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Cryptocurrencies Hold Gains as Hard Fork Fears Ease

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Cryptocurrencies Hold Gains as Hard Fork Fears Ease

Introduction

This article was posted on Wednesday, 12:09, UTC.

The major coins all rallied strongly in late trading on Tuesday, with Ethereum leading the way higher after surging past the $200 level and getting close to $250. The oversold long-term picture together with the positive news regarding Bitcoin’s scaling issues gave a huge boost to the whole market, as the weekend panic seems like a bad memory now.

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ETH/USD, 4-Hour Chart Analysis

The previously stronger currencies underperformed the oversold coins, as Litecoin and Ethereum Classic only gained a few percent compared to the double-digit gains of BTC, ETH, Dash, and Ripple. As sentiment shifted strongly after weekend’s liquidation event, all eyes are now on the primary supports in the majors as a higher low would confirm the short-term trend change.

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Barring a negative shift in the hard-fork saga, odds are high that the long-term correction has run its course, and the market will see a rally to test the previous highs. Let’s see how the majors look after the strong rally.

Bitcoin

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BTC/USD, 4-Hour Chart Analysis

Bitcoin got up to striking distance from the declining trendline that defined the one-month long correction and the coin looks set to test the important $2450-$2500 resistance. A short-term consolidation with a dip to $2250 could be the next move before after the huge rally, and we expect a higher low to form in the coming days.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum took out the previous low near $170 as well and rose as far as $195  today in early trading. The ETH token is still not out of the declining trend but if it can hold above the $170 level, the odds of a sustained rally are very high, given the long-term setup and the encouraging bullish momentum of the bounce.  The relative strength of the small cap coins in the last two days is also positive for the coin.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin’s short-term chart is very busy near the $44 level, as the rising long-term trend, the declining short-term trend and a very strong support/resistance line are converging in the area. The coin turned very choppy in the convergence zone, and it failed to break-out convincingly so far. Short-term traders should wait with new positions until a new swing high forms, but the long-term picture remains clearly bullish, and we expect a test of the $50 level in the coming period.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash broke out from its declining trend this morning, providing a short-term buy signal after consolidating near the prior all-time high of $150. The coin now faces resistance at $190 and $200, but a rally towards highs near $220 is likely in the coming weeks, probably after a slight pull-back after the more than 30% rally off the lows. Our long-term target is still found just above the $250 level.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is now trading back in the long-term base formation after breaking out above the $17.50 level. The coin is still well below the declining trendline, far away from a long-term buy signal, but should a higher high form, small new positions could be opened, especially if the other majors remain strong.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is trading slightly above the declining short-term trendline, but it failed to close above the $16 level, as it underperformed the other coins after an extended period of strength. We still expect a move a move above $18 in the coming days, but more sideways action is possible between $16 and $14.50, with both the long- and short-term picture looking bullish.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still among the weakest majors, with the declining trend being intact and the coin just above its prior correction high after the rally. Long-term investors could still add to their positions in the developing base formation, but short-term traders should still wait for confirmation of a trend change.

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Feedback or Requests?

Mate Cser

Mate Cser

Trader 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.

Comments
  • user

    AUTHOR Maddycurrupt

    Posted on 4:02 pm July 19, 2017.

    Ripple ? 17.50 ??? I wish 🙂

  • user

    AUTHOR Azfarakbar

    Posted on 4:56 pm July 19, 2017.

    “A short-term consolidation with a dip to $2250 could be the next move before after the huge rally, and we expect a higher low to form in the coming days.”

    Does that mean that we are still expecting another low during the weekend? I was hoping to capitalise on that low by putting more fiat in.

    • user

      AUTHOR Mate Cser

      Posted on 11:26 pm July 19, 2017.

      We are having the pull-back right now, Danish even nailed it with the short-term recommendation. If the long-term setup plays out, these dips will be very profitable buying opportunities.

  • user

    AUTHOR Azfarakbar

    Posted on 5:02 pm July 19, 2017.

    are there any other alt coin recommendations available e.g. stratis and antshares?

  • View Comments (4) ...
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