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Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down

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Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.

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While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.

BTC/USD, 4-Hour Chart Analysis

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As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a very narrow range today, as it failed to follow Bitcoin higher, with the short-term resistance level at $315 still holding back the coin. The long-term picture remains positive, and the short-term buy signal is also intact, but the rising long-term trendline is getting closer. Support is still found at $300 and $285, while resistance levels are ahead between $330 and $350, and near $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is attempting a rally together with BTC, but so far the coin failed to reach the crucial resistance near $64. The currency continues to show relative strength compared to the other altcoins, and we still expect a rally above primary resistance in the coming period, with the long-term picture still being encouraging. Key support levels are still found near $56, around $51, and at $44.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still the least volatile major, being unchanged today, and it is still stuck inside the dominant lengthy consolidation pattern. While a break-out above the formation is likely in the coming weeks, a correction in Bitcoin could still lead to a test of the $265 support, although continued range trading is more likely around the $300 level. Target levels are still ahead at $330, $360, and near $400.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP remained volatile even as the segment generally calmed down, and the market remains undecided with active trading near the $0.20 support/resistance zone. With the long-term picture still being bullish, we expect the uptrend to resume after the correction, but short-term traders should wait before entering new positions. Strong resistance is still ahead near $0.24, and $0.26, and between $0.30 and $0.32, with further support at $18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is trading between $11 and $12.50, still being one of the weakest majors, failing to show relative strength despite the neutral long-term picture. Above the $12.50 level, the coin also faces strong resistance around the $13.50 price level, and traders should still wait with opening new positions until a clear bullish move. Further support is found at below $11 at $9, while resistance levels are ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero made a small move together with Bitcoin today, but it remains well below the key $100 level, despite the encouraging long-term picture. We still expect a move above that level in the coming weeks, but range trading is likely to continue before a durable break-out. Support is still found near the $80 level and around $68, while further resistance is ahead at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO’s market virtually froze in the last couple of days following the volatile period in the beginning of the week, and the coin is still stuck below the $30 level, and in a consolidation range. The long-term picture remains positive, but the coin might be in for more consolidation, with strong support at $27 and $25, and resistance ahead at $34 and $40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA failed to find support amid the selling pressure so far, and until a recovery above the $0.45-$0.48 zone, the short-term picture remains bearish, despite the encouraging long-term setup. Investors could add to their positions here, as the price level is attractive from a long-term perspective. Support is still found at $0.35, while further resistance is ahead at $0.56 and $0.64.

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

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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