Connect with us

Analysis

Cryptocurrency Analysis: Bitcoin Rebounds Above $4300 as Ripple Surges

Published

on

The short-term correction that took hold of the segment this week is slowly fading away and more and more coins are showing bullish signs. One of our primary picks, Ripple and the previous leader Bitcoin are both up significantly today, with IOTA also showing renewed strength after its recent pull-back. XRP jumped past the $0.22 level that we have been monitoring recently, with the next likely target for the rise being at $0.26. The coin left behind the support zone near $0.20, and with both the long- and short-term setups still being positive, the rally will likely continue.

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

XRP/USD, 4-Hour Chart Analysis

The other majors are virtually unchanged today, with Dash and NEO showing slightly increased volatility in the otherwise calm environment. As the most important support levels held the currencies during the correction, the broad rally is set to commence during the weekend, although the previous leaders such as Monero, Litecoin, and Dash are still likely to lag the average of the sector. That said, the surprises usually come on the positive side in bull markets so any major could emerge as a leader from the shallow correction. Let’s see the detailed 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 -- //

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin was lifted in Asian trading after being pushed lower to the $4200 level yesterday. The ongoing post-crash advance was not in danger by the dip. The coin still faces crucial resistance near $4400 but a rally towards the previous all-time high near $5000 is the most likely scenario. Below that, more resistance is found near $4650 while support is at $4150, $4000, and $3800.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still among the weaker majors concerning the short-term picture, as it is stuck below the $300 level, while the $285 support continues to hold steadily. The ETH token remains strong long-term, and the rally is expected to continue after the consolidation, with target levels at $330 and $380 and further support near $250 and $235.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin has been among the least volatile coins during the short-term correction and that points to early relative strength for the first time since the crash. The coin faces strong resistance at $56 and $64, while support is found near $44. The coin is yet to provide a short-term buy signal but we still expect a rally in the coming weeks.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still inside the consolidation pattern that formed in the end of September but the coin now most likely formed a short-term bottom near the key $300 level. The currency faces resistance at $330 and $360, with the all-time high also ahead just above $400. We expect the strong long-term uptrend to resume soon, with further support near $265.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic continued to be relatively weak, but now it found support just below $12, and although the short-term picture is still looking worse than for the rest of the majors, the current levels are attractive for long-term investors. Traders should still wait for a bullish turn before entering new positions with support found near $11 and $9 and resistance ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still trading inside the correction pattern, but the coin is getting closer to the declining trendline, as the long-term picture is getting more constructive. The currency held up well above the $80 level, and although the $100 resistance is still ahead. Key support is found near $80 and $68, while further resistance is at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO continues to trade in a volatile short-term correction, but it is back above the crucial $30 level, and the steeply rising short-term trend remains intact. With the MACD back in neutral territory, the advance should resume in the coming days, and we expect another test of the resistance zone near $40. Support is now found at $30, and $25 while resistance is ahead at the $34 and $40 levels.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA refused to dip below the short-term support despite the several attempts to do so, and the coin remains bullish both regarding the short-and long-term picture. Support is still found in the $0.45-$0.48 zone, with resistance ahead near $0.64 and $0.75. We expect a rally towards the former in the coming days, as the lengthy correction is finally over.

Featured image from Shutterstock

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 231 rated postsTrader 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.




Feedback or Requests?

1 Comment

1 Comment

  1. Pgaucher

    October 6, 2017 at 6:53 am

    I’m holding equal amounts in Dash and NEO at this point. Based on the analysis above, would you recommend liquidating some Dash in favour of NEO if we look at the next 7 days as the trading window?

    Really appreciate everything you are doing guys. I’m a new subscriber to your website but visiting multiple times a day.

    Let me know your thoughts.

You must be logged in to post a comment Login

Leave a Reply

Analysis

Crypto Update: Ethereum Tops $700 as Short-Term Sell Signals Pop Up

Published

on

The major cryptocurrencies are having another strong session, with all of the top 10 coins sporting gains, adding more than 5% on average since yesterday. The largest digital currencies are trading in clear short-term uptrends, with the broad declining trendlines also being broken in most cases.

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

That said, the short-term momentum indicators are overbought with regards to altcoins, and now several majors triggered short-term sell signals following the first signal by IOTA yesterday. While this doesn’t mean that traders should exit all short-term positions here, taking some profits and/or setting tighter stop losses is advised, as there will likely be opportunities with much better risk/reward profiles to re-enter the market.

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 -- //

Bitcoin finally topped the $9000-$9200 resistance zone after a period of relative weakness, further boosting the already positive overall picture. The momentum of the move is still not stellar, but the coin is still not severely overbought, and although a deeper pullback is still likely soon and short-term traders shouldn’t open new positions here, a test of the $10,000 level is still possible in the coming days. The long-term setup is clearly bullish, and investors could still add to their holdings during the short-term pullbacks, with further support found at $8400.

ETH/USD, 4-Hour Chart Analysis

Ethereum continued to rally, despite the already overbought reading, and now the coin is severely overbought, and a correction is very likely in the coming days, so short-term traders should exit their positions or use tight stop losses here. We expect the rally to continue after a correction, and long-term investors should hold on to their coins. Resistance zones are ahead near $735 and $780, while primary support is between $625 and $645.

Altcoins Overbought but Uptrend Intact

XMR/USD, 4-Hour Chart Analysis

While correlations are getting lower and lower among the major coins, which is a bullish sign, most of them are already overbought from a short-term perspective. Although further gains are still possible, chasing those coins higher here is not a good strategy, even as the long-term setups remain encouraging.

Litecoin, ETC, and NEO are not severely overbought yet, while Ripple, Stellar, and Cardano are already in short-term corrections clearing the overbought readings, but traders should be cautious with Dash, EOS, Monero, and IOTA as they are ripe for a move lower.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 5 (4 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 231 rated postsTrader 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.




Feedback or Requests?

Continue Reading

Analysis

Pre Market: Dollar Pulls Back from 7-Week High as Stocks Rebound

Published

on

Global equities are attempting to rally after drifting lower for three sessions, with Asia leading the bounce thanks to rumors regarding possible monetary easing steps in China. The rumors surfaced on the heels of the Yen’s plunge which followed Bank of Japan governor Kuroda’s dovish words. Mr. Kuroda is worried about the stubbornly low inflation rate, and hinted on a delay of the ”normalization” process of the central bank’s monetary policies.

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

USD/JPY, 4-Hour Chart Analysis

As a reminder, the BOJ now owns the majority of the stock ETFs in Japan, but we might reach a point where it will own the whole float (why not?), while also technically controlling the whole Japanese government bond “market”. Meanwhile, the Euro also got under pressure lately thanks to the string of negative economic surprises and Mario Draghi’s cautious words regarding growth, and with Thursday’s ECB meeting looming, forex traders could be in for a very active week of trading.

// -- 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 -- //

EUR/USD, 4-Hour Chart Analysis

The Dollar reached a 7-week high against the Euro yesterday, while the Dollar index closed at the highest level since January, and although the Greenback is correcting the recent rally today, it seems that the growing number of Dollar bears might be in for more pain after a likely short-term correction, as Treasury yields continue to rise relentlessly.

US 2-Year Treasury Yield, 4-Hour Chart Analysis

Stocks are having a relatively quiet week so far, but the bearish trend of the recent sessions remains dominant despite today’s bounce, even as volatility is still low, and trade war fears and geopolitical tensions have been easing somewhat lately. We switched to a bearish bias last week, and we maintain that the stocks look vulnerable here, although the short-term overbought readings have been cleared.

S&P 500, 4-Hour Chart Analysis

Bulls still have the hope that the major US indices can resume the recovery and launch a rally towards the all-time highs, but unless we see a quick move above last week’s highs, bears remain in control, and another test of the correction lows is likely.

On a slightly positive note, European equities enjoyed some relative strength in the last couple of days, as they were boosted by the weakness in the Euro, but looking at the broader picture, the Old Continent continues to be among the weakest regions globally since the start of the correction.

Commodities Mixed but Commodity Currencies Still Weak

AUD/USD, 4-Hour Chart Analysis

Interestingly, the Aussie and the Canadian Dollar are still under selling pressure today, despite the risk rally, and that fact strengthens our short-term bearish view on stocks, as they have been reliably leading equities since February.

In the meantime, commodities have been trading in a choppy fashion amid the Dollar rally, as gold has been pushed back below $1330 again, continuing its lengthy consolidation phase, while crude oil slightly retreated from its multi-year high near the $70 per barrel level concerning the WTI contract.

Featured image from Shutterstock

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 231 rated postsTrader 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.




Feedback or Requests?

Continue Reading

Analysis

Long-Term Cryptocurrency Analysis: Bitcoin and Ethereum Break-Out of Declining Trends

Published

on

The altcoin-led rally continued since our previous look at the long-term charts, and the major coins all confirmed a new short-term uptrend. Most of the largest digital currencies also broke out from their broad declining trends, as the total value of the segment is now more than 50% above the level around the correction low.

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

BTC/USD, Daily Chart Analysis

The overall picture remained positive, with only Bitcoin’s weakness causing headaches for crypto bulls, as the most valuable coin is hovering close to declining trendline that dominated trading throughout the first quarter of the year.

// -- 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 -- //

Despite the short-term weakness, BTC is still among the stronger majors from a long-term perspective, and with the secular uptrend clearly being intact, long-term investors should hold on to their coins and add to their holdings on the short-term pullbacks.

Crucial resistance is still just ahead between $9000-$9200, with further levels at $10,000 and $11,300, while support is found near $8400, $7650, and in the $6150-$6250 zone.

ETH/USD, Daily Chart Analysis

Ethereum built upon its recent relative strength, and the coin broke out convincingly above the declining trendline, and reached the next key resistance zone between $625 and $640 before the momentum of the move stalled.

While there are still several strong zones ahead, with the closest ones near $725 and $845, barring a quick move back below the declining trendline, the coin should continue the advance. With the long-term MACD still just in neutral territory, long-term investors could add to their holdings during short-term corrections, with key support levels at $500, $450, and $400.

(more…)

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
5 votes, average: 5.00 out of 55 votes, average: 5.00 out of 55 votes, average: 5.00 out of 55 votes, average: 5.00 out of 55 votes, average: 5.00 out of 5 (5 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 231 rated postsTrader 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.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending