Cryptocurrency Analysis: $175 Billion and Counting as Ethereum Classic Breaks Out | Hacked: Hacking Finance
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Cryptocurrency Analysis: $175 Billion and Counting as Ethereum Classic Breaks Out

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Cryptocurrency Analysis: $175 Billion and Counting as Ethereum Classic Breaks Out

Introduction

This article was posted on Friday, 14:13, UTC.

The great bull run in the major cryptocurrencies continues, as all but two of the most valuable coins are up today, with Bitcoin and Litecoin trading on all-time highs yet again. BTC has carried the segment above $175 billion in market cap, as it has been gradually gaining ground since breaking-out above the $4500 resistance. The currency is now hovering around $4800, with the upward momentum still being weaker than on the previous legs higher, that said the short-term trend is still clearly bullish, and those traders who are waiting for a major correction still need to be patient. Below $4500, the coin has support near $4000, $3800, and $3500.

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BTC/USD, 4-Hour Chart Analysis

Ethereum might be the next coin to move to an all-time high, as the ETH token’s price is very close to the key $400 level, as Monero and Dash are also not far off their record levels despite the recent correction phase. Ripple is showing strength once again, and finally Ethereum Classic moved well above the $16 level, possibly starting a durable rally. NEM is also in a good position for further gains, while NEO seems to be in for a sideways period. Generally speaking, there are still opportunities in the current leg higher, but investors should be looking for the less overbought coins, as the rally is already in its latter stages.  Let’s see how the charts look in detail before the weekend.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH investors are still waiting for the token to hit the $400 level for the first time in two month, as despite the overbought short-term readings the coin failed to reach its prior all-time high. The currency remains inside the rising trend, but the risks of a correction are rising, and in the case of a break-out, traders should rather reduce their positions than open new ones. Support levels are now found at $350, $330, $300, and $285.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is the next coin in the line to reach its long-term targets after the lofty gains of the last couple of days. As in the case of Monero and Dash, short-term traders could still play the upswings in the coming period, but long-term investors should be reducing their positions on the rallies, as the coin is now in overbought territory on both time-frames. Crucial support levels are now found near $72, $64, and at $60 and $56.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade in a relatively quiet consolidation just below the all-time high near $400, as the coin cleared the short-term overbought condition, a rally to test the prior record level is possible, but long-term investors should be cautious here, given the huge rally of the previous period. Strong support levels are near $300, at $265, and around $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple continues to trade in a bullish pattern after breaking-out of a short-term correction, and reaching the $0.26 level as we expected. The coin is just below the key resistance, and a move towards $0.30 is likely over the weekend. The currency is still not overbought regarding the long-term picture, and a test of the all-time high above the $0.40 level is still possible during this leg higher. Support is currently found at 0.22, near $0.20, $0.18 and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is breaking-out of a long-term trading range as we speak, and it quickly surged past the $18 resistance level, after leaving behind the key short-term level just above $16. The coin might be ready to test its all-time high near $23, as the “rotation” of the market finally reached it. With the long-term momentum indicators still showing neutral readings, a significant new high is in the cards in the coming week.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading similarly to Dash, just below its recent all-time high, still within a short-term correction pattern. Traders face the same situation with XMR, as the short-term picture is promising after the consolidation, but the long-term momentum readings justify caution after the monster rally. Support levels are still found near $125, at $100, and around $80.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM retreated once again off the 0.000075 level in the BTC pair, although it’s trading above the key $0.30 level against the USD. We still expect the coin to move higher from current broad trading range and test the 0.00009 level in the coming weeks. The coin remains bullish on both time-frames, with support still found near 0.000065, 0.0000575, and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is drifting lower today, in the face of the broad rally, and it seems poised to test the $30 support level once again. The coin is still likely to trade in a range before moving higher after last week’s failed move above $40. That said, investors could still add to their positions on the dips, while traders should wait until a new trend is established.

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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 Chris G

    Posted on 3:32 pm September 1, 2017.

    Well LTC treated me well overnight, def. backing off until imminent correction occurs …

  • user

    AUTHOR hrdrok

    Posted on 3:46 pm September 1, 2017.

    ETC still exploding. Dropped out a little early it seems. Over $20 a coin, next in line to pass its ATH it seems.

  • user

    AUTHOR Chris G

    Posted on 1:00 am September 2, 2017.

    Almost glad to see a little correction in the majors … holy moly

  • user

    AUTHOR tieuthanhliem

    Posted on 11:15 am September 2, 2017.

    It is funny when you said long term investor need to be patient and it means few hours later.

    By the way, thank you! I liquid all my coin yesterday. Looking to buy back some Bitcoin and Lisk and Ethereum at the bottom.

    • user

      AUTHOR Chris G

      Posted on 9:19 pm September 2, 2017.

      I did the same … liquidated my coin yesterday morning … thank goodness 😉

  • View Comments (5) ...
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