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Cryptocurrency Analysis: Bitcoin Retreats from Record Highs as Rally Stalls

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Bitcoin was in the center of attention again as the most valuable coin reached a marginal new all-time high on Sunday, but turned back lower today towards the $6000 level. Bullish rumors from China is boosting the segment today, but with the long-term picture clearly being overbought, the short-term uptrend might be in danger in the coming days as well. The negative divergence in the MACD indicator also points to a fading trend, and investors who are still holding major positions should keep stops tight now. Support levels are found near $5800, $5400, and around the $5000 level.

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BTC/USD, 4-Hour Chart Analysis

Altcoins were less volatile than BTC, and although they mostly followed Bitcoin, the majority of the major coins is little changed since Friday. Ethereum is holding up above the $300 level still well within is lengthy trading range, while Ripple still trades close to the $0.20 support. Ethereum Classic is the positive surprise of the session, as the previously weak coin is showing relative strength as it is consolidating just below key support. As the long-term remains positive for the segment in general, let’s see how the short-term charts look.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

The price of the ETH token got close to the $315 level thanks to the weekend rally, but the coin remained stuck inside the dominant trading range, as it continues to edge closer to the long-term trendline. We still expect a break-out of the range towards the resistance levels ahead between $330 and $350, at $380, and near the $400 level. Below $300, key support is found at $285 and $250.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is still one of the least volatile majors as it continues to hover around the $56 level, while trading in a bullish consolidation pattern. Strong support levels are still found at $53, $51, and $44, but we expect a move above the current range in the coming week, as the long-term picture is encouraging while momentum is neutral. Targets for a bullish move are found at $64 and $75.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is also trading in a low-volatility range just as Litecoin, and the coin is also among the relatively strong majors regarding the long-term picture. The currency is headed for a confluence zone of the declining short-term trendline and the $285 support, and we expect it to resume the long-term uptrend soon. Dash is facing strong resistance at $300, $330, and $360, while primary support is found near $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is showing some relative strength after settling down following a volatile decline near $0.20. The coin is still trading inside a long-term trading range, as the $0.30 level stopped the rally yet again, while the short-term setup is gradually improving. Short-term traders should still wait with opening new positions, with resistance zones ahead above the current range near $22.50 and $0.26.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is finally acting bullish, as far as the short-term picture is concerned, but the coin remains stuck in a downtrend, while facing several strong resistance levels as well. The $11 price level is the primary obstacle, with the declining short-term trendline being very close too. Short-term traders could play a move above $11 in the coming days, while long-term investors should keep an eye on the resistance zone around $13.50 for a bullish confirmation.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero has been the least volatile major in recent days, as the coin is trading near the midpoint of the lengthy trading range that developed after the September crash. While we still expect sideways price action, the volatility compression points to a looming break-out, while the long-term picture is clearly bullish. Primary resistance is ahead at $100, with further targets at $125, and near $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading between $27 and $30, as the coin continues to consolidate the post-crash surge that breached the $40 level in early October. We expect the currency to re-test that zone in the coming weeks, and move above $30 could be imminent. Below $27 further strong support is found at $25 and near $22.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA continues to trade in a declining trend despite last week’s encouraging rally, but the coin is not far off the dominant trendline. Short-term traders should still wait for a move out of the pattern, while investors could still add to their positions here. Primary resistance is ahead in the $0.45-$0.48 zone, with further targets at $0.56 and $0.64, and crucial support at $0.35.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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