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Analysis

Cryptocurrencies Hold Gains as Hard Fork Fears Ease

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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

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.

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.

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4 Comments

4 Comments

  1. Maddycurrupt

    July 19, 2017 at 4:02 pm

    Ripple ? 17.50 ??? I wish 🙂

  2. Azfarakbar

    July 19, 2017 at 4:56 pm

    “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.

    • Mate Cser

      July 19, 2017 at 11:26 pm

      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.

  3. Azfarakbar

    July 19, 2017 at 5:02 pm

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

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(more…)

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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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(more…)

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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Analysis

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

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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