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Cryptocurrency Analysis: Bitcoin, Ripple, Ethereum, Monero, Litecoin, Ethereum Classic

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Cryptocurrencies experienced a swift correction overnight, once again led by Bitcoin, but the downward momentum stalled later as BTC rebounded and carried altcoins higher as well. Whether or not the crypto-coin market is in for another steep correction is still a question, but the market settled down. NEM and Dash are among the laggards, while Litecoin and Ripple are performing somewhat better than average.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

BTC might be developing a new swing low near the $2600 level, which would be confirmed by a new high above $2900. The currency is currently trading near the prior all-time high, inside a short-term consolidation pattern. BTC remains on a buy signal, with the rising short-term trend still being intact. The Fibonacci based short-term targets for a move higher are still at $3050 and $3260.

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Ripple

XRP/BTC, 4-Hour Chart Analysis

XRP was among the better performing cryptocurrencies today, as it recovered well from the overnight correction and remained promising compared to BTC, holding above the 0.10 level. Ripple might still be in for a period of relative strength especially if XRP/BTC breaks out above the dominant declining trend-line, which could propel a move in the USD pair as well. A break below 0.10 would be a bearish sign and it could set up a move to 0.08. 

XRP/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still trading between the $250 and the $265 levels in the USD pair, getting close to the rising trendline. A break below that would warn of a re-test of the previous all-time high near $233. ETH/USD is still a hold, but it’s getting close to a short-term sell signal.  The BTC pair is well above the crucial support zone near 0.085, still in a bullish consolidation pattern.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC have been relatively strong today, gaining some ground in the BTC pair following the overnight correction, and staying above the key support levels amid the pull-back.     The BTC pair is trading in the convergence zone that we have been monitoring, but it might be on its way to breaking-out, which would be confirmed by a move above 0.0115 in the Bitcoin pair and a rally above $30 in LTC/USD.

LTC/BTC, 4-Hour Chart Analysis

Monero

XMR/USD, 4-Hour Chart Analysis

XMR/USD remains on a buy signal, and it’s still among the most bullish looking majors, even after the failed break-out attempt two days ago. The MACD indicator I neutral right now, the lack of volume during the correction is promising, and a break-out to new highs is still more likely, with the prior high at $58 acting as resistance.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still trading in a narrow consolidation pattern in the USD pair, below the previous highs above $20. ETC is approaching a decision point, with a convergence zone coming up in a couple of days. The MACD indicator is neutral after the lengthy consolidation period, so a significant move is likely during the next week.

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Analysis

Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues

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The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.

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LTC/USD, 4-Hour Chart Analysis

Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.

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ETH/USD, 4-Hour Chart Analysis

Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.

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Analysis

Break-Out: Another Crazy Rally in Ethereum?

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What crazy rally you might ask? Bitcoin is the star, right? Everything was about BTC (and BCH) in the last few months, and lots of traders forget the gains that ETH posted amid the take-off of the ICO Rocket during the spring.

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Comparing ETH and BTC in 2017

By the numbers, out of the two largest coins, 2017 is still the year of Ethereum as the 3600% rise in the token’s price dwarfs Bitcoin’s impressive 630% gain. Could Ethereum be on the verge of another epic surge? Before answering that question, first let’s see what happened with the coin in recent months.

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How Did We Get Here?

ETH/USD, Daily Chart Analysis

Ethereum finally broke above the magical $400 barrier that has kept a lid on the token’s price for five months after the crazy run-up in May. What first followed after that stellar move, was a 70% decline top-to-bottom, with a flush-out panic low in July.

Our trend model turned long-term positive even before the spike lower, but since then, the coin only managed to get close to the all-time highs, while Bitcoin eclipsed the previous star with its dominant performance. Now the tide might be turning, as ETH is finally gathering bullish momentum and today it breached the $400 mark, flirting with a break-out from the giant triangle consolidation pattern.

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Altcoins

Zcash Dip Offers Chance to Buy

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The ZEC/USD pair went into a downtrend for several days after hitting the 435 level in June. It shed more than half of its value before establishing strong support at 140. The market tried to reclaim resistance at 310 twice, but was sent back on both occasions. As a result, we have a massive reversal structure that might skyrocket the pair into a new all-time high.

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The market closed above 310 a couple of days ago on weak volume which is why it’s struggling to stay above that level. Technical indicators show that momentum is weakening, increasing the likelihood of a dip. A slight correction not only gives the market legs for its next move up, but it also offers you a chance to place orders.

They key indicator to watch for is volume. As long as volume remains sluggish, the market will most likely slide down to 280 first and then 262 next. That’s a good zone to accumulate positions. If volume suddenly spikes, at least 230k at Bitfinex, then we have a legitimate breakout that will take the market to 465.

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 Summary of Strategy

Buy: between 280 and 262 OR confirmed breakout with volume of at least 230k at Bitfinex

Support: 280, 262, and 243

Resistance: 310, 352, 400, and 412

Target: 465

Stop: If the market breaches 243

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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