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Cryptocurrency Analysis: Bitcoin Price Tests $3800 as Coins Remain Stable

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BTC was in the center of attention since yesterday, as the coin touched the $3800 support after surging to $4150 following last week’s crash. The most valuable coin is still in the process of the SegWit2x activation, and with the consensus regarding the scaling proposal being fragile, another hard fork in the currency is a possibility, after last month’s Bitcoin Cash fork. Bitcoin broke below the rising short-term trendline overnight, but it is still holding well above the crucial $3800 level after the test, with the $4000 resistance being close as well. Should the coin recover and stay above the $4000 level, the dominant short-term downtrend could be broken, but for now the re-test of at least the $3500 price level is still more likely before a sustained move higher.

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BTC/USD, 4-Hour Chart Analysis

The choppy market that action that we expected took hold of the rest of the majors as well, with most of the coins trading in relatively narrow ranges after last week’s extremely volatile environment. Today’s session is especially calm before the Fed’s meeting, as lots of major players are taking a break ahead of the much-awaited announcement. Dash is still the strongest altcoin, holding up above $330 near its bounce highs, and relatively close to the all-time high too. The rest of the market slid lower since yesterday, while the technical setup remained unchanged. The next few days will be crucial so for the correction, so let’s what the short-term charts show.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is drifting lower along the declining short-term trendline, and it still very close to the crucial $285 support/resistance level after touching the $300 level amid the bounce. The MACD is slightly bearish as the momentum of the rebound faded away. That said, a recovery above $300 would open up the way to $330, but a re-test of the $250 level is still more likely, with further support at $235.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin remains below the initial rally high and the $56 resistance, as the coin is still among the weaker ones regarding the short-term performance. The currency is hovering around the rising long-term trendline since the recovery, while the $51 support limited the downside movement this week. With the long-term momentum being neutral, we still expect more sideways price action and a likely dip below $50 before a move above the key $64 resistance.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is outperforming all of the majors today, as the coin is attempting a move towards the $360 resistance in the face of the broadly declining prices. The currency is still the only major clearly above the short-term trendline, and it is also well above the $300 level. The MACD is slightly overbought, but a durable move above the prior swing high near $345, would be a very bullish sign. Strong support is still found near $300 and $265, with resistance ahead at $360.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP followed the market lower overnight, and it remains below the key resistance near $19.50 and the declining short-term trendline. The coin is back to neutral concerning both the short- and long-term momentum, and traders should still wait with new positions until a new trend is established. Investors could add to their positions as the correction concludes, as we expect strong relative performance form the currency in the coming weeks. Support is found at $0.18 and $0.16 while crucial resistance is still ahead around the $0.22 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic remains in a weak technical position following the break below the key $13.50 level during last week’s crash. The coin is below a long-term and a short-term trendline, and the MACD is back at neutral levels after clearing the oversold readings. Traders should wait at least for a break above the trendlines before opening new positions. Strong resistance levels are at $16 and $18, while support is found near $9.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is stuck below the $100 level, and the coin is still trading inside the declining trendline as well. XMR is showing short-term weakness as it almost dipped below the weekend low overnight, while it decoupled from Dash after a lengthy period of strong correlation. Support levels are found near $80 and $68, while primary resistance is at $125, and we expect further corrective price action before a break-out from the short-term trend.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is getting close to the declining trendline that defined the more than one-month long correction in the price of the coin. The trendline is converging with the $22 level now, forming a strong resistance zone above the current rate.  The $20 level remains the mid-point of the current trading range, and further resistance ahead at$25, and $30 while support near $16.50 and $13.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA exited the declining trendline after the crash, showing considerable relative strength, and it remained in favorable technical position despite the overnight dip. We expect the coin perform better than the segment’s average, even as the broad correction is expected to continue. Long-term investors should already buy the short-term dips with key support near the $0.45-$0.48 level, while resistance ahead at $0.65 and $0.75.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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