Cryptocurrencies Still Not Going Anywhere as Volatility Disappears | Hacked: Hacking Finance
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Cryptocurrencies Still Not Going Anywhere as Volatility Disappears

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Cryptocurrencies Still Not Going Anywhere as Volatility Disappears

Introduction

This article was posted on Friday, 07:33, UTC.

The most valuable coins are still trading in very narrow ranges today, as last week’s correction still dominates the market, although the low volatility environment more resembles a continuation pattern than a pause before another leg lower.  “Never short a dull market” is an old but reliable truth of trading, and the long-term charts are also pointing to a bottoming process for Ethereum and Bitcoin.

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Litecoin already continued its bull market after the correction, in fact, it got close to a long-term target, while Dash also broke out to new highs this week, before entering a short-term correction. The other majors are yet to make a significant move, so let’s how their charts shape up before the weekend.

Bitcoin

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BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to be glued to the $2600 level that has been the value area of the whole week, and although the coin seems more bullish than Ethereum, having broken the declining short-term trednline, it hasn’t given a clear buy signal yet. The $2450 is the primary support, and the currency remains neutral between the two crucial levels and according to the MACD indicator as well.

Ethereum

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ETH/USD, 4-Hour Chart Analysis

Ethereum’s trading range narrowed down to a few Dollars in the last few days, leaving the dominant short-term consolidation pattern intact. The BTC pair is also in correction mode, trading slightly above the 0.10 level, still below the declining short-term trendline. Volume is also progressively declining since last week’s wild moves, and short-term traders are still advised to wait before entering new positions.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin retraced its break-out after getting very close to the range extension target, as it pulled back towards the $50 level as expected. The current environment is not supportive of strong momentum moves, and that could mean a choppy short-term correction for the coin, with the MACD indicator still clearly in a move lower from overbought territory.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash’s break-out got stopped by the first target near $220 so far, and the coin is re-testing the $200 level as we speak. The long-term picture remains bullish but a move below primary support could set up a move to $185-$190, the previous short-term resistance zone, and a resumption of range trading in the generally slow environment.

Ripple

XRP/USD, 4-Hour Chart Analysis

Both of Ripple’s charts are unchanged since our previous report, and the long-term ranges remain intact, as trading volumes of the currency collapsed. Short-term traders are still advised to wait with new positions and hold on to their existing longs, as the long-term setup remains unchanged, and the currency is now in a close to two-month long correction.

XRP/BTC, 4-Hour Chart Analysis

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC remains in a volatility compression pattern, similarly to most of the other majors, with low trading volumes since last week’s major moves. The $18 resistance is still int eh center of attention, and a move above that level would set up a test of the $23 high, while a dip below $16 could mean a move back to the primary support at $14.5, although the long-term picture is still clearly bullish for the currency.

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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 Ritesh Sheth

    Posted on 8:47 am July 7, 2017.

    Mate is it gonna go up or down? Any suggestions please. So that we can catch some missed boats.

    • user

      AUTHOR Brandon010

      Posted on 1:51 pm July 7, 2017.

      I agree with this one ! If up than further up is possible and if down a further down is possible…

  • user

    AUTHOR magicnipples

    Posted on 1:25 pm July 7, 2017.

    hello, do you plan to write something about WAVES today?

  • View Comments (4) ...
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