Cryptocurrency Analysis: Bitcoin, Ripple, Ethereum, Monero, Litecoin, Stellar, Dash | Hacked: Hacking Finance
Hacked: Hacking Finance

Analysis

Cryptocurrency Analysis: Bitcoin, Ripple, Ethereum, Monero, Litecoin, Stellar, Dash

Posted on .

Cryptocurrency Analysis: Bitcoin, Ripple, Ethereum, Monero, Litecoin, Stellar, Dash

Introduction

This article was posted on Wednesday, 19:22, UTC.

Crytpocurrencies are having a quiet and slightly bearish session, as Bitcoin failed to follow through on its recent break-out, so far, although it is holding on above its prior high despite the weak momentum. Ripple, Ethereum Classic, Dash, and Monero are among the relatively strong coins of the day. The smaller altcoins are more active today in general (see our previous update for details), as the market digests the new highs of the two major coins, BTC and ETH.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Bitcoin

BTC is at a very important point, as a failed break-out attempt, and a break below the prior high could set up a quick decline towards the dominant trendline at $2500 or the top of the short-term base near $2350.  That said, BTC is still on a buy signal and should the currency break above yesterday’s high, the Fibonacci-based targets for the move would still be $3050 and $3260, with the prior swing-low at $2477 providing primary support.

Ripple

// -- 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 -- //

Ripple remained in virtually unchanged today, but there are some positive signs showing up on the charts especially as XRP/BTC broke a minor trendline which could be the start of a period of relative strength. A move above the more prominent trend-line near 0.000115 would trigger a break-out trade in the Bitcoin pair and the USD pair as well.

Ethereum

Ethereum is still a hold, despite the lack of momentum, as it is still trading between the $250 and the $265 levels in a narrow short-term range on the USD pair, while being stuck in a consolidation pattern on the BTC pair.  The short-term upside targets for a move above the Fibonacci-resistance are still $280 and $300 for ETH/USD, with the dominant rising trend line providing support just below $250.

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Monero

XMR is still showing the relative strength that we have been monitoring in recent days, as it remains on a buy signal both against the USD and BTC. The coin attempted a break-out overnight, but it couldn’t hold above the prior all-time high in the USD pair. Long-term traders might ease up on their holdings after the attempt and wait for a re-entry point, but the rising short-term trend remains intact.

Litecoin

LTC is trading inside the convergence zone that we pointed out recently, and both the short- and long-term setups remain unchanged in the sideways trading environment.  Short-term traders could still wait for a break-out, but our long-term buy recommendation remains active.

Stellar Lumens

Stellar has given a short-term buy signal against the USD, breaking out from a consolidation pattern near the 0.045 level. The initial target of the move is at 0.0585, with the prior highs providing the next target at 0.066. The prior swing low is near 0.039, providing primary support for the coin.

Dash

The Dash/USD pair is still in the same setup as yesterday, despite the strength that the coin showed in early trading. The Dollar pair is still bullish, although we are still waiting for a sustained break-out above the $150 level, with an initial target of $166, and further targets at $176 and $183.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mate Cser

Mate Cser

Trader 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.

Comments
  • user

    AUTHOR embersburnbrightly

    Posted on 11:15 pm June 7, 2017.

    You were right on the money regarding Bitcoin and a possible decline, as it is currently in free-fall. Not such a bad thing for a long-term investor like me, who will simply wait until it bottoms out and then buy more at the cheaper price.

    • user

      AUTHOR embersburnbrightly

      Posted on 11:34 pm June 7, 2017.

      I might have overstated the severity of the current decline in value, as “freefall” might be too strong of a word. Definitely an observable decline over the past 12 hours, but looking at its value over the past week, it is still up in value from where it was just 7 days ago. I’ll just keep watching to see if it has the serious drop that would merit a bigger buy opportunity. I’m still new at this, so I’m easily excitable, I suppose. Need to remember that patience and true objectivity are the keys to long-term investing. I’m also just learning to look at the bigger picture of things and using larger patterns than 12 hour timeframes to make any huge decisions; short of any truly drastic drops that would provide spectacular buy opportunities.

  • View Comments (2) ...
    Navigation
    The team:
    Dmitriy Lavrov
    Analyst
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Founder
    Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
    P.H. Madore
    ICO Analyst
    P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
    Mate Csar
    Analyst
    Trader 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 Read More
    Justin O’Connell
    Journalist
    Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
    Mati Greenspan
    Analyst
    Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Analyst
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Journalist
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    Wednesday Market Recap   Asset Current Value Daily Change S&P…