Any recommendations? Do you sell all coins? What coins will survive? I’m doing research but just wondering what you think will happen? Is this an extinction level event for altcoins? Which ones/ Log in to Reply You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Altcoins Cardano Price Analysis: ADA/USDT Smashes Out of Wedge, but Saved by Critical Demand Zone Published 8 hours ago on November 14, 2018 By Ken Chigbo ADA/USDT testing a huge area of demand and a breach by the bears could be catastrophic. Cardano Foundation confirm reshuffle, as Michael Parsons, the former chairman, steps down. ADA/USDT has continued to be victim of downside pressure after its latest bull run. The price had gained a chunky 20%, between 31st October and 6th November. ADA/USDT managed to peak just above $0.08200 territory. This was the highest level seen since 15th October. Shortly after, gradual selling started to take place, to then see all the gains plus much more taken by the heavy bears. It appears current bull runs are not sustainable, very much vulnerable to being sold- particularly as these tend to happen in an explosive manner within a short time frame. Cardano News Flow Cardano this week made an announcement that Michael Parsons, the former chairman, has resigned from his position at the Cardano Foundation. Prior to this rapid departure, there had been much history of community members demanding for him to be removed. The position will be filled by the Council Member Pascal Schmid, a University of St. Gallen graduate and a financial expert. Cardano’s creator, Charles Hoskinson, accused the foundation and Parsons of neglecting their duties, in addition to bringing in close friends and family into top positions within the organization. Technical Review – ADA/USDT ADA/USDT daily chart ADA/USDT is running at three consecutive sessions in the red- a move which is inline with the broader market, a mass cooling across all major cryptocurrencies. The price was forced to drop a hefty 13% in the late part of the session on Wednesday. Price action was initially moving within a wedge pattern. This had been the case since the back end of September. ADA/USDT was contained within this formation. Given the noted heavy selling pressure that was seen across the market late Wednesday, the lower trend line of the wedge was forced to give way to sellers. Looking to the downside, ADA/USDT has been saved from further declines thanks to a critical demand zone. The area is seen tracking from $0.07000 down to $0.06000. It has proven to see strong buyers swoop in. The price last traded down here between 12-18th September. Buyers kicked in to then drive ADA/USDT to the north, seeing gains just shy of some 50%. The bulls were able to run the price up to $0.09500 into a known supply area. A peak was seen, and this rally was then gradually sold. Should the above-mentioned demand area fail to hold and see a daily close below, it could be catastrophic. A development such as described, could leave the door wide open to a fresh wave of heavy selling. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Ken Chigbo 4.5 stars on average, based on 50 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. Follow @HackedCom Feedback or Requests? Continue Reading Analysis Pre-Market Analysis And Chartbook: Markets Flat Ahead of Key Economic Data Published 11 hours ago on November 14, 2018 By Mate Cser Wednesday Market Snapshot Asset Current Value Daily Change S&P 500 2,729 0.02% DAX 30 11,467 -0.05% WTI Crude Oil 56.16 1.59% GOLD 1,202 -0.03% Bitcoin 6,211 -0.80% EUR/USD 1.1287 -0.01% As traders awaited the key US economic releases of the week, the Consumer Price Index (CPI) and the Retail Sales report, financial markets were relatively quiet and flat before the Wall Street open, but things got volatile since then, despite the muted CPI reading. The progress in the Brexit negotiations and the liquidation event in crude oil were making headlines today, although the advance in the Pound stalled, as equity markets and in general risk assets are still under clear selling pressure following the turmoil in October. The second half of the week will likely see strong moves across asset classes, and given the negative technicals, odds favor a risk-off shift globally. EUR/USD, 4-Hour Chart Analysis The Dollar is consolidation after its move to new 16-months highs on Monday, and for now, the currency failed to confirm the break-out, at least as measured by the Dollar index. The EUR/USD is showing a slightly different picture compared to the broader measure, and the common currency is still in a steep downtrend, even as it is back near the key 1.13 level, retracing a large chunk of Monday’s move. A durable recovery above 1.13 could signal a failed break-down and another consolidation phase in the pair, with the long-term momentum indicators still being oversold, but the broad downtrend is clearly intact, and long positions should only be considered as short-term trades. Nasdaq 100 Futures, 4-Hour Chart Analysis In equities, we continue to see bearish technicals from a broader perspective, and although the post-Fed selloff halted, for now, the re-test of the October lows still seems likely in the coming weeks. The Nasdaq is still relatively weak compared to the other major US benchmarks, and the tech benchmark is the closest to its lows, even after yesterday’s bounce. The overnight session saw a slight bullish bias in stocks, with the indices holding on to above their weekly lows, but we still view the short-term rally attempts as selling opportunities given the hostile technicals across the globe. Crude Oil in Turmoil as Copper Holds Support, For Now WTI Crude Oil, 4-Hour Chart Analysis The bounce that we have been expecting in crude oil didn’t materialize despite the deeply oversold momentum readings, as the dip below the $58-$60 zone triggered a liquidation event in the commodity. The worst day for oil in 3 years saw the WTI contract falling below $55 per barrel, its lowest level in a year. Today, oil is attempting a recovery, and we continue to expect a rally up to the $63-$65 zone in the coming weeks. Copper Futures, 4-Hour Chart Analysis Elsewhere in the commodity segment, we are seeing further signs of weakness, despite the pullback in the Dollar. Gold is having a flat quiet day, so far, hovering near the $1200 price level, while despite the renewed trade-deal optimism, copper failed to bounce higher substantially amid the slight risk-on shift. The industrial metal is trading just above its recent swing low, and a move below that would be a sign that the lengthy consolidation phase is ending and the broader downtrend is about to resume. ChartBook Major Stock Indices S&P 500 Futures, 4-Hour Chart Analysis Dow 30 Futures, 4-Hour Chart Analysis VIX (US Volatility Index), 4-Hour Chart Analysis DAX 30 Index CFD, 4-Hour Chart Analysis FTSE 100 Index CFD, 4-Hour Chart Analysis EuroStoxx50 Index CFD, 4-Hour Chart Analysis Nikkei 225 Futures, 4-Hour Chart Analysis Shanghai Composite Index CFD, 4-Hour Chart Analysis EEM (Emerging Markets ETF), 4-Hour Chart Analysis Forex USD/JPY, 4-Hour Chart Analysis GBP/USD, 4-Hour Chart Analysis EUR/GBP, 4-Hour Chart Analysis AUD/USD, 4-Hour Chart Analysis Commodities Gold Futures, 4-Hour Chart Analysis 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.7 stars on average, based on 394 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. Follow @HackedCom Feedback or Requests? Continue Reading Analysis EOS Update: Preparing for a Big Bullish Move Published 12 hours ago on November 14, 2018 By Kiril Nikolaev, CFA EOS has been stuck in a range since August 8, 2018. It’s been trading between $6.65 and $4.50 with a midpoint of $5.30. If you’re a day trader, the range is wide enough to exploit and generate serious profits. However, this is not the case for many retail investors who bought the bottom and are anticipating the next big rally. They’d want to know when EOS (EOS/USD) would make another substantial move. The good news is we are certain that it’s soon, very likely within a month. The next question would be the direction. This is something we’ll never be 100% certain of. However, we looked at the charts and we’re confident that this move will usher in a new higher high. In this article, we reveal how this coin is preparing for a big bullish move. Unnerving Lack of Volatility EOS has been slowly flatlining since September 2018. The trading range has become tighter and tighter with each passing week. You can see the almost non-existent volatility in the weekly RSI. The indicator has moved within a three-point range (42 – 45) in the last two months. Weekly RSI range In addition to the weekly RSI, the daily trading range has been suffocating. The last time Bollinger bands were this tight was about a year ago. It was at the point before EOS launched a massive bull run. Daily Chart Before you get excited, we have to be clear that narrow trading ranges do not necessarily foretell a bull run. However, it is a prelude to a big move. It is the proverbial calm before the storm. The storm, we believe, will nourish the bellies of starving bulls. Alleviating Resistance to Support (RS) Flip EOS has a diagonal trendline that cuts through both the bull and bear runs. The trendline started to exist on January 20, 2018 when it acted as resistance and prevented the market from going above $15.75. The first RS flip happened on April 24 when EOS breached resistance of $12.00. This helped the market climb to $23.029 on April 29. The diagonal trendline continued to serve as a support for EOS until June 22 when the market breached support of $9.50. This effectively flipped the support into resistance. EOS worked very hard to take back the diagonal trendline but to no avail. As a result, the market dropped to lows of $4.1778. Diagonal trendline The price action described above illustrates the impact of this trendline. It provides massive resistance when the market is below it. On the other hand, it offers firm support when EOS traded above it. Thus, the market would have been in a bad shape now if bulls would not have put up a strong fight. Luckily, they did. With a series of higher lows, bulls eventually flipped the resistance into support on September 27. They also completed the retest when EOS dropped to $5.0014 on October 11. This tells us that bulls are mobilizing. It looks like they are quietly and patiently accumulating at these levels. Promising Inverted EOS Chart If you’re having trouble believing that EOS is starting to look bullish, then allow us to present to you the inverted chart. One look and you’ll know that this chart is prime for massive shorting. Inverted weekly chart This inverted chart looks like it already topped out. It tried really hard to take out resistance of $3.50 but it failed again and again. Its inability to breach the resistance led to exhaustion. You can see the rally fading in the declining volume. The market persistently rose even if volume steadily decreased. This is not a sustainable ascent. As a result, the market appears to have broken down of an ascending triangle pattern. It is currently retesting the resistance but without volume, it is likely that the market will resume its descent. When it does, EOS will make its big move. Bottom Line With volatility almost non-existent, EOS appears to be preparing for a massive move. While this is something we are certain of, the direction is still not guaranteed. However, the recent RS flip of the diagonal downtrend and the inverted weekly chart make us believe that EOS is gearing up for a big bullish move. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Kiril Nikolaev, CFA 3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances. Follow @HackedCom Feedback or Requests? Continue Reading Ethereum Price Extends Slide as ETH Mining No Long... Update: Crypto Selloff Deepens as Bitcoin Hits New... Etheera (ETA) Hits the Big Time with 82,960% Growt... 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EOS Update: Preparing for a Big Bullish Move Recent Posts Why Investors Should Pay Attention to Decred November 15, 2018 Why Investors Should be Paying Attention to Substratum November 15, 2018 Market Update: U.S. Stocks Plunge; Carnage in Crypto Land November 14, 2018 Cardano Price Analysis: ADA/USDT Smashes Out of Wedge, but Saved by Critical Demand Zone November 14, 2018 Crypto Market Flash-Dips 12%; Bitcoin Price Hits New Yearly Low as ETH, TRX Bleed Out November 14, 2018 Update: Crypto Selloff Deepens as Bitcoin Hits New Yearly Low November 14, 2018 ICO Analysis: CWEX November 14, 2018 Pre-Market Analysis And Chartbook: Markets Flat Ahead of Key Economic Data November 14, 2018 Ethereum Price Extends Slide as ETH Mining No Longer Profitable November 14, 2018 EOS Update: Preparing for a Big Bullish Move November 14, 2018 A part of CCN Hacked.com is Neutral and Unbiased Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com. Trending Cryptocurrencies6 days ago Why Investors Should Pay Attention to Electroneum Cryptocurrencies1 week ago Why Investors Should Pay Attention to Pundi X Altcoins1 week ago John McAfee Gets Skycoin (SKY) Tattoo; Coin Price Immediately Jumps 12% Cryptocurrencies7 days ago Why Investors Should Pay Attention to Ravencoin (RVN) Opinion1 week ago The Ripple Debate Continues as Coinbase Considers Listing XRP Analysis5 days ago Bitcoin Update: Transition from Depression to Disbelief Altcoins1 week ago Tron Gets Five Fiat Pairs Amid 260% Volume Boost; TRX Price Waiting to Move Altcoins1 week ago Litecoin Price Analysis: $60 and Beyond?