Connect with us

Analysis

Cryptocurrency Analysis: Altcoins Surge as Bitcoin Forks Again

Published

on

While the total value of the crypto segment still hovering around $170 billion, the distribution of the market share of the major coins is far from being stable. Bitcoin has been gaining grounding recent weeks, as altcoins gradually lost value, but today the tide has turned, in part because of the Bitcoin Gold fork.

// -- Discuss and ask questions in our community on Workplace.

The most valuable coin that has hit our long-term target last week, is still overbought from an investment standpoint, but remains inside a rising short-term trend, with crucial support at $5400. A rally to new all-time highs is still possible before a deeper correction, but we still advise investors to wait before entering new positions until the overbought reading is cleared.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

IOTA and NEO led the charge in altcoins, scoring double-digit gains with especially the former coin erasing its latest losses, rallying up towards its most important support/resistance zone with a 30% up day. The rest of the majors are up between 5-10%, with the recently battered Ripple recovering the slightly more.  Let’s see the detailed analysis of the altcoin charts.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is back in the lengthy trading range between $300 and $315 after today’s rally but it failed to stay above the upper boundary of the pattern so far. The long-term uptrend is still clearly intact, but a break-out above $315 would be needed for a renewed short-term buy signal. We still expect an advance above the $330-$350 zone in the coming weeks, with key support found at $285.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin respected last week’s low before rallying back above the $56 level together with the broader market. The coin remains inside a short-term consolidation pattern, still looking bullish on both the short- and long-term charts. The currency will likely face strong resistance near the $64 level, and more range bound trading is likely before a durable move higher, with support levels now found at $53, 51, and $44.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash quickly got back to the $300 level, but it remains clearly inside the correction pattern that has been dominating the coin’s market since the end of August. The currency is still in a healthy long-term uptrend, but just like Litecoin, it could be in for further consolidation before the next leg higher. Long-term support is found at $265, while resistance zones are ahead near $330 and $360.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP quickly retraced three days of losses today, but it remains below the key resistance zone around the $0.22 level. The coin is still in a long-term uptrend but further bullish price action is needed for a new short-term buy signal. Strong resistance above the primary zone is at $0.26, and near $0.30, with support found between $0.1950 and $0.20, near $18, and at $16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still the weakest major form a technical perspective and today’s rally didn’t change the setup, as the $11 level capped the advance. The coin is inside a short-term downtrend, and traders should still wait with opening new positions, with key support at $9 while resistance above $11 found at $12.50 and around $13.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continues to show relative strength, while its market is the most stable among the major altcoins. The coin is still trading within the dominant short-term range, below the crucial $100 level, but both the short- and long-term picture remains bullish. Above the $125 level, strong resistance is ahead at $125, while support is near $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO gained bullish momentum amid the altcoin rally after showing relative strength during the recent downward drift.  The coin surged above the crucial $30 level but the move near last week’s highs, keeping the coin in its short-term trading range. The long-term picture is still bullish and we expect a rally towards the $40 level with strong support below $30 found at $27 and $25.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is testing the $0.45-$0.48 resistance after today’s violent rally, and with the long-term picture still being bullish a short-term trend change is likely in the coming week. The coin respected the long-term support near $0.35, keeping the rising trend intact, with target zones ahead at $0.56 and $0.64.

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

Published

on

Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

// -- Discuss and ask questions in our community on Workplace.

XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

Published

on

Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

// -- Discuss and ask questions in our community on Workplace.

With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

Published

on

Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

// -- Discuss and ask questions in our community on Workplace.

XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending