Cryptocurrency Analysis: Bitcoin and Ethereum on New Highs, Ripple, Ethereum, Monero, Litecoin, ETC, Dash | Hacked: Hacking Finance
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Cryptocurrency Analysis: Bitcoin and Ethereum on New Highs, Ripple, Ethereum, Monero, Litecoin, ETC, Dash

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Cryptocurrency Analysis: Bitcoin and Ethereum on New Highs, Ripple, Ethereum, Monero, Litecoin, ETC, Dash

Introduction

This article was posted on Tuesday, 23:05, UTC.

Bitcoin

Bitcoin surged above the prior high without any real issue, touched $2900 and pulled back to the break-out level from around the first Fibonacci-extension at $2925. BTC is still on a buy signal with the short-term trend still being intact. The Fibonacci based targets for the current move are $3050 and $3260, with the prior swing low at $2477 providing primary support. A new swing low might be developing near $2690 which would be confirmed by a break above the $2900 level, providing an opportunity for short-term traders to raise stop-losses to that level.

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Ripple

Ripple remained in the same consolidation pattern that we laid out in yesterday’s analysis against the US Dollar while drifting below the 0.0001 level compared to BTC, still showing relative weakness. The USD is still a hold, with no new positions advised until the relative weakness persists.

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Ethereum

 

Ethereum broke out above the $250 resistance following Bitcoin’s lead, but so far it is still trading in a consolidation pattern in the BTC pair. That said, ETH/USD remains at least a hold, and the ETH/BTC pair is also holding on well above the support zone between 0.08 and 0.085. The upside targets for the move are still $280 and $300, but short-term traders could cash out on some of their positions as the pair reached a Fibonacci-level just above $260, with the MACD indicator showing negative divergence.

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Monero

XMR was one of the few coins that rose together with Bitcoin overnight, confirming the relative strength that we mentioned on Monday. The rally is still likely to hit the previous all-time highs at $58 on the Dollar pair, after breaking out above the key $50 level, despite this afternoon’s pull-back.

Litecoin

The setup of yesterday’s trade recommendation is still active, with both the USD and the BTC pair holding in their technical pattern, despite the Bitcoin break-out and the increased volatility. The BTC pair is right in the convergence zone that we pointed out yesterday, hinting on a significant move in the coming days.

Ethereum Classic

Ethereum Classic is still trading just below its prior high in a very narrow consolidation range against the USD, while drifting lower recently against Bitcoin amid the broad altcoin correction. The coin is getting close to a convergence zone on the USD pair, which could end the bullish consolidation, and set up a move towards $22 following a break-out above the $17.75 level.

Dash

Dash’s technical picture in the Dollar pair is little changed amid the Bitcoin move, which means that it has been losing ground in the BTC pair. The Dollar pair still looks promising and a break-out above the $150 level would trigger a short-term buy signal, with an initial target of $166, and further targets at $176 and $183. A move below $130, on the other hand, could set-up a move back to $115 or even $100.

 

Featured image from Antana, flickr.com

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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 sambkf

    Posted on 11:23 pm June 6, 2017.

    Thank you for the analysis. It was much needed as a complement of my own one.
    Regards

  • user

    AUTHOR embersburnbrightly

    Posted on 11:33 pm June 6, 2017.

    Great analysis, as always. I bought some extra Bitcoin right before the big hike last night, and I’m still holding on to my Litecoins, so this article confirms that I am probably acting wisely in both regards. I continue to be quite happy in my long-term investment toward Ethereum. Recent articles here and elsewhere seem to suggest a lot of potential in Monero, although I am not currently invested in that coin. Do you have any specific recommendations at this time as to when would be the best time to invest in it? As in, “Might be wise to go ahead and invest before it potentially spikes in value again,” OR “Wait and see if it falls below $x.00 in value?” Thanks!

    • user

      AUTHOR embersburnbrightly

      Posted on 11:35 pm June 6, 2017.

      P.S. Any investment on my end in Monero would be with the intention to hold it as a long-term investment, if that information helps you to make any recommendations? Thank you in advance.

      • user

        AUTHOR Mate Cser

        Posted on 1:34 am June 7, 2017.

        Hi, in this kind of volatile market, I would recommend waiting for a meaningful correction, like the one we had two weeks ago before buying as a long-term investment (by that I mean for months or years). Although if the valuation is all right, timing shouldn’t be an issue, it is very hard to hold on through a correction of 40-50%, and crypto-coins routinely experience those kinds of moves at this point of their life cycle. I suggest following our trading recommendations, we will definitely cover Monero when the time comes! Hope this helps, and welcome at Hacked.com!

  • user

    AUTHOR smumo

    Posted on 5:27 am June 7, 2017.

    Thank you very much for the analysis.It helped me make some profits and i will definitely recommend to friends and family.

  • user

    AUTHOR Stormvipe

    Posted on 5:46 am June 7, 2017.

    Good Day, sir, can you told something more about xrp?

  • View Comments (7) ...
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