Connect with us

Analysis

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

Published

on

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.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

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.

// -- 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 -- //

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.

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

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?

7 Comments

7 Comments

  1. sambkf

    June 6, 2017 at 11:23 pm

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

  2. embersburnbrightly

    June 6, 2017 at 11:33 pm

    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!

    • embersburnbrightly

      June 6, 2017 at 11:35 pm

      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.

      • Mate Cser

        June 7, 2017 at 1:34 am

        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!

        • embersburnbrightly

          June 7, 2017 at 3:15 am

          Thank you very much; I will just wait for the buy signal from Hacked.com!

  3. smumo

    June 7, 2017 at 5:27 am

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

  4. Stormvipe

    June 7, 2017 at 5:46 am

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

You must be logged in to post a comment Login

Leave a Reply

Analysis

Daily Analysis: Dow Leapfrogs 23,000 as IBM Beats Estimates

Published

on

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2560 0.13%
DAX 13043 0.35%
WTI Crude Oil 52.02 0.29%
GOLD 1284.00 -0.23%
Bitcoin 5435 -3.15%
EUR/USD 1.1793 0.23%

IBM surged higher today, as the company beat analysts’ expectations across the board, pushing the company’s shares up by more than 10% and helping the Industrial Average to a new all-time high yet again. The other major US indices kept on grinding higher as well for most of the day, despite the strong overvaluation, with the Volatility Index (VIX) still hovering around the 10 level. The NASDAQ and the S&P 500 finished virtually unchanged after a late-session sell-off, while small caps outperformed in the mixed environment.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

DOW 30 Index, Daily Chart Analysis

Global stocks also edged higher, with the Nikkei still leading the way, although the momentum of the move is still weak. The Yen’s weakness was the most apparent trend in currency markets, while the Pound rebounded well, despite the persistent Brexit worries, with the Dollar giving back some of its recent gains compared to its major peers. Gold also remained under pressure after retreating back below $1300 this week, while crude oil rallied on a bigger than expected, hurricane-related decline in US production.

// -- 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 -- //

Gold 4-Hour Chart Analysis

Cryptocurrencies

The major coins had a hectic and bearish session, especially in early trading, as Bitcoin’s overbought conditions coupled with Ripple’s sudden downturn led to a segment-wide decline. Ethereum continued to slip, as the Byzantium-related optimism faded away, but it remained well above the $285 level, and recovered above $300 towards the end of the session. NEO and IOTA still have a negative correlation with the rest of the market, as the two coins surged higher in early trading and gave back their gains during the late-day rebound.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The DAX closed on a marginal new all-time high again, but the lengthy momentum divergence in the MACD indicator suggests that the steep uptrend continues to be in jeopardy. The low-volatility drift carried the benchmark above the 13,000 level, but a correction towards at least the 12,850 level is likely in the coming days, with another support level at 12,650 serving as a longer-term target. As the long-term uptrend is clearly intact, bears shouldn’t go all-in here but bulls should consider exiting their positions and wait until a correction to trade the long side again.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
3:30 EUROZONE Mario Draghi Speaks
3:30 UK Average Earnings 2.2% 2.1% 2.1%
14:30 UK Claimant Count 1,700 3,200 -2,800
14:30 UK Unemployment Rate 4.3% 4.3% 4.3%
16:00 CANADA Manufacturing Sales 1.6% -0.1% -2.6%
14:30 US Building Permits 1.22 mill 1.25 mill 1.27 mill
16:00 US Housing Starts 1.13 mill 1.18 mill 1.18 mill
15:45 US Crude Oil Inventories -5.7 mill -4.7 mill -2.7 bill

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
2:30 AUSTRALIA Employment Change 15,200 54,200
2:30 AUSTRALIA Unemployment Rate 5.6% 5.6%
4:00 CHINA GDP 6.8% 6.9%
4:00 CHINA Industrial Production 6.4% 6.0%
10:30 UK Retail Sales -0.1% 1.0%
14:30 US Unemployment Claims 245,000 243,000
14:30 US Philly Fed Index 22.2 23.8
15:45 US Chicago PMI 58.6 58.9

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?

Continue Reading

Analysis

Technical Analysis: Bitcoin Dumps and Pumps amid Broad Volatile Correction

Published

on

The crypto segment has been in turmoil today, as the most valuable coins turned significantly lower, leading to a mini-panic, but they rallied strongly off their slows as buyers stepped in the second half of the session.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Bitcoin fell as low as $5100, for a 15% correction top-to-bottom, but it is now trading near the prior short-term support at $5400. As the long-term picture remains overbought, investors shouldn’t open new positions here, but traders could play a likely move towards the $6000 level, although we still advise small sizes, as correction risks remain elevated.

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 -- //

The other majors were also declining in early trading, led by Ripple, with only NEO and IOTA, holding up well during the sell-off.  Both of the latter coins faded away as the rest of the market recovered, but Ripple continued to suffer. For now, the long-term bullish picture is unchanged for the segment, but BTC’s overbought correction could still cause volatility in the coming period. Let’s see the short-term charts after the busy session.

(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

Daily Analysis: Dollar Rally Continues amid Fed Chair Confusion

Published

on

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2554 -0.09%
DAX 12995 -0.07%
WTI Crude Oil 51.53 -0.66%
GOLD 1287.00 -1.22%
Bitcoin 5652 -0.86%
EUR/USD 1.1751 -0.38%

Yesterday’s trends are mostly continued in financial markets, such as the low-volatility levitation in stocks and the slightly more active trading in currencies with the apparent Dollar strength. The Great British Pound continued to be under pressure amid the amplified Brexit-related worries, but most of the other majors also lost ground to the Greenback.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

The Dollar rally has been fueled by the rise in the odds of some of the hawkish Fed Chair candidates, while overall, the “race” for the positions looks more chaotic than ever. Interestingly, the long-end of the yield curve is refusing to follow the short-term moves, and without the effects of the Fed’s QE program, the yield curve would probably be inverted by now, signaling strong recession risks.

Dollar Index (DXY), 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 -- //

The major stock indices are virtually unchanged yet again and even the previously surging Nikkei entered a consolidation, adding to the unusual October lull. Commodities have been quite active thanks to the Dollar’s vigor, with crude oil and gold both turning lower. Oil gave back most of yesterday’s gains as the Iraqi-Kurdish conflict turned out to be less violent than previously feared, and the brief rally fizzled.

WTI Crude Oil, 4-Hour Chart Analysis

Cryptocurrencies

The major coins are having a mixed session at best, as yesterday’s rebound wasn’t durable, and most of the coins turned back lower again. That said, despite the recent choppy price action, the total market cap of the segment is close to its all-time high, even as only Bitcoin is trading near its own record price level.

The optimism regarding Ethereum major Byzantium upgrade wasn’t enough to lift the second most valuable coin today, and the price of the ETH token retreated below the key $330 level after touching $350 yesterday after the upgrade’s lock-in. Ripple and NEO have been among the most active majors today, but with opposing performances, as Ripple fell significantly after yesterday’s break-out attempt, while NEO defied gravity and jumped above the $30 level after a corrective period.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The S&P 500 is grinding higher despite the overbought short-term momentum readings, and the benchmark is trading very close to its all-time high. The 2550 level is still in focus, but until volatility remains near record lows, the minuscule moves are unlikely to change the technical setup. While a sudden drop in prices could quickly negate the recent break-out, the consolidation could very well lead to further upside, as bulls remain firmly in control, despite the lofty valuation levels.

S&P 500 Futures, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
02:30 AUSTRALIA RBA Meeting Minutes
10:30 UK CPI 3.00% 3.00% 2.90%
11:00 GERMANY ZEW Sentiment 17.6 20.3 17
12:00 EUROZONE Final CPI 1.50% 1.50% 1.50%
15:15 US Industrial Production 0.30% 0.40% 0.20%
15:15 US Capacity Utilization Rate 76.00% 76.20% 76.10%

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?

Continue Reading

Trending