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Analysis

Cryptocurrency Analysis: Bitcoin Rebounds Above $4300 as Ripple Surges

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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.

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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.

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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.

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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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  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.

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

(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.

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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

(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.

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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.

(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.

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11 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 5 (11 votes, average: 4.73 out of 5)
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