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Crypto Update: Market Stable as Consolidation Continues

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The cryptocurrency segment is having its most boring period in a long-time, with no significant moves in the majority of the coins since the Sunday dip and the subsequent rebound. The major coins attempted a rally overnight, but last week’s highs proved too strong yet again in the case of most of the currencies. That said, the coins are not far off from the swing highs, and the low-volume, low volatility consolidation still points to the healing of the battered segment.

As the old trading wisdom goes: “Never short a dull market”, and although the bottoming process is definitely not over, odds now favor a re-test of the prior lows as a worst-case scenario, with a lot of coins expected to outperform on the down-swings. While the current environment might be frustrating after the furious price swings of the previous weeks, patience is required to avoid over-trading.

As BTC still hasn’t formed a pattern of higher highs and higher lows, short-term traders should remain cautious with opening new positions, despite the positive long-term outlook, and volatility could surge again before a confirmed uptrend.

BTC/USD, 4-Hour Chart Analysis

The support zone near the $7650 level is still looking strong, while the coin continues to challenge the $9000-$9200 resistance area that coincides with the steepest large-scale declining trend. In the case of a break-out, the next levels to watch are at $10,000 and $11,300, while the short-term dips should still be used by long-term investors to accumulate the coin.

Ethereum Classic Still Shines but Pull-Back Looms

ETC/USD, 4-Hour Chart Analysis

ETC added to yesterday’s gains, breaking above the dominant declining trendline, while entering overbought territory again from a short-term perspective. We expect the rally to pause, as the coin ran into strong resistance between $32 and $34, and another pull-back is now likely, with support at $30,  in the $27-$27.50 zone and at $25.

LTC/USD, 4-Hour Chart Analysis

The other altcoins are mixed, with a slight bearish bias in the quiet environment, but the overall picture remains encouraging, as most of the largest digital currencies are trading in bullish consolidation patterns after the strong bounce, similarly to Litecoin. Stay tuned for our detailed technical analysis later on today.

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.

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4.6 stars on average, based on 380 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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Analysis

Crypto Update: Coins Extend Weekly Losses as Altcoins Still Glued to Support Levels

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We are having another broadly negative session so far in the cryptocurrency segment, with most of the majors sporting limited losses, and with only a few coins showing relative strength. While the picture is far from being disastrous, we have seen some technical deterioration in the top coins, as Ripple is still bleeding lower, and as Ethereum fell below the $200 price level again.

DASH/USD, 4-Hour Chart Analysis

The likes of Litecoin, Dash, EOS, IOTA, NEO, and ETC are still weak from a technical perspective, and although some of the minor coins are still faring somewhat better, at least short-term, the overall picture remains overwhelmingly bearish.

Bitcoin’s stability is still a plus for bulls here, but with no sign of meaningful bullish momentum among the top digital currencies, traders should remain defensive even with regards to the relatively stronger coins.


BTC/USD, 4-Hour Chart Analysis

The most valuable coin is trading slightly lower amid the segment-wide drift lower, but the $6275 support is still well below the current level, and the volatility in BTC’s market continues to be very low. A move below would warn of a test of the $6000 and $5850 levels, and for now, the short-term sell signal is still in place in our trend model despite Bitcoin’s stability.

The next major support zone below $5850 is found between $5000 and $5100, while resistance is ahead at $6500, $6750, and $7000.

Ripple’s Weakness Casts a Shadow on the Market

XRP/USD, 4-Hour Chart Analysis

Ripple hasn’t been able to hold last week’s gains, and the coin moved below $0.46 this week, warning of a coming test of the $0.42 level, and a possible resumption of its broader downtrend after its surge in September.

Below $0.42 support levels are found near $0.375 and $0.355, and further weakness could soon lead to a downgrade in our trend model with regards to the long-term outlook, with strong resistance levels still ahead near $0.51, $0.54, and $0.57.

LTC/USD, 4-Hour Chart Analysis

Litecoin has been one of the stronger coins so far today, but from a broader perspective, it remains relatively weak and the $51 support level looks more and more vulnerable. A break below primary support would likely lead to a test of the bear market low near $47, with the next major support zone below that found at $44.

The broad declining trend is clearly intact, in the coin and traders and investors shouldn’t enter new positions here, with our trend model being negative on all time-frames, and with strong resistance levels ahead near $56, $59, and $64.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to show relative weakness, and although remained stable in recent days, the broader setup hints on a likely test of the bear-market low. The coin drifted below the $200 level today, but volatility remains low, and trading activity is still very light.

The currency remains on sell signals on all time-frames, even as the immediate outlook is rather neutral, with key support found near $180, $170, and $160, and with strong resistance zones ahead near $235 and $260.

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.

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4.6 stars on average, based on 380 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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Altcoins

Zcash (ZEC) Price Analysis: Market Cap Growth Continues, More Updates Coming Soon

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  • Zcash moves up to rank 19 on the top cryptocurrencies by market capitalization.
  • The Sapling upgrade just a few days away, as Zcash team suggest there could be more announcements soon.

Zcash (ZEC) continues to jump up the ladder, with its growing market capitalization. Last week it managed to creep into the top 20 cryptocurrencies, by market cap. Most recently, it has now moved up to rank 19. At the time of writing, it is seen at $624.5 million, ahead of VeChain (VET) with $612.6 million.

Countdown for Sapling Upgrade

It is just under 6 days now until the anticipated Sapling upgrade from the Zcash foundation. According to the firm, ‘Activation block 419200 will be mined October 29, 2018 01:31 UTC+00:00 assuming 150 seconds/block.’ The build-up of this is something that has appeared to be very supportive in the elevation of the ZEC price.

The Sapling is a network upgrade that boasts increased efficiency for transactions of which are shielded. They will facilitate broad mobile, exchange and vendor adoption of the Zcash shielded addresses. Zcash’s goal is to also see increased speed with these shielded transactions; it is touted that transactions can be shielded in less than 1 second.

New Announcements Coming Soon?

The Zcash team via their Twitter account have continued to count down their upcoming upgrade, tweeting “Is your product is #Sapling-ready? Or you would like to learn more about supporting the #Zcash Sapling upgrade? Reach out and let’s connect!” Within the tweet, they covered existing Salping-ready services listing; Bithumb, BitGo, Coinomi, Lamassu, Ledger, Suprnova, Trezor and WinZEC. They noted “MORE COMING SOON!” implying there are potential pending partnerships and integrations in the works.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD bulls are on the hunt for an extended breakout north, as a vital trend line is being tested. A break of the mentioned resistance is seen tracking at $126. If a breach and daily close above, should open to door wide open to some buying pressure. The bulls will be met right away by some supply running from $130-133. As a result, sellers have knocked the price down throughout October, within this territory. Finally, for upside targets, a rally up to $145, would like then come into play. The price last traded here on 28th September.

In terms of support, this is seen all the way back down at $110. A lower supporting trend line can be observed tracking here. This has been active since mid-September. Furthermore, a buying area is noted from $100-95.

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.

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4.5 stars on average, based on 33 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.




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Altcoins

XRP Price Analysis: Reports Indicate National Bank of Kuwait (NBK) is Set to Go Live With xCurrent

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  • Sources suggest National Bank of Kuwait (NBK) are moving closer to going live within Ripple’s xCurrent solution.
  • Despite current XRP/USD selling pressure, a bullish technical set up is still seen as a potential.

National Bank of Kuwait Ready to Use xCurrent

One of the largest banks in the Middle East, National Bank of Kuwait (NBK), is readying to move forward with xCurrent. It is reported this could be in place within the next few weeks. xCurrent is Ripple’s enterprise software solution that facilitates banks to instantly settle cross-border payments, providing end-to-end tracking.

The latest suggested is that the NBK are currently awaiting to receive the green light from the Central Bank of Kuwait. Sources close to the matter, are said to note that NBK are currently preparing for its first transaction with the xCurrent solution. In terms of time frame, the suggestions are for the back end of October, or by early November. These sources are being cited by the newswire, Crypto Briefing.

Earlier this year, in May, the National Bank of Kuwait mentioned Ripple via their official Twitter account. They tweeted, “NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers Ripple.” Nothing further on this, from either the NBK or Ripple was noted.

It is important to note that the xCurrent solution does not use XRP tokens, unlike xRapid, which enables banks to send payments using XRP. It can then be transacted back into the appropriate fiat currency by the receiver. On the basis of the above noted, it is likely to have a direct influence on the value of XRP.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

Despite the consistent downside pressure observed with XRP/USD, a potential bullish technical set up can still be eyed. As seen on the 4-hour time frame, price action has been moving within a bullish flag pattern. The lower support has recently been penetrated by the market bears.

Near-term support eyed immediately at $0.4660-40 area, the below trend line. Further south, a demand zone is seen running from $0.4535 down to $0.4350. This was an area that caught the price during some hard selling at the back end of September. Bulls managed to kick started a recovery at this low area on 25th September. Should this technical set up fail to play out, eyes will then be on $0.4000 for support. Last traded down here on 15th October. Lastly, looking at resistance, this is seen just ahead at $0.4650, upper trend line of the flag. Ahead, there is heavy supply heading into and within the $0.5000 territory.

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.

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4.5 stars on average, based on 33 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.




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